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Energy Summary for July 27, 2022

2022-07-27 19:56 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for September delivery lost $1.72 to $94.98 on the New York Merc, while Brent for September lost 75 cents to $104.40 (all figures in this para U.S.). Western Canadian Select traded at a discount of $21.00 to WTI, up from a discount of $21.50. Natural gas for August added 27 cents to $8.99. The TSX energy index added 6.50 points to close at 226.67.

The Canadian resource sector is saying goodbye to a long-time heavyweight. Nearly a dozen companies announced this morning that Lukas Lundin, the Swedish-Canadian billionaire who had been active in the mining and energy sectors for 40 years, has died in Geneva after a two-year battle with brain cancer. He was 64.

Lukas Lundin began his career in the 1980s, working alongside his father, the late Adolf Lundin, who founded the Lundin Group of Companies over five decades ago. It was during the 1980s that the group gained a reputation for entering emerging, often politically unstable jurisdictions, becoming early investors in countries such as Argentina, Russia and the Democratic Republic of the Congo. When Adolf died in 2006, Lukas and his brother, Ian, took charge of the Lundin Group and continued to develop its stable of companies. The group these days is led by Lukas's four sons -- Adam, Jack, William and Harry -- and comprises 11 public companies, which are active in over 20 countries and have a combined market cap of over $14-billion.

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