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by Stockwatch Business Reporter
West Texas Intermediate crude for June delivery gained 35 cents to $68.05 on the New York Merc, while Brent for June gained 14 cents to $74.00 (all figures in this para U.S.). Western Canadian Select traded at a discount of $18.85 to WTI ($49.20), unchanged. Natural gas for May gained 0.5 cent to $2.79. The TSX energy index gained 2.95 points to 200.59, breaking past 200 for the first time since January. (The index fell to 167.86 in February.)
As demonstrated by the rise of the TSX energy index, oil and gas investors have been in a good mood lately. Today, the oil sands and Deep basin producer Cenovus Energy Inc. (CVE) gained 61 cents to $12.80 on 24.78 million shares, despite listing the many problems that it faced in the first quarter. Investors likely found it sufficiently pleasing to hear that the company's oil sands production is now back to normal. Cenovus reduced its oil sands production in February and March because of egress problems, which largely contributed to record-high oil price differentials. In February, WCS oil sold at a discount of up to $30.70 (U.S.) to WTI oil.
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