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Energy Summary for Oct. 26, 2022

2022-10-26 21:27 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for December delivery added $2.59 to $87.91 on the New York Merc, while Brent for December added $2.17 to $95.69 (all figures in this para U.S.). Western Canadian Select traded at a discount of $27.25 to WTI, down from a discount of $26.50. Natural gas for November stayed unchanged at $5.61. The TSX energy index added 4.62 points to close at 259.02.

Oil prices climbed on bullish U.S. energy data. According to the latest weekly report from the U.S. Energy Information Administration (EIA), last week's U.S. crude exports reached 5.1 million barrels a day, setting a new record. The EIA also reported that U.S. crude inventories rose by 2.6 million barrels, a relief to traders who had been bracing for a much higher increase of 4.5 million barrels, the figure reported by the American Petroleum Institute (API) yesterday. (Both weekly reports are closely watched by traders. While they are generally similar, discrepancies can arise, largely because reporting to the API is voluntary whereas reporting to the EIA is mandatory.)

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