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Energy Summary for Oct. 6, 2022

2022-10-06 20:44 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for November delivery added 69 cents to $88.45 on the New York Merc, while Brent for December added $1.05 to $94.42 (all figures in this para U.S.). Western Canadian Select traded at a discount of $24.40 to WTI, unchanged. Natural gas for November added four cents to $6.97. The TSX energy index added 4.71 points to close at 247.26.

Oil prices marched higher on continued enthusiasm for yesterday's OPEC+ announcement, signalling its largest production cut in years. Bankers and analysts jockeyed for position among the bulls. "By December of this year, Brent would reach over $100 (U.S.) per barrel, up from our earlier call for $89 (U.S.)," Jorge Leon, senior vice-president of the Oslo-based Rystad Energy, predicted to Reuters. Rohan Reddy, director of research at the New York-based Global X Management, told Bloomberg that he sees prices reaching $110 (U.S.) next year. Goldman Sachs has raised its forecasts to $104 (U.S.) in 2022 (up from $99 (U.S.) and $110 (U.S.) in 2023 (up from $108 (U.S.)).

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