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Energy Summary for Sept. 15, 2022

2022-09-15 20:16 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for October delivery lost $3.38 to $85.10 on the New York Merc, while Brent for November lost $3.26 to $90.84 (all figures in this para U.S.). Western Canadian Select traded at a discount of $20.38 to WTI, unchanged. Natural gas for October lost 79 cents to $8.32. The TSX energy index added 7.13 points to close at 244.35.

Oil prices tumbled as fears faded of a large-scale U.S. rail strike. Rail workers shook hands on a tentative labour agreement, averting a potentially major disruption in commodity deliveries. Process also got a boost from a higher U.S. dollar ahead of what many expect will be a sizable interest rate hike when policymakers meet next week. (A higher greenback tends to hurt oil demand by making oil more expensive in other currencies, hence the generally inverse relationship.)

Here in Canada, oil stocks fell with prices, despite a charm offensive by several companies working the conference circuit. Executives made their way to Toronto for the 26th annual Peter's & Co. Energy Conference running from Sept. 13 to 15. One presenter was Stephen Loukas, interim president and chief executive officer of Obsidian Energy Ltd. (OBE), down 39 cents to $10.81 on 446,500 shares. He talked up the company's recent debt refinancing in July and its "very active" drill program in Alberta.

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