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Energy Summary for Oct. 4, 2021

2021-10-04 20:06 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for November delivery added $1.74 to $77.62 on the New York Merc, while Brent for December added $1.98 to $81.26 (all figures in this para U.S.). Western Canadian Select traded at a discount of $11.97 to WTI, unchanged. Natural gas for November added 15 cents to $5.77. The TSX energy index added 2.94 points to close at 148.30.

Oil prices bounded higher as OPEC+ stuck to a policy to increase its production only gradually. Some countries, notably the United States, were putting pressure on the group to accelerate its production boosts, in a bid to control prices that have raced to their highest level in three years. At today's meeting, OPEC+ showed no sign of buckling. It put out a brief statement afterward to reaffirm its view of "current oil market fundamentals and the consensus on its outlook."

Here in Canada, Ottawa has officially invoked a 1977 treaty with the United States to begin government-to-government negotiations over Enbridge Inc.'s (ENB: $50.85) Line 5 pipeline. The treaty provides for the unimpeded flow of cross-border pipelines. It could ultimately force both countries into binding arbitration, if formal negotiations break down. The timeline for either process is unclear.

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