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Energy Summary for July 21, 2022

2022-07-21 20:05 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for August delivery lost $3.53 to $96.53 on the New York Merc, while Brent for September lost $3.06 to $103.86 (all figures in this para U.S.). Western Canadian Select traded at a discount of $20.75 to WTI, down from a discount of $20.50. Natural gas for August lost seven cents to $7.93. The TSX energy index lost 4.76 points to close at 217.00.

Oil prices took a tumble, with WTI heading back below $100 (U.S.), on thin volume that exacerbated the volatility. Stubbornly high COVID cases in China and a steep interest rate hike by the European Central Bank (the first hike in 11 years) stoked demand concerns. On the supply side, Russia resumed pumping gas to Europe -- if at a reduced capacity -- following a 10-day maintenance outage. Libya's National Oil Corp. said it has resumed production at several oil fields after last week's lifting of a force majeure on oil exports.

Here in Canada, it was a quiet news day in the oil patch, as producers kept their attention on the start of quarterly earnings season next week. Companies that will report their second quarter financials next week include Baytex Energy Corp. (BTE: $6.28), Crescent Point Energy Corp. (CPG: $9.27) and Tourmaline Oil Corp. (TOU: $68.57) on Wednesday, Whitecap Resources Inc. (WCP: $8.99), ARC Resources Ltd. (ARX: $15.92) and MEG Energy Corp. (MEG: $16.59) on Thursday, and Imperial Oil Ltd. (IMO: $56.72) on Friday.

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