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Energy Summary for May 11, 2022

2022-05-11 20:35 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for June delivery added $5.95 to $105.71 on the New York Merc, while Brent for July added $5.05 to $107.51 (all figures in this para U.S.). Western Canadian Select traded at a discount of $13.47 to WTI, down from a discount of $12.81. Natural gas for June added 25 cents to $7.64. The TSX energy index added 3.61 points to close at 238.86.

The oil patch engaged in cautious celebration as Alberta's top court ruled against a federal law that critics dubbed the No More Pipelines Act. The law, officially named Bill C-69 and passed by Prime Minister Justin Trudeau's Liberal government in 2019, overhauled the approval process for major infrastructure projects, including by giving Ottawa the power to consider far-reaching effects relating to climate change and "indigenous knowledge." The government of Alberta filed a legal challenge in 2019. In a 209-page ruling yesterday, the Alberta Court of Appeal dubbed the law unconstitutional, as well as "a classic example of legislative creep."

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