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Energy Summary for May 10, 2021

2021-05-10 20:07 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for June delivery edged up two cents to $64.92 on the New York Merc, while Brent for July added four cents to $68.32 (all figures in this para U.S.). Western Canadian Select traded at a discount of $12.84 to WTI, down from a discount of $12.51. Natural gas for June lost three cents to $2.93. The TSX energy index lost 1.53 points to close at 125.89.

Oil and gas prices wobbled in the wake of the weekend's ransomware attack on Colonial Pipeline, the largest fuel pipeline operator in the United States. A Russian hacker group has taken credit for the cyberattack, which shut down Colonial's entire network and spurred fears of long-term supply disruptions. Traders relaxed after parts of the network reopened and Colonial said it should "substantially" restore service by the end of this week. Most of the terminals along Colonial's route are estimated to have at least 10 days of supply.

Another pipeline company, Canada's Enbridge Inc. (ENB: $48.43), continued to shore up support in its battle to keep its cross-border Line 5 pipeline operating. Enbridge was previously ordered by Michigan Governor Gretchen Whitmer to shut down the line by May 12, just two days from now. The company is fighting the order in court and has also enlisted the support of the Canadian government. Line 5 is a crucial fuel supplier not just in Michigan and other parts of the U.S. Midwest, but also in Ontario and Quebec.

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