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Energy Summary for Oct. 31, 2022

2022-10-31 20:15 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for December delivery lost $1.37 to $86.53 on the New York Merc, while Brent for December lost 94 cents to $94.83 (all figures in this para U.S.). Western Canadian Select traded at a discount of $28.25 to WTI, up from a discount of $28.75. Natural gas for December added 68 cents to $6.36. The TSX energy index added 4.19 points to close at 262.37.

Oil prices skidded lower on weak economic data from China (the world's largest oil importer). Even so, prices ended the month of October with their first monthly gain since May. They soared at the beginning of the month amid rumours that OPEC+ was planning a sizable production cut. The rumours turned out to be accurate, with the group announcing its biggest cut in more than two years on Oct. 5. Separately, in a widely watched annual outlook released this morning, OPEC raised its mid- and long-term oil demand forecasts and estimated that $12.1-trillion (U.S.) in investment will be necessary to meet this demand.

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