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Energy Summary for Aug. 18, 2022

2022-08-18 20:40 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for September delivery added $2.39 to $90.50 on the New York Merc, while Brent for October added $2.94 to $96.59 (all figures in this para U.S.). Western Canadian Select traded at a discount of $20.10 to WTI, unchanged. Natural gas for September lost five cents to $9.19. The TSX energy index added 6.13 points to close at 236.37.

Canadian pipeline operator Enbridge Inc. (ENB: $56.04) has notched another victory in its protracted legal battle with the governor of Michigan over its Line 5 pipeline. A district court judge has ruled, for the second time, that the dispute belongs in federal court. The judge also scolded Michigan's apparent attempt to "gain an unfair advantage through the improper use of judicial machinery."

The dispute goes back to November, 2020, when Governor Gretchen Whitmer ordered a shutdown of Line 5 over her belief that it is unsafe to operate in the Great Lakes. The fact that the pipeline has a seven-decade history of doing just that -- while supplying more than half of the heating needs of Ms. Whitmer's own state, and serving as a crucial supply source to neighbouring states and Canadian provinces -- held no sway with Ms. Whitmer. Happily for residents of those states and provinces, Enbridge defied her and said pipelines are a federal matter. (They can be an international matter too. The Canadian government took the step last year of invoking a treaty that provides for the unimpeded flow of cross-border pipelines, such as Line 5. Those talks remain in progress.)

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