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Energy Summary for Jan. 18, 2022

2022-01-18 19:59 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for February delivery added $1.27 to $85.43 on the New York Merc, while Brent for March added $1.03 to $87.51 (all figures in this para U.S.). Western Canadian Select traded at a discount of $12.53 to WTI, unchanged. Natural gas for February added two cents to $4.28. The TSX energy index lost 1.27 points to close at 192.31.

OPEC is sticking to its forecast for a healthy increase in global oil demand this year. In the latest version of its closely watched monthly report, released this morning, OPEC predicted that demand will rise by 4.15 million barrels a day in 2022 (same as last month). "The oil market is expected to remain well supported throughout 2022," said the group. It downplayed concerns about the COVID Omicron variant or interest rate hikes, noting that "projections for economic growth remain robust," while hinting that some "overheating economies" could use a breather anyway.

Here in Canada, Suncor Energy Inc. (SU) lost 34 cents to $35.77 on 19.8 million shares, after facing up to recent "operational incidents" at its oil sands assets. One of those incidents was a fatality at its base plant two weeks ago, when two heavy-haul trucks collided (as discussed in Stockwatch on Jan. 6). Chief executive officer Mark Little said today that he is "deeply saddened" by the death and "committed to implementing corrective actions." An investigation is still in progress.

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