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Energy Summary for May 22, 2020

2020-05-22 20:23 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for July delivery lost 67 cents to $33.25 on the New York Merc, while Brent for July lost 93 cents to $35.13 (all figures in this para U.S.). Western Canadian Select traded at a discount of $9.60 to WTI, unchanged. Natural gas for June added two cents to $1.73. The TSX energy index lost 1.20 points to close at 79.08.

While oil prices posted their first daily drop in over a week, producers faced the added frustration of yet another obstacle to Enbridge's embattled Line 3 replacement project. Line 3, which runs from Alberta through North Dakota and Minnesota on its way to Wisconsin, was built in the 1960s and is currently running at just half capacity due to age and corrosion. Enbridge wants to dig up the old 34-inch piping and replace it with new 36-inch piping, upgrading and expanding this 50-plus-year-old line. The $9-billion project would add about 370,000 barrels a day of shipping capacity out of Alberta.

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