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 October delivery added $2.00 to $46.68 on the New York Merc, while Brent for November added $1.45 to $48.92 (all figures in this para U.S.). Western Canadian Select traded at a discount of $14.25 to WTI ($32.43), unchanged. Natural gas for October lost 3.2 cents to $2.573. The TSX energy index added 2.83 points to close at 173.27.

Several reports gave the main oil benchmarks a boost. In one, OPEC forecast that crude prices would rise to $80 (U.S.) a barrel by 2020 as production falls in non-OPEC countries, such as the United States. Separate data from the International Energy Agency also pointed to a large drop in U.S. production next year. As well, energy consultancy Wood Mackenzie estimated that a full $1.5-trillion (U.S.) worth of uncommitted investments in new conventional projects and North American unconventional oil is uneconomic at $50 (U.S.) oil. Wood Mackenzie reckoned that although producers want to cut costs by 20 to 30 per cent on their proposed projects, they will not actually be able to achieve more than 10 to 15 per cent. Unless more costs can somehow be cut, the proposed spending is "very much at risk," said the report.

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