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Energy Summary for Sept. 27, 2021

2021-09-27 20:34 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for November delivery added $1.47 to $75.45 on the New York Merc, while Brent for November added $1.44 to $79.53 (all figures in this para U.S.). Western Canadian Select traded at a discount of $11.70 to WTI, unchanged. Natural gas for October shot up 57 cents to $5.71. The TSX energy index added 4.35 points to close at 142.74.

Oil and gas bulls bounded gleefully into the week. Goldman Sachs has hiked its year-end Brent forecast to $90 from $80, one week after head commodities researcher Jeff Currie hinted at this prospect during a Bloomberg Television interview. On the gas side, the imminent expiry of the October contract (which rolls off tomorrow) sparked a surge of buying activity, compounded by tightening supplies and low storage levels.

Canadian oil and gas stocks rose with prices. Notable gainers included Crew Energy Inc. (CR), up 41 cents to $3.15, Crescent Point Energy Corp. (CPG), up 54 cents to $5.88, and Enerplus Corp. (ERF), up 93 cents to $10.02 (its first time above $10 since 2019).

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