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Energy Summary for Nov. 4, 2022

2022-11-04 20:11 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for December delivery soared $4.44 to $92.61 on the New York Merc, while Brent for January added $3.90 to $98.57 (all figures in this para U.S.). Western Canadian Select traded at a discount of $29.70, unchanged. Natural gas for December added 42 cents to $6.40. The TSX energy index lost a fraction of a point to close at 270.76.

Oil prices romped up to their highest level in two months, as the U.S. dollar weakened and as rumours continued to circulate that China will ease its stringent COVID Zero policies. A better-than-hoped-for jobs report is raising hopes that the U.S. Federal Reserve will relax its stance on interest rate hikes. Meanwhile, according to Reuters, a former Chinese disease control official has predicted that "substantive changes will happen soon" to China's COVID Zero rigidity. The comment (and other market-pleasing headlines) helped whip Chinese stocks into a frenzy, with the Hang Seng China Enterprises Index enjoying its largest weekly gain since 2015.

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