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Energy Summary for Sept. 28, 2022

2022-09-28 20:25 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for November delivery added $3.65 to $82.15 on the New York Merc, while Brent for November added $3.05 to $89.32 (all figures in this para U.S.). Western Canadian Select traded at a discount of $22.00, up from a discount of $22.50. Natural gas for October added 22 cents to $6.87. The TSX energy index added 8.35 points to close at 214.76.

Oil prices headed higher for the second day in a row, amid persistent supply concerns in war-torn Europe and hurricane-prone North America, as well as a new batch of bullish U.S. inventory data. The Energy Information Administration (EIA) reported today that crude inventories fell by 200,000 barrels last week. While this is a modest figure, it is noticeably different from the 4.15-million-barrel increase in inventories estimated yesterday by the American Petroleum Institute (API). (The two of them generally produce similar numbers, but discrepancies can occur, largely because participation in the API's survey is voluntary whereas updates to the EIA are mandatory.)

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