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Energy Summary for July 18, 2022

2022-07-18 20:18 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for August delivery added $5.01 to $102.60 on the New York Merc, while Brent for September added $5.11 to $106.27 (all figures in this para U.S.). Western Canadian Select traded at a discount of $19.75 to WTI, up from a discount of $20.90. Natural gas for August added 46 cents to $7.48. The TSX energy index added 7.36 points to close at 213.51.

Oil sands giant Suncor Energy Inc. (SU) added 42 cents to $39.74 on 18.9 million shares, after announcing a truce with (or capitulation to) activist shareholder Elliott Investment Management. The formal agreement announced this morning will see Suncor add three directors and launch a "strategic review" of its downstream retail (gas station) business.

Two of the new directors will serve on the search committee for a new chief executive officer. Suncor's former CEO, Mark Little, resigned 10 days ago after the latest in a string of workplace fatalities. The "strategic review" is a euphemism for putting the retail business up for sale.

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