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Energy Summary for May 27, 2020

2020-05-27 20:30 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for July delivery lost $1.54 to $32.81 on the New York Merc, while Brent for July lost $1.43 to $34.74 (all figures in this para U.S.). Western Canadian Select traded at a discount of $7.60 to WTI, up from a discount of $8.00. Natural gas for June lost seven cents to $1.72. The TSX energy index added a fraction to close at 80.38.

While the Alberta oil patch tends to dominate most conversations about Canadian energy, the small but spirited Atlantic industry is determined not to be left out. The government of Newfoundland and Labrador, along with representatives of offshore oil companies, held a press conference yesterday to call for Ottawa's aid in halting a rapid exodus of drill rigs and investment. "Time may not be our friend," warned Premier Dwight Ball. He and Natural Resources Minister Siobhan Coady repeatedly stated that as each week passes, more companies lose the battle to low oil prices and COVID-19, closing their doors and laying off their workers. Over a dozen companies have cancelled their membership in NOIA (the Newfoundland and Labrador Oil and Gas Industries Association) because they are closing up shop. NOIA and the government are both seeking commitments from Ottawa to provide assistance as well as new incentives for offshore exploration.

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