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Energy Summary for May 21, 2020

2020-05-21 20:17 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for July delivery added 43 cents to $33.92 on the New York Merc, while Brent for July added 31 cents to $36.06 (all figures in this para U.S.). Western Canadian Select traded at a discount of $9.60 to WTI, down from a discount of $8.85. Natural gas for June lost six cents to $1.71. The TSX energy index lost 1.64 points to close at 80.28.

As if weak oil prices and a global pandemic were not enough, now Canadian energy producers can add a protracted regulatory fight to their list of worries. Suncor Energy Inc. (SU: $24.44), Canadian Natural Resources Ltd. (CNQ: $25.67) and 14 other parties were left disappointed this week, after the Canada Energy Regulator (CER) said it would proceed with Enbridge's request for a hearing on its proposal to revamp its Mainline pipeline network. The Mainline is the largest oil export system in Canada. Now it is at the heart of a battle over the future of how it operates.

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