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Energy Summary for May 13, 2022

2022-05-13 19:46 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for June delivery added $4.36 to $110.49 on the New York Merc, ending the week higher for the third week in a row (all figures in this para U.S.). Brent for July added $4.10 to $111.55, but still posted its first weekly dip in three weeks. The volatility that has defined 2022 so far showed no signs of stopping. Western Canadian Select traded at a discount of $13.49 to WTI, down from a discount of $13.47. Natural gas for June lost eight cents to $7.66. The TSX energy index added 9.21 points to close at 245.07.

Canadian oil stocks rose with oil prices. Scott Ratushny's Alberta-focused Cardinal Energy Ltd. (CJ) added $1.17 to $8.02 on 5.44 million shares, after releasing its first quarter financials. It trumpeted a net profit of $57-million and, as promised, reinstated its dividend. The dividend was also more generous than investors were expecting. Cardinal told them in March that it would make a dividend announcement in May, but did not tell them the planned amount. The dividend was previously 1.5 cents a month before its suspension in early 2020. The most common rumour floating around ahead of the financials was that Cardinal would bring it back at four cents a month. Instead, Cardinal chose five cents a month, for an implied yield of 7.5 per cent.

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