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Energy Summary for May 7, 2021

2021-05-07 20:06 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for June delivery added 19 cents to $64.90 on the New York Merc, while Brent for July added 19 cents to $68.28 (all figures in this para U.S.). Western Canadian Select traded at a discount of $12.51 to WTI, down from a discount of $12.40. Natural gas for June added three cents to $2.96. The TSX energy index added 2.06 points to close at 127.42.

Oil sands producer Cenovus Energy Inc. (CVE) edged down 15 cents to $9.57 on 13.5 million shares, after releasing its first quarter financials. This was its first quarter of operations following the merger with Husky Energy on Jan. 1, which instantly turned Cenovus into Canada's third-largest energy producer. The merger is off to a good start. Cenovus pegged its total production for the quarter at 769,300 barrels of oil equivalent a day and its cash flow at 57 cents a share, exceeding analysts' predictions of 761,000 barrels a day and 55 cents a share. As well, after four consecutive quarters of losses throughout 2020, Cenovus finally swung to a profit of $220-million.

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