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Energy Summary for July 20, 2022

2022-07-20 20:53 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for August delivery lost $1.96 to $102.26 on the New York Merc, while Brent for September lost 43 cents to $106.92 (all figures in this para U.S.). Western Canadian Select traded at a discount of $20.50 to WTI, down from a discount of $20.00. Natural gas for August added 74 cents to $8.01. The TSX energy index added 3.04 points to close at 221.76.

Oil prices had a wobbly day, as bearish U.S. government data showed unexpectedly low gasoline demand during what is normally the peak summer driving season. The bulls regained some ground on supply concerns, as TC Energy Corp. (TRP: $67.94) said its Keystone oil pipeline from Alberta to the U.S. Midwest is operating at reduced rates for the third day in a row, following Monday's damage to a third party facility in South Dakota. Meanwhile, the chief executive officer of the largest U.S. independent oil producer told an energy conference to get used to whipsawing oil prices. "There is a supply crunch coming," ConocoPhillips CEO Ryan Lance told the Houston Producers Forum. "... Be prepared for a lot of volatility."

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