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Energy Summary for Oct. 6, 2021

2021-10-06 20:26 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for November delivery lost $1.50 to $77.43 on the New York Merc, while Brent for December lost $1.48 to $81.08 (all figures in this para U.S.). Western Canadian Select traded at a discount of $12.20 to WTI, down from a discount of $12.07. Natural gas for November lost 63 cents to $5.68. The TSX energy index lost 3.42 points to close at 149.03.

Oil prices retreated from multiyear highs as the U.S. Energy Department reported that crude inventories rose by 2.3 million barrels last week, going against analysts' expectations of a 418,000-barrel drop. In addition, the U.S. government is publicly considering a release of emergency oil reserves in a bid to prop up domestic supplies and tamp down gas prices at the pump. "It's a tool that's under consideration," said U.S. Energy Secretary Jennifer Granholm during an appearance today at the Financial Times' Energy Transition Strategies Summit. She added that the government would also consider limiting crude exports.

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