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Energy Summary for Sept. 9, 2022

2022-09-09 18:56 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for October delivery added $3.25 to $86.79 on the New York Merc, while Brent for November added $3.69 to $92.84 (all figures in this para U.S.). Western Canadian Select traded at a discount of $20.38 to WTI, down from a discount of $20.36. Natural gas for October added eight cents to $8.00. The TSX energy index added 6.14 points to close at 234.30.

After falling to seven-month lows earlier this week, oil prices enjoyed a Friday comeback, rising on European supply concerns and (quite likely) short-covering heading into the weekend. Prices also got a boost from a CNN report late yesterday that the White House might stop tapping the U.S. Strategic Petroleum Reserve in October, after six months of dumping emergency barrels into a tight market. The story quoted anonymous sources and remains unconfirmed by government officials. Despite today's gain, persistent recession fears meant that oil prices still notched their second weekly drop in a row.

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