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Energy Summary for May 12, 2020

2020-05-12 20:24 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for June delivery added $1.64 to $25.78 on the New York Merc, while Brent for July added 35 cents to $29.98 (all figures in this para U.S.). Western Canadian Select traded at a discount of $8.00 to WTI, down from a discount of $4.92. Natural gas for June lost 11 cents to $1.72. The TSX energy index added a fraction to close at 75.64.

Oil sands giant Suncor Energy Inc. (SU) edged down nine cents to $23.70 on 9.87 million shares, after arranging its second senior note offering in about a month. It is selling $450-million (U.S.) in three-year notes at 2.8 per cent and $550-million (U.S.) in five-year notes at 3.1 per cent. The pain of the current downturn is reflected in the rise of Suncor's borrowing costs: The coupon on the new five-year notes, 3.1 per cent, is the same as the coupon on the 10-year notes that Suncor issued last year. When it issued a different batch of 10-year notes last month, for $1.25-billion, Suncor had to offer a relatively expensive 5 per cent.

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