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Energy Summary for Jan. 6, 2022

2022-01-06 20:29 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for February delivery added $1.61 to $79.46 on the New York Merc, while Brent for March added $1.19 to $81.99 (all figures in this para U.S.). Western Canadian Select traded at a discount of $12.12 to WTI, up from a discount of $12.15. Natural gas for February lost seven cents to $3.81. The TSX energy index added 5.17 points to close at 175.77.

Oil prices had another buoyant day, with WTI briefly surpassing $80 (U.S.) for the first time since November. Traders have their eye on potential supply disruptions on OPEC+ member Kazakhstan, where a New Year's Day fuel price hike has triggered deadly protests. "The political situation in Kazakhstan is becoming increasingly tense," opined Commerzbank this morning. Meanwhile, Libya is grappling with its own supply issues, with its national oil company announcing today that production is currently just 729,000 barrels a day because of maintenance and shutdowns. (Libyan production reached a high last year of 1.3 million barrels a day. Production in Kazakhstan is around 1.6 million.)

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