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Energy Summary for Oct. 7, 2021

2021-10-07 20:14 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for November delivery added 87 cents to $78.30 on the New York Merc, while Brent for December added 87 cents to $81.95 (all figures in this para U.S.). Western Canadian Select traded at a discount of $12.26 to WTI, down from a discount of $12.20. Natural gas for November stayed unchanged at $5.68. The TSX energy index added 3.54 points to close at 152.58.

Canadian crude exports to the United States are on the rise, thanks to last week's start-up of Enbridge Inc.'s (ENB: $51.20) Line 3. New data from the U.S. Energy Information Administration (EIA) showed that oil imports from Canada reached 4.03 million barrels a day last week, a noticeable boost from the recent average of 3.5 million. This is only the third time that the figure has crossed four million since the EIA began tracking weekly data in 2010. (The most recent time was in January, 2021, when the U.S. was dealing with a slump in imports from Saudi Arabia.) While Line 3 cannot take all the credit for the increase, the new pipeline should still leave a permanent mark. ESAI Energy analyst Elisabeth Murphy predicted to Bloomberg that post-Line 3 weekly imports from Canada will level out at around 3.7 million to 3.8 million barrels a day.

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