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Energy Summary for Jan. 11, 2022

2022-01-11 20:14 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for February delivery added $2.99 to $81.22 on the New York Merc, shooting above $80 for the first time since November, while Brent for March added $2.85 to $83.72 (all figures in this para U.S.). Western Canadian Select traded at a discount of $12.24 to WTI, unchanged. Natural gas for February added 17 cents to $4.25. The TSX energy index added 5.83 points to close at 183.46.

Oil prices had one of their best days in months, as no less than the U.S. Federal Reserve chairman downplayed the effects of the COVID Omicron variant on global economies (and therefore fuel demand). "It should be short-lived," chairman Jerome Powell told the Senate banking committee today, referring to Omicron's potential economic damage. He reiterated his position that the Fed might hike interest rates several times this year to curb inflation. In response, the U.S. dollar fell, giving a further boost to oil prices. (The greenback and oil prices tend to have an inverse relationship, as a high U.S. dollar makes oil more expensive in other currencies, whereas a low U.S. dollar makes oil cheaper in other currencies and thus more appealing.)

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