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Energy Summary for Oct. 12, 2022

2022-10-12 19:56 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for November delivery lost $2.08 to $87.27 on the New York Merc, while Brent for December lost $1.84 to $92.45 (all figures in this para U.S.). Western Canadian Select traded at a discount of $27.43 to WTI, down from a discount of $24.40. Natural gas for November lost 16 cents to $6.44. The TSX energy index lost a fraction of a point to close at 237.66.

Oil prices took another dip, amid continuing recession fears. This morning, in its widely watched monthly report, OPEC lowered its global oil demand forecasts for 2022 and 2023. "The world economy has entered into a time of heightened uncertainty and rising challenges," intoned the group. It cited "high inflation levels, monetary tightening by major central banks, high sovereign debt levels in many regions as well as ongoing supply issues." While OPEC still expects demand to rise in 2022 and 2023, the predictions for each rise are lower than in last month's report.

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