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by Stockwatch Business Reporter

West Texas Intermediate crude for December delivery lost $1.51 to $101.76, while Brent for December lost 91 cents to $115.81 (all figures in this para U.S.). Western Canadian Select traded at a discount of $31.50 to WTI, up from a discount of $31.70. Natural gas for November lost four cents to $2.60. The TSX energy index added 2.18 points to close at 493.87.

Oil prices slipped as investors weighed U.S.-Iran diplomacy hopes against persistent supply risks. Executive director Fatih Birol of the International Energy Agency (IEA) offered little in the way of comfort while speaking today at Singapore International Energy Week, saying he sees no "credible pathway" for markets to return to prewar conditions in 2027. He also repeated his warnings of added pressure on refined products, particularly diesel, as winter approaches.

Here in Canada, British Columbia has elected a Conservative government, ending nine years of NDP rule and perhaps opening a new chapter for the province's energy sector. The Conservatives ran on promises to more than triple gas production by 2035, accelerate LNG (liquefied natural gas) exports, overhaul carbon pricing, and re-engage foreign oil and gas majors that have exited the province since 2018 (such as Exxon, Chevron and Woodside). "I believe in energy," said Conservative leader Lorne Doerkson in his victory speech, adding, "We will cut red tape like it's never been cut before."

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