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Energy Summary for Sept. 29, 2021

2021-09-29 20:20 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for November delivery lost 16 cents to $74.83 on the New York Merc, while Brent for November lost 45 cents to $78.64 (all figures in this para U.S.). Western Canadian Select traded at a discount of $11.80 to WTI, down from a discount of $11.75. Natural gas for November added 36 cents to $5.48.

The TSX energy index added 1.46 points to close at 144.15. Oil prices held steady as OPEC+ signalled no intention of changing its near-term production policy. The group is meeting again next week, and as usual, its joint technical committee (JTC) held an advance meeting -- today -- to discuss market developments. The JTC does not set policy but can recommend it. Some analysts have speculated that it would recommend accelerating the group's monthly production increases, in a bid to stabilize oil prices that are currently around three-year highs. Instead, a posting on the official OPEC Twitter account indicated that the existing agreement "continue[s] to help balance the need for incremental increases to address demand, while guarding against the potential for supply overhangs."

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