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Energy Summary for Oct. 13, 2021

2021-10-13 20:06 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for November delivery lost 80 cents to $80.44 on the New York Merc, while Brent for December lost 24 cents to $83.18 (all figures in this para U.S.). Western Canadian Select traded at a discount of $12.79 to WTI, down from a discount of $12.42. Natural gas for November added eight cents to $5.59. The TSX energy index lost a fraction to close at 154.34.

Oil prices settled mildly lower (but still near multiyear highs), after OPEC trimmed its short-term oil forecast. In its latest monthly report, released this morning, OPEC said it expects oil demand in 2021 to increase by 5.82 million barrels a day. This is a decrease from its prior forecast of 5.96 million barrels a day. The group maintained its forecast that demand will rise by 4.2 million barrels a day in 2022. The report happened to come on the same day that President Vladimir Putin of Russia, the main member on the "plus" side of OPEC+, told an industry conference that $100 (U.S.) oil prices are "quite possible." He did not give an estimate on timing and merely claimed that every member of OPEC+ is "doing our utmost to stabilize the market."

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