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Energy Summary for Aug. 17, 2022

2022-08-17 20:15 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for September delivery added $1.58 to $88.11 on the New York Merc, while Brent for October added $1.31 to $93.65 (all figures in this para U.S.). Western Canadian Select traded at a discount of $20.10 to WTI, down from a discount of $19.66. Natural gas for September lost nine cents to $9.24. The TSX energy index added 3.40 points to close at 230.24.

Oil prices edged up on bullish U.S. storage data. According to the Energy Information Administration, U.S. crude inventories fell by 7.1 million barrels last week, drained by higher-than-expected demand. Analysts were forecasting a drop of just 275,000 barrels.

Meanwhile, OPEC's new secretary-general made some of his first public comments since taking the position earlier this month. Haitham Al Ghais of Kuwait (successor to Mohammad Barkindo of Nigeria, who died in July) told CNBC today that higher oil and gas prices, and soaring inflation, are not the fault of OPEC. He pinned the blame on years of "chronic underinvestment" in oil and gas. "This is the harsh reality that people have to wake up to and policymakers have to wake up to," said Mr. Al Ghais. "... The solution is very clear. OPEC has a solution: invest, invest, invest."

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