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Energy Summary for Sept. 26, 2022

2022-09-26 20:37 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for November delivery lost $2.03 to $76.71 on the New York Merc, while Brent for November lost $2.09 to $84.08 (all figures in this para U.S.). Western Canadian Select traded at a discount of $22.50 to WTI, unchanged. Natural gas for October added seven cents to $6.90. The TSX energy index lost 6.94 points to close at 201.78.

Heading into the final week of the third quarter, oil prices are facing the prospect of their first quarterly slump in two years. Prices took another tumble today, coming under continued pressure from the rising U.S. dollar (which dents demand by making oil more expensive in other currencies). Iraqi Oil Minister Ihsan Abdul Jabbar said OPEC+ is keeping an eye on the "challenging" circumstances. "We don't want a sharp increase in oil prices or a collapse," he told an interviewer on state television (quoted in Reuters). OPEC+ will hold its next monthly meeting on Oct. 5.

Here in Canada, oil sands giant Suncor Energy Inc. (SU) lost 36 cents to $36.59 on 31.8 million shares, as it held its head high and gave the impression of a beautifully bulging treasury. It announced this morning that it has launched a bond buyback program for up to $1.75-billion. The offer spans 10 series of notes due from 2026 to 2042 and expires on Oct. 4.

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