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by Stockwatch Business Reporter

West Texas Intermediate crude for June delivery lost $7.19 to $95.08 on the New York Merc, while Brent for July lost $8.60 to $101.27, tumbling on reports that the United States and Iran are nearing a preliminary agreement to end the war (all figures in this para U.S.). Western Canadian Select traded at a discount of $20.60 to WTI, down from a discount of $18.40. Natural gas for June lost five cents to $2.73. The TSX energy index plunged 21.68 points to close at 415.72.

Energy investors spent the day wading through a deluge of quarterly financials. Oil sands giant Suncor Energy Inc. (SU) lost $7.14 to $87.91 on 10.7 million shares, falling with oil prices even as its first quarter profit soared to $2.1-billion (from $1.6-billion a year earlier). Higher oil prices along with record production and record refined product sales led to the jump.

In light of an investor day that Suncor held at quarter-end on March 31, the financials held few surprises, with production of 875,000 barrels a day and cash flow of $3.39 a share being roughly in line with analysts' predictions (868,000 barrels a day and $3.20 a share). They were, however, a useful opportunity for Suncor to reiterate the three-year ambitions it laid out at the investor day. These include a $2-billion increase in free cash flow by 2028 -- an assumption that rests on WTI averaging $65 (U.S.), Suncor reminded investors -- and a 100,000-barrel-a-day increase in production over the same period.

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