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Energy Summary for Oct. 7, 2022

2022-10-07 20:51 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for November delivery added $4.19 to $92.64 on the New York Merc, while Brent for December added $3.50 to $97.92 (all figures in this para U.S.). Just in time for the Thanksgiving/Columbus Day long weekend, oil traders could give thanks for the post-OPEC-meeting rally, as prices soared to a five-week high and notched their biggest weekly gain since March. Western Canadian Select traded at a discount of $24.40 to WTI, unchanged. Natural gas for November lost 22 cents to $6.75. The TSX energy index added a fraction of a point to close at 247.78.

Canada's oil province has a new premier. Danielle Smith eked out a narrow victory last night over Travis Toews, both of whom were vying for leadership of Alberta's ruling United Conservative Party (UCP) after the abrupt resignation of Jason Kenney last May. The premier-designate will formally take office when the provincial Lieutenant-Governor invites her to form a government on Tuesday.

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