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Energy Summary for July 13, 2022

2022-07-13 20:10 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for August delivery added 46 cents to $96.30 on the New York Merc, while Brent for September added eight cents to $99.57 (all figures in this para U.S.). Western Canadian Select traded at a discount of $20.90 to WTI, unchanged. Natural gas for August added 53 cents to $6.69. The TSX energy index lost a fraction to close at 206.82.

After a steep plunge yesterday, oil prices edged slightly higher today, but could not break back above $100 (U.S.). Prices faced pressure from a higher U.S. dollar and continuing fears of a global recession. The U.S. dollar -- which is now at parity with the euro for the first time in two decades -- tends to have an inverse relationship with oil prices, as a higher greenback makes oil more expensive in other currencies, generally lowering demand. On that subject, the International Energy Agency (IEA) released a report this morning that "modestly trimmed" its outlook for global oil demand in 2022 and 2023. It cited a "worsening macroeconomic outlook and fears of recession."

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