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by Stockwatch Business Reporter
West Texas Intermediate crude for February delivery edged down six cents to $86.90 on the New York Merc, while Brent for March lost seven cents to $88.38 (all figures in this para U.S.). Western Canadian Select traded at a discount of $13.70 to WTI, down from a discount of $12.53. Natural gas for February lost 23 cents to $3.80. The TSX energy index lost 1.72 points to close at 189.90.
The main lobby group for Canada's energy sector is forecasting a second straight year of rising investment. CAPP, the Canadian Association of Petroleum Producers, released its projections for 2022 this morning, forecasting that the oil and gas industry will spend a total of $32.8-billion. This would be a 22-per-cent increase from $26.9-billion in 2021, which itself was a 12-per-cent increase from $24-billion in 2020.
CAPP expects the greatest percentage increase to take place in the oil sands. There, it sees a 33-per-cent jump in capital spending this year to $11.6-billion (from $8.7-billion last year). Conventional oil and gas spending will rise by about 17 per cent to $21.2-billion (from $18.1-billion).
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