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Energy Summary for May 19, 2020

2020-05-19 20:29 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for June delivery added 68 cents to $32.50 on the New York Merc, while Brent for July lost 16 cents to $34.65 (all figures in this para U.S.). Western Canadian Select traded at a discount of $8.35 to WTI, unchanged. Natural gas for June added five cents to $1.83. The TSX energy index added 3.77 points to close at 77.60.

Energy investors with an eye on U.S. politics could be forgiven a sense of deja vu coming out of the long weekend, after the campaign policy director for Joe Biden, the presumptive Democratic presidential nominee (and the former vice-president under Barack Obama), declared that Mr. Biden would immediately scrap TC Energy's Keystone XL pipeline upon being elected. "Biden strongly opposed the Keystone pipeline in the last administration, stood alongside President Obama and Secretary [of State John] Kerry to reject it in 2015, and will proudly stand in the Roosevelt Room again as president to stop it for good by rescinding the Keystone XL pipeline permit," read the statement from Mr. Biden's campaign.

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