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Energy Summary for Sept. 7, 2022

2022-09-07 20:48 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for October delivery lost $4.94 to $81.94 on the New York Merc, while Brent for November lost $4.83 to $88.00 (all figures in this para U.S.). Western Canadian Select traded at a discount of $20.38 to WTI, down from a discount of $20.50. Natural gas for October lost 31 cents to $7.84. The TSX energy index lost 7.21 points to close at 226.15.

Oil prices took another tumble, with Brent falling below $90 (U.S.) for the first time in seven months, on rising recession fears. The president of the European Commission, Ursula von der Leyen, told reporters today that the European Union plans to propose a price cap on Russian gas, in an effort to "cut Russia's revenues which [Russian President Vladimir] Putin uses to finance this atrocious war in Ukraine." Mr. Putin threatened to respond to any caps by cutting off oil and gas supplies altogether and leaving Western Europe to face a long, cold winter. "As in the famous Russian fairy tale," he told a Russian economic forum today in Vladivostok, "we would sentence the wolf's tail to be frozen."

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