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Energy Summary for Nov. 16, 2022

2022-11-16 20:20 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for December delivery lost $1.33 to $85.59 on the New York Merc, while Brent for January lost $1.00 to $92.86 (all figures in this para U.S.). Western Canadian Select traded at a discount of $29.07 to WTI, unchanged. Natural gas for December added 17 cents to $6.20. The TSX energy index lost 6.09 points to close at 264.42.

Oil prices tumbled as global recession concerns offset bullish U.S. inventory data. In its latest weekly report, the U.S. Energy Information Administration (EIA) said U.S. crude inventories fell by 5.4 million barrels last week. This significantly exceeded analysts' forecasts of a drop of 440,000 barrels. It was not enough to overcome a broader market swoon, with the Dow Jones Industrial Average, the S&P 500 and the Nasdaq Composite all ending the day down.

Here in Canada, oil sands giant Suncor Energy Inc. (SU) lost 88 cents to $48.31 on 18.7 million shares, despite offering shareholders a dividend hike. It is boosting its quarterly payout to 52 cents from 47 cents, for a new yield of 4.3 per cent. The increase reflects "confidence in sustained improving operating performance and the strengthening financial position."

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