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Energy Summary for April 29, 2020

2020-04-29 20:28 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for June delivery added $2.72 to $15.06 on the New York Merc, while Brent for June added $2.08 to $22.54 (all figures in this para U.S.). Western Canadian Select traded at a discount of $8.00 to WTI, unchanged. Natural gas for June added eight cents to $1.87. The TSX energy index shot up 9.29 points to close at 78.99.

Earnings season is upon the energy sector. Kicking things off yesterday after the close was Vermilion Energy Inc. (VET), which today added 66 cents to $6.40 on 9.24 million shares, as investors looked past the headline-grabbing net loss for the first quarter of $1.31-billion. That compares with earnings of $39.5-million in the same period last year. This year's figure reflected $1.56-billion in impairment charges related to deteriorating oil and gas prices. Vermilion's Canadian assets -- the company has assets spread across North America, Europe and Australia -- were responsible for $1.18-billion of the impairment charges.

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