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Energy Summary for Sept. 27, 2022

2022-09-27 20:13 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for November delivery added $1.79 to $78.50 on the New York Merc, while Brent for November added $2.21 to $86.27 (all figures in this para U.S.). Western Canadian Select traded at a discount of $22.50 to WTI, unchanged. Natural gas for October lost 25 cents to $6.65. The TSX energy index added 4.63 points to close at 206.41.

Oil prices rallied as recession fears gave way to supply fears. Offshore producers in the U.S. Gulf of Mexico have shut in one-10th of their oil production as they keep an eye on Hurricane Ian, currently barreling toward Florida. Meanwhile, the Nord Stream gas pipeline system from Russia to Europe suffered two explosions yesterday, leading European officials to suspect acts of sabotage aimed at escalating the broader conflict over Russia's invasion of Ukraine. (The pipeline system was already shut down indefinitely for repairs -- or so said Russia's Gazprom earlier this month -- but the thin hope that Russia will turn them on again before winter is now essentially dashed.)

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