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Energy Summary for Sept. 8, 2022

2022-09-08 20:52 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for October delivery added $1.60 to $83.54 on the New York Merc, while Brent for November added $1.15 to $89.15 (all figures in this para U.S.). Western Canadian Select traded at a discount of $20.36 to WTI, up from a discount of $20.38. Natural gas for October added eight cents to $7.92. The TSX energy index added 2.01 points to close at 228.16.

Canadian pipeline operator Enbridge Inc. (ENB: $53.83) has suffered a setback in a U.S. court. Today in Wisconsin, a district judge ruled that Enbridge's cross-border Line 5 pipeline is trespassing on land belonging to the Bad River tribal band. The judge did not grant the band's request for an injunction to shut the pipeline down, but he did rule that the band is entitled to compensation from Enbridge, in an amount left unspecified.

The dispute revolves around 50-year easements that Enbridge received to traverse the band's land starting in 1953. The parties signed a new agreement in 1992, which in Enbridge's opinion kept the easements in good standing for another 50 years. The band did not see it that way and said in 2013 that it was revoking the easements. When Enbridge continued to use the land to operate the pipeline, the band accused it of trespassing and hauled it to court in 2019.

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