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Energy Summary for Nov. 21, 2022

2022-11-21 20:37 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for December delivery lost 35 cents to $79.73 on the New York Merc, closing below $80 for the first time since September, while Brent for January lost 17 cents to $87.45 (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 48 cents to $6.78.

The TSX energy index lost 3.05 points to close at 259.24. Oil prices headed lower, amid rumours that OPEC+ is considering changing its tune on production cuts. The Wall Street Journal was the first to report today that OPEC+ is looking to "heal a rift" with the U.S. government (a vocal critic of the group's past output cuts) and may announce a 500,000-barrel-a-day production boost at its next meeting on Dec. 6. Saudi Arabia denied the reports and said another cut was possible instead. Separately, Goldman Sachs lowered its forecast for Brent oil prices in the fourth quarter to $100 (U.S.) from $110 (U.S.), citing rising Chinese COVID cases. It remained generally bullish on oil, opining that "the current sell-off provides an opportunity to add length on yet another speed bump that will come to pass."

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