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Energy Summary for Aug. 11, 2022

2022-08-11 19:55 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for September delivery added $2.41 to $94.34 on the New York Merc, while Brent for October added $2.20 to $99.60 (all figures in this para U.S.). Western Canadian Select traded at a discount of $19.67 to WTI, unchanged. Natural gas for September added 67 cents to $8.87. The TSX energy index added 8.75 points to close at 231.34.

Oil prices had a choppy day amid competing demand forecasts. In its latest monthly oil report, the International Energy Agency (IEA) increased its 2022 oil demand forecast by 380,000 barrels a day, stating that soaring prices for natural gas are prompting consumers to switch to oil. The world's biggest oil cartel did not agree. In its own monthly report, OPEC nudged down its 2022 demand forecast by 260,000 barrels a day -- its third decrease since April -- citing "signs of slowing growth in the world economy."

Worth noting is that OPEC remains slightly more upbeat on demand over all. The IEA is now predicting that global oil demand will average 99.7 million barrels a day in 2022. OPEC's forecast is for "around 100 [million barrels a day]," which it called "solid growth when compared with prepandemic growth levels." Traders liked the sound of that. Oil prices ended the day higher, taking several Canadian energy stocks along for the ride. Notable gainers included Cenovus Energy Inc. (CVE), up $1.59 to $23.70, Obsidian Energy Inc. (OBE), up 68 cents to $11.67, and Baytex Energy Corp. (BTE), up 42 cents to $6.41.

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