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by Stockwatch Business Reporter

West Texas Intermediate crude for April delivery added $1.43 to $67.88 on the New York Merc, while Brent for May added $1.39 to $70.95 (all figures in this para U.S.). Western Canadian Select traded at a discount of $14.00 to WTI, down from a discount of $12.60. Natural gas for April tumbled 37 cents to $4.08. The TSX energy index added 4.33 points to close at 257.13.

Oil prices headed higher, buoyed by bullish U.S. supply data. In its latest weekly data release, the U.S. Energy Information Administration (EIA) reported that domestic crude inventories rose by 1.4 million barrels last week, whereas analysts were expecting a larger rise of two million barrels.

Here in Canada, oil sands giant Suncor Energy Inc. (SU) added 37 cents to $51.40 on 15.2 million shares. Its former chief executive officer is taking on a high-profile new role at pipeline builder Enbridge Inc. (ENB: $61.25). As of May 7, Steve Williams, who was Suncor's chief executive officer from 2012 to 2019 and has been a director of Enbridge since 2022, will become Enbridge's chairman. Enbridge hailed his "broad energy industry experience, sound judgment and dedication to good governance."

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