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Energy Summary for Oct. 5, 2022

2022-10-05 20:55 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for November delivery added $1.24 to $87.76 on the New York Merc, while Brent for December added $1.57 to $93.37 (all figures in this para U.S.). Western Canadian Select traded at a discount of $24.40 to WTI, down from a discount of $24.30. Natural gas for November added nine cents to $6.93. The TSX energy index added 4.57 points to close at 242.55.

Oil prices jumped again as OPEC+ agreed to its largest production cut since the start of the pandemic. At a meeting today in Vienna (the first in-person meeting in 2-1/2 years), the group announced that it will cut two million barrels a day starting next month. This is double what observers were predicting in the days ahead of the meeting. OPEC+ did not specify how long the cut will last. Worth noting, however, is that the group also announced that it will no longer hold monthly meetings. Instead, the monitoring committee (which does not set production policy) will meet every two months, and the ministers (who do set policy) will meet every six months, unless requested by the committee to hold extra meetings "to address market developments if necessary."

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