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Energy Summary for Oct. 20, 2022

2022-10-20 20:38 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for November delivery added 43 cents to $85.98 on the New York Merc, while Brent for December lost three cents to $92.38 (all figures in this para U.S.). Western Canadian Select traded at a discount of $25.75 to WTI, unchanged. Natural gas for November lost 10 cents to $5.36. The TSX energy index added 3.84 points to close at 247.23.

Oil prices had a rocky day, as traders eyed the latest COVID updates out of China. The country is reportedly considering a reduction to its 10-day quarantine period for inbound visitors, who may now have to isolate themselves for only seven days, according to Bloomberg. This would be the first time that China has relaxed its inbound quarantine restrictions since June. As the previous relaxation helped spur an increase in international flights to and from China, another reduction may support oil demand and prices. Yet this bullishness was offset by reports out of the country's capital, Beijing, where lockdowns are ramping up in response to a jump in reported cases.

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