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Energy Summary for Sept. 19, 2022

2022-09-19 20:49 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for October delivery added 62 cents to $85.73 on the New York Merc, while Brent for November added 65 cents to $92.00 (all figures in this para U.S.). Western Canadian Select traded at a discount of $21.20 to WTI, down from a discount of $20.38. Natural gas for October lost one cent to $7.75. The TSX energy index added 1.73 points to close at 236.67.

International oil and gas producer Vermilion Energy Inc. (VET) lost 32 cents to $30.35 on 2.22 million shares, slowing but not stopping its slide from nearly $40 over the last three weeks. Today's intraday low of $29.30 was the stock's first time below $30 in six weeks. Investors are worried about a recently proposed windfall tax in Europe, where Vermilion gets about one-third of its production (soon to rise to one-half with the closing of a large Irish acquisition by year-end. The rest comes mainly from North America).

The tax, proposed by the European Union last Wednesday, is part of a package of ostensibly temporary measures seeking to counteract soaring power bills by nabbing an estimated 140 billion euros from the oil, gas, coal and utility sectors. "In these times, it is wrong to receive extraordinary record profits benefiting from war and on the back of consumers," European Commission President Ursula von der Leyen stated last week. She said energy companies are making "huge profits" and must "pay a fair share."

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