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Energy Summary for May 13, 2020

2020-05-13 20:22 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for June delivery lost 49 cents to $25.29 on the New York Merc, while Brent for July lost 79 cents to $29.19 (all figures in this para U.S.). Western Canadian Select traded at a discount of $8.00 to WTI, unchanged. Natural gas for June lost 10 cents to $1.62. The TSX energy index lost 4.26 points to close at 71.38.

Four of Canada's largest oil companies sands traded down today after being blacklisted by Norges Bank Investment Management (NMIM), which is Norway's $1-trillion (U.S.) sovereign wealth fund and the largest wealth fund in the world. NBIM said it will exclude Suncor Energy Inc. (SU) (down $1.38 to $22.32), Canadian Natural Resources Ltd. (CNQ) (down $1.00 to $22.68), Imperial Oil Ltd. (IMO) (down $1.37 to $19.73) and Cenovus Energy Inc. (CVE) (down 37 cents to $4.94). The fund cited "unacceptable greenhouse gas emissions," its first use of this criterion to exclude firms.

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Conveniently omitted in the usual daily media sources, of the blacklisting of the shares of Canadian oil sands producers by the Norwegian sovereign wealth fund,is this item (emailed on May 12th)in a leading international offshore industry newsletter:

"Norway proposes temporary tax break to stimulate offshore projects

The Norwegian government is working on measures to maintain activity levels across the country’s oil and gas industry and the supply industry during the coronavirus crisis".

Despite the obvious virtue signaling smoke screen provided by selling off Canadian oil sand producers' shares, the Norwegians' enjoyment of the standard of living provided by the exploitation of offshore oil and gas deposits remains unrequited. More is never enough.

Posted by Stephen Semeniuk at 2020-05-14 16:15