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Energy Summary for June 27, 2022

2022-06-27 20:54 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for August delivery added $1.95 to $109.57 on the New York Merc, while Brent for August added $1.97 to $115.09 (all figures in this para U.S.). Western Canadian Select traded at a discount of $17.55 to WTI, unchanged. Natural gas for July added 28 cents to $6.50. The TSX energy index added 10.47 points to close at 232.27.

Oil prices bounded into the week, as traders awaited updates from a continuing Group of Seven (G7) summit in Germany. The Russia-Ukraine war dominated the talks, with G7 leaders vowing to support Ukraine "for as long as it takes." They suggested that further sanctions aimed at squeezing Russia's finances could include a cap on the price of Russian oil. Meanwhile, traders also began turning their attention to the next monthly OPEC+ meeting, scheduled for this Thursday. The group is expected to stick to its previously announced production policy.

Here in Canada, oil sands giant Imperial Oil Ltd. (IMO) added $1.91 to $62.33 on 1.87 million shares, after trumpeting its "commit[ment] to long-term shareholder value." By way of translation, it has renewed its regular share buyback program. It will be able to buy back up to 31.8 million of its 636 million shares over the next 12 months.

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