Energy Summary for April 26, 2018

by Stockwatch Business Reporter

West Texas Intermediate crude for June delivery gained 14 cents to $68.19 on the New York Merc, while Brent for June gained 74 cents to $74.74 (all figures in this para U.S.). Western Canadian Select traded at a discount of $18.85 to WTI ($49.34), unchanged. Natural gas for May gained 3.5 cents to $2.82. The TSX energy index gained a fraction to 201.52.

Many oil and gas producers continued to receive favourable attention from investors today. Baytex Energy Corp. (BTE) gained 17 cents to $5.70, Tamarack Valley Energy Ltd. (TVE) gained 13 cents to $3.63 and Pengrowth Energy Corp. (PGF) gained nine cents to $1.20.

Li Ka-shing's Husky Energy Inc. (HSE) fell $1.55 to $17.54 on 8.75 million shares after releasing bad news followed by worse news. First, the company lowered its full-year production target. (We will return to this in a moment.) Then, a few hours later, Husky's refinery in Superior, Wis., caught fire. All employees are accounted for, and no one died, but 11 were brought to the hospital for their injuries. There was a brief period around noon (local time in Wisconsin) when it seemed like the fire was out, but it reignited. The Douglas County Office of Emergency Management then imposed an evacuation order covering two miles north, three miles east and west, and 10 miles south of the refinery. There is no danger to the public; the evacuation is mainly a precaution against the thick black smoke blowing mostly south of the refinery. A local fire chief says it might take days to put out the fire. Husky does not yet know what caused the fire, but locals say they heard explosions. The Superior refinery processes 37,000 barrels of oil a day into gasoline, asphalt and other petroleum products.

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