RE:RE:RE:RE:RE:RE:RE:HeyCrickets on here....
from Stockwatch.
by Stockwatch Business Reporter
West Texas Intermediate crude for July delivery closed out the final trading day of the month by adding $1.78 to $35.49 on the New York Merc, up from $19 at the start of the month, for its largest monthly percentage gain on record (all figures in this para U.S.). This was also the benchmark's first time closing above $35 since Friday, March 6, which was the last trading day prior to the Black-Monday-esque meltdown that started March 9. Brent for July edged up a mere four cents to $35.33 but still logged its best monthly percentage gain since 1999. (Interestingly, today also marks the first time in years that WTI has closed at a premium to Brent, even if that premium is just 16 cents. The last time WTI overtook Brent was during intraday trading in 2015. In general, Brent has traded higher than WTI since 2010.) Here in Canada, Western Canadian Select traded at a discount of $7.50 to WTI, up from a discount of $7.60. Natural gas for July added two cents to $1.85. The TSX energy index lost 1.05 points to close at 78.10.
Brett Herman's Alberta- and Saskatchewan-focused TORC Oil & Gas Ltd. (TOG) lost 11 cents to $1.44 on 7.31 million shares, after a win-some-lose-some conversation with its bankers. The bankers have agreed to extend their borrowing-base review of TORC's $500-million reserve-based credit facility by one month to June 30. Reserve-based facilities, which tend to be more common among smaller producers, have their borrowing bases linked to reserves and commodity prices, which is why the companies that have them are particularly anxiety-prone these days. TORC is relatively well off: Not only was the facility just $309-million drawn as of March 31 (so a cut would have be drastic to tip it into a shortfall), but TORC also has the benefit of a large anchor shareholder, the Canada Pension Plan Investment Board, which owns 65 million of TORC's 222 million shares. Both of those factors look good in discussions with lenders. Now those discussions can continue a few weeks longer, while TORC and the bankers assess changing commodity prices and the effects of government support programs. The bankers are not being flexible for free, however. They have tacked on an amendment to the facility requiring TORC to seek unanimous consent before drawing amounts higher than $425-million.