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Energy Summary for June 22, 2020

2020-06-22 20:27 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for July delivery added 71 cents to $40.46 on the New York Merc, closing above $40 for the first time since early March, while Brent for August added 89 cents to $43.08 (all figures in this para U.S.). Western Canadian Select traded at a discount of $9.00 to WTI, down from a discount of $8.85. Natural gas for July lost one cent to $1.66. The TSX energy index added a fraction to close at 77.35.

Li Ka-shing's Husky Energy Inc. (HSE) edged up three cents to $4.70 on 2.92 million shares, despite having yet another safety incident to report at its SeaRose production and storage vessel at the White Rose field off the coast of Newfoundland. According to the Canada-Newfoundland and Labrador Offshore Petroleum Board (C-NLOPB), Husky was releasing 1.91 million litres of water for reservoir injection last Thursday, when it inadvertently spilled 1,098 litres of an anti-microbial agent called X-Cide 450. This limits bacteria growth in the injection system and cargo tanks. In a statement to the CBC, Husky explained that SeaRose uses two pumps to apply the agent, and in this case, "The wrong pump was activated" -- note the conveniently blame-avoiding passive tense -- "adding the agent into the system that discharges seawater from the vessel." There were no injuries and (given the high level of dilution) no immediate reports of affected wildlife. The C-NLOPB is monitoring the area and waiting on an investigation into what happened. Depending on the results, "possible regulatory enforcement action will follow in due course."

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