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Energy Summary for Aug. 23, 2022

2022-08-23 20:35 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for October delivery shot up $3.38 to $93.74 on the New York Merc, while Brent for October added $3.74 to $100.22 (all figures in this para U.S.). Western Canadian Select traded at a discount of $19.70 to WTI, unchanged. Natural gas for September lost 49 cents to $9.19. The TSX energy index added 7.17 points to close at 244.57.

Oil prices raced higher, with Brent returning to the triple digits for the first time in three weeks, on reports that OPEC+ will consider cutting production as a way of boosting prices. "The paper and physical markets [for oil] have become increasingly disconnected," warned Saudi Arabia's energy minister, Prince Adbulaziz bin Salman, in an interview with Bloomberg. His meaning is that the futures market is not reflecting the realities of supply and demand. Instead it is caught up in a "vicious circle of very thin liquidity and extreme volatility," opined the prince. He said OPEC+ has various tools to stabilize a "yo-yo market," including "cutting production at any time."

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