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Energy Summary for Oct. 13, 2022

2022-10-13 20:12 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for November delivery added $1.84 to $89.11 on the New York Merc, while Brent for December added $2.12 to $94.57 (all figures in this para U.S.). Western Canadian Select traded at a discount of $27.43 to WTI, unchanged. Natural gas for November added 30 cents to $6.74. The TSX energy index added 7.91 points to close at 245.57.

Oil prices settled higher as traders sifted through mixed U.S. inventory data. The U.S. Energy Information Administration (EIA) reported today that crude stockpiles jumped by 9.9 million barrels last week, far exceeding analysts' predictions of a rise of 1.8 million. This would normally be bearish for oil prices, but the EIA report also showed that distillate stockpiles (which include diesel and heating oil) plunged by 4.9 million barrels -- another big miss for analysts, who were expecting a drop of just two million. Distillate levels are now at their lowest level since May. This prompted a surge in buying in preparation for the fast-approaching winter.

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