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Energy Summary for Oct. 28, 2022

2022-10-28 20:48 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for December delivery lost $1.18 to $87.90 on the New York Merc, while Brent for December lost $1.19 to $95.77, both benchmarks notching a weekly increase (all figures in this para U.S.). Western Canadian Select traded at a discount of $28.75 to WTI, down from a discount of $27.25. Natural gas for December lost 20 cents to $5.68. The TSX energy index lost 1.04 points to close at 257.98.

It was a fruitful Friday in the oil and gas sector, as heavyweights turned the flood of quarterly financials into a tidal wave of profits. U.S. giants Exxon and Chevron published their third quarter reports this morning and raked in combined net income of over $30-billion (U.S.). For Exxon, the $19.7-billion (U.S.) net profit was the highest in its 152-year history; for Chevron, its $11.2-billion (U.S.) profit was its second best in 143 years. These came on the heels of near-record financials released by European competitors Shell and Total earlier this week.

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