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by Stockwatch Business Reporter

West Texas Intermediate crude for June delivery lost $1.45 to $94.40 on the New York Merc, while Brent for June lost $1.45 to $101.91 (all figures in this para U.S.). Despite today's losses, both benchmarks notched a sizable weekly gain, buoyed by uncertainty about U.S.-Iran peace talks. Western Canadian Select traded at a discount of $19.60 to WTI, up from a discount of $19.90. Natural gas for May lost nine cents to $2.52, falling to its lowest level since October, 2024, on mild weather forecasts and brimming inventories. The TSX energy index lost 5.45 points to close at 398.12.

Western Canadian gas producers got a dose of good news to end the week, as Ottawa approved Enbridge Inc.'s (ENB: $72.86) Sunrise expansion project. The $4-billion expansion will add up to 300 million cubic feet a day (a 17-per-cent increase, and the equivalent of 50,000 barrels a day) of capacity to Enbridge's existing Westcoast gas pipeline network in British Columbia. Specifically it expands the southern portion of the network, known as T-South, which takes gas from northeast B.C. to markets in the Lower Mainland and the U.S. Pacific Northwest. Expanding this portion will help supply the Enbridge-backed Woodfibre LNG (liquefied natural gas) project near Squamish. Construction of the expansion is set to begin this summer, for a planned in-service date of late 2028.

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