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by Stockwatch Business Reporter

West Texas Intermediate crude for June delivery added $1.03 to $59.24 on the New York Merc, while Brent for July added $1.07 to $62.13 (all figures in this para U.S.). Western Canadian Select traded at a discount of $13.40 to WTI, down from a discount of $10.70. Natural gas for June added 15 cents to $3.47. The TSX energy index added 2.08 points to close at 240.98.

U.S. and Canadian shale heavyweight Ovintiv Inc. (OVV) added $1.36 to $47.61 on 283,400 shares. Shareholders are hoping that May will treat them better than April, a month in which Ovintiv's stock lost roughly one-quarter of its value (relative to a 14-per-cent drop in the TSX energy index) after U.S. President Donald Trump imposed sweeping global tariffs on April 2. This was especially ill-timed for Ovintiv, which had just completed a major Canadian acquisition two months earlier by buying $2.3-billion (U.S.) worth of Montney assets from Paramount Resources Ltd. (POU: $15.69). In any case, May is off to a better start. Not only did Ovintiv get a boost from oil prices, but it also won a nod of approval this morning from credit rating agency Fitch Ratings.

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