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Energy Summary for July 15, 2022

2022-07-15 20:23 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for August delivery added $1.81 to $97.59 on the New York Merc, while Brent for September added $2.06 to $101.16 (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 42 cents to $7.02. The TSX energy index added 2.87 points to close at 206.15.

Oil prices headed higher today, but still notched their second weekly drop in a row, with WTI ending the week below $100 (U.S.) for the first time since April. U.S. President Joe Biden arrived in Saudi Arabia today to try to walk a political tightrope on security, human rights and energy supplies. Energy traders focused on comments to Reuters from U.S. national security adviser Jake Sullivan, who lowered expectations that Washington will press Saudi Arabia to immediately start pumping more oil. The implication was that near-term supplies will remain tight.

Here in Canada, the country's oil and gas capital is wrapping up a week of festivities at the Calgary Stampede, back in full force this year for the first time since 2019. The "Greatest Outdoor Show on Earth" was cancelled in 2020 and drastically scaled back in 2021, drawing less than half of the usual attendance. Now COVID restrictions are largely gone, and oil and gas prices -- and people's spirits -- are high. "Even the curmudgeons are excited," chirped Deborah Yedlin, chief executive officer of the Calgary Chamber of Commerce, to Reuters. "[There are] locals who usually leave town during Stampede. This year, some of them are saying, 'I'll stick around.'"

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