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Energy Summary for July 19, 2022

2022-07-19 20:45 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for August delivery added $1.62 to $104.22 on the New York Merc, while Brent for September added $1.08 to $107.35 (all figures in this para U.S.). Western Canadian Select traded at a discount of $20.00 to WTI, down from a discount of $19.75. Natural gas for August lost 21 cents to $7.26. The TSX energy index added 5.21 points to close at 218.72.

The Canadian oil patch saw the first green shoots of the quarterly earnings season, with PrairieSky Royalty Ltd. (PSK: $18.33) releasing its second quarter financials yesterday after the close. PrairieSky is not a direct oil and gas producer, but collects royalties from producers across Western Canada, providing a useful indicator of industry activity. Its second quarter financials showed higher production than analysts were expecting and a healthy profit of $110-million. As well, although PrairieSky does not provide guidance, its management indicated during a conference call this morning that the second half of the year is looking beautifully busy. It noted that there are currently 206 rigs running across its assets, up from 156 this time last year.

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