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Energy Summary for Sept. 20, 2022

2022-09-20 19:57 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for October delivery lost $1.28 to $84.45 on the New York Merc, while Brent for November lost $1.38 to $90.62 (all figures in this para U.S.). Western Canadian Select traded at a discount of $21.20 to WTI, unchanged. Natural gas for October lost three cents to $7.72. The TSX energy index lost a fraction of a point to close at 235.95.

Oil prices wobbled and fell, as investors braced for further interest rate hikes in the continued battle against inflation. The U.S Federal Reserve is seen as likely to raise rates by another 75 basis points tomorrow. Meanwhile, the U.S. government is preparing to release another 10 million barrels from the Strategic Petroleum Reserve (SPR) for sale in November, which would bring the total barrels sold to 165 million since the government announced the sales last March. The original plan was to sell 180 million barrels by the end of October (the largest release in the SPR's history), but evidently the government is extending the timeline.

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