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Energy Summary for May 14, 2020

2020-05-14 20:36 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for June delivery shot up $2.27 to $27.56 on the New York Merc, while Brent for July added $1.94 to $31.13 (all figures in this para U.S.). Both benchmarks rose on bullish U.S. inventory data, which showed crude stockpiles falling for the first time in 15 weeks, as well as a report from the International Energy Agency forecasting that global stockpiles in the second half of 2020 will be lower than previously expected. Demand for oil has climbed over the last two weeks as some countries begin to relax COVID-19-related lockdowns. Here in Canada, Western Canadian Select traded at a discount of $8.25 to WTI, down from a discount of $8.00. Natural gas for June added six cents to $1.68. The TSX energy index added a fraction to close at 71.66.

As news broke yesterday that Suncor Energy Inc. (SU: $22.30), Canadian Natural Resources Ltd. (CNQ: $23.14), Imperial Oil Ltd. (IMO: $19.70) and Cenovus Energy Inc. (CVE: $4.94) have been blacklisted by Norway's sovereign wealth fund -- the largest wealth fund in the world, with assets exceeding $1-trillion (U.S.) -- the energy sector saw a small chorus of voices rise up in its defence. No, one of them was not Prime Minister Justin Trudeau, who merely accepted the blacklist as proof that it is "so important for Canada to continue to move forward on fighting climate change." The Alberta government was having none of that, as both Premier Jason Kenney and Energy Minister Sonya Savage labelled the fund's decision hypocritical and badly informed. The Canadian Association of Petroleum Producers (CAPP) also waded in with a statement about the environmental and social standards of Canada's energy sector being among the highest in the world.

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