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Energy Summary for Oct. 11, 2022

2022-10-11 21:08 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for November delivery lost $1.78 to $89.35 on the New York Merc, while Brent for December lost $1.90 to $94.29 (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 16 cents to $6.60. The TSX energy index lost 9.81 points to close at 237.97.

Oil prices headed lower, with WTI slinking back below $90 (U.S.) a barrel, amid a flare-up of global recession fears and Chinese COVID cases. Yesterday brought warnings of economic slowdowns from both the International Monetary Fund and the World Bank. As well, JPMorgan's chief executive officer, Jamie Dimon, told CNBC that Europe is "already in recession" and that the United States is likely to be in a recession in "six to nine months." Meanwhile, COVID infections are climbing in major Chinese cities such as Shanghai and Shenzhen, prompting fears of renewed lockdowns.

Here in Canada, energy headlines were wrapped up in political ones, as the country's two largest oil provinces seemingly stiffened their resistance to federal interference from Ottawa. Today brought the formal swearing-in of new Alberta Premier Danielle Smith, who had vowed last week (after becoming premier-designate) that she would "not have our resources landlocked or our energy phased out of existence by a virtue-signalling prime minister." Her counterpart next door seems to have taken note. This afternoon, Saskatchewan Premier Scott Moe released a white paper on "Defending Saskatchewan's Economic Autonomy" against "destructive" federal climate policies.

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