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Energy Summary for Oct. 4, 2022

2022-10-04 20:57 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for November delivery added $2.89 to $86.52 on the New York Merc, while Brent for December added $2.94 to $91.80 (all figures in this para U.S.). Western Canadian Select traded at a discount of $24.30 to WTI, down from a discount of $23.70. Natural gas for November added 37 cents to $6.84. The TSX energy index added 10.24 points to close at 237.98.

Oil prices took another jump, amid rising expectations for tomorrow's OPEC+ meeting in Vienna. This will be the group's first in-person (non-virtual) meeting since March, 2020. "The OPEC ministers are not going to come to Austria for the first time in two years to do nothing. So there's going to be a cut of some historic kind," Dan Pickering, chief investment officer of the Texas-based Pickering Energy Partners, speculated to CNBC. Meanwhile, analyst Stephen Brennock of London's PVM Oil Associates predicted in a research note that "a winter of hope and expectation is on the horizon." He (along with Goldman Sachs) sees prices climbing back to $100 (U.S.) in the coming months.

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