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Energy Summary for Aug. 3, 2022

2022-08-03 20:30 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for September delivery lost $3.76 to $90.66 on the New York Merc, while Brent for October lost $3.77 to $96.78 (all figures in this para U.S.). Western Canadian Select traded at a discount of $19.66 to WTI, unchanged. Natural gas for September added 56 cents to $8.27. The TSX energy index lost 9.85 points to close at 223.67.

Oil prices had another volatile day, jumping in the morning in the wake of a widely watched OPEC+ meeting, only to tumble by the close on bearish U.S. storage data. The OPEC+ meeting saw the group agree to a 100,000-barrel-a-day production increase for the next month. This is a big step back from the last few months, when the group's monthly production boosts have been four to six times higher. As several members of the group have struggled to meet their higher quotas, today's relatively meagre boost suggested that members are exhausting their production capabilities after years of underinvestment, raising supply concerns. These sent Brent to an intraday high of over $2 (U.S.).

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