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Energy Summary for July 5, 2022

2022-07-05 20:09 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for August delivery plummeted $11.16 to $99.50 on the New York Merc, tumbling below $100 for the first time since May on rising fears of a global recession, while Brent for September lost $10.80 to $102.70 (all figures in this para U.S.). Western Canadian Select traded at a discount of $18.25 to WTI, up from a discount of $18.40. Natural gas for August lost 21 cents to $5.52. The TSX energy index lost 15.99 points to close at 219.12.

Grant Fagerheim's Alberta- and Saskatchewan-focused Whitecap Resources Inc. (WCP) lost 71 cents to $8.54 on 14.8 million shares. Yesterday afternoon, its president and chief executive officer, Mr. Fagerheim, headed to BNN to talk up the company's proposed acquisition of XTO Energy Canada from Imperial Oil Ltd. (IMO: $58.01) and ExxonMobil. The $1.9-billion deal was announced last week and will expand Whitecap's assets in the Alberta Montney and Duvernay plays.

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