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Energy Summary for Nov. 2, 2022

2022-11-02 20:43 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for December delivery added $1.63 to $90.00 on the New York Merc, while Brent for January added $1.51 to $96.16 (all figures in this para U.S.). Western Canadian Select traded at a discount of $29.70, up from a discount of $30.10. Natural gas for December added 56 cents to $6.27. The TSX energy index lost 1.68 points to close at 264.07. Oil prices rose on bullish U.S. storage data.

The U.S. Energy Information Administration (EIA) reported today that crude inventories fell by 3.1 million barrels last week, compared with analysts' predictions of an increase of 367,000 barrels. Traders also continue to have their eye on rumours that China may back away from its stringent Covid Zero policies.

Meanwhile, the threat of a windfall tax on energy companies -- floated earlier this week by U.S. President Joe Biden, despite dim odds of congressional support -- continued to draw scoffs. During a conference call late yesterday, co-chief executive officer Marshall McCrea of Energy Transfer, one of North America's largest pipeline companies, likened the White House's rumblings to a "Saturday Night Live skit." He noted that Mr. Biden went from restricting drilling and pipeline approvals to demanding penalties on energy companies if they do not boost investment. "It'd be funny," he said, "if it wasn't so sad."

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