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by Stockwatch Business Reporter

West Texas Intermediate crude for October delivery lost 52 cents to $101.91, while Brent for November lost $1.01 to $104.82 (all figures in this para U.S.). Western Canadian Select traded at a discount of $29.70 to WTI, down from a discount of $27.10. Natural gas for October added one cent to $2.90. The TSX energy index added 3.38 points to close at 454.47.

The energy sector got another acknowledgment that the world's appetite for hydrocarbons has proved far more durable than the peak-oil narrative advertised. Today's dose of realism came from S&P Global Energy, whose new study, "Multidimensional Global Energy Pathways," suggests that EMDEs (emerging markets and developing economies) could add "the equivalent of another China" to global energy demand by 2060, and that "fossil fuels [will] remain a dominant part of the energy mix."

The prominent "Current Realities" pathway sees gas demand rising by more than one-third by 2060 compared with 2025, said S&P. While oil will cede some market share to other energy types (mostly electrification and renewables, which will also displace a good chunk of coal demand), in absolute figures, the demand for oil will fall fairly modestly, less than 8 per cent. (The report also lays out an "Emissions Reduction Pathway" in which oil demand plummets two-fifths by 2060 and gas demand falls by one-third, but does not present this as plausible, calling it "possible [but] increasingly challenged by technical and commercial realities.")

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