This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.

Here is a sample of this item:

by Stockwatch Business Reporter

West Texas Intermediate crude for July delivery added 33 cents to $61.53 on the New York Merc, while Brent for July added 34 cents to $64.78 (all figures in this para U.S.). Western Canadian Select traded at a discount of $12.00 to WTI, down from a discount of $11.90. Natural gas for June added eight cents to $3.33. The TSX energy index added 1.02 points to close at 257.35.

Despite today's gain, oil prices notched a weekly loss amid broader market turmoil, with tariffs back in focus heading into the U.S. long weekend (U.S. markets will be closed Monday for Memorial Day). On social media this morning, U.S. President Donald Trump threatened "straight 50-per-cent" tariffs on the European Union, one of the United States' largest trading partners. Also weighing on oil prices were expectations that OPEC+ will announce another accelerated output increase at its meeting next week.

Here in Canada, the oil patch took heart from newly minted Natural Resources Minister Tim Hodgson, who worked the crowd yesterday at an event hosted by the Calgary Chamber of Commerce. Mr. Hodgson -- a former Goldman Sachs banker and former director of MEG Energy Corp. (MEG: $24.71) -- emphasized his energy credentials. He noted that one of the Goldman Sachs deals that "I am still the proudest of today" was for the Alliance pipeline. (The bank was an adviser and lead financier on this $4.7-billion gas pipeline, which runs from northeastern British Columbia to Chicago and began operating in 2000.)

The remainder is available to Stockwatch subscribers.
Sign-up for a FREE 30-day Stockwatch subscription and SEE NO ADS