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Energy Summary for Nov. 22, 2022

2022-11-22 20:51 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for January delivery added 91 cents to $80.95 on the New York Merc, while Brent for January added 91 cents to $88.36 (all figures in this para U.S.). Western Canadian Select traded at a discount of $29.07 to WTI, unchanged. Natural gas for December was unchanged at $6.78. The TSX energy index added 6.28 points to close at 265.52.

Oil prices rallied after yesterday's choppy session. Kuwait has joined Saudi Arabia and the United Arab Emirates in dismissing yesterday's rumours that OPEC+ plans to boost production at its meeting on Dec. 4. Prices also got a boost from a weaker U.S. dollar (which makes oil cheaper for non-U.S. buyers, increasing demand).

Here in Canada, one Alberta junior has learned that it is not receiving a long-hoped-for -- if long-shot -- financial windfall. Tony Berthelet's Prairie Provident Resources Inc. (PPR), down one cent to 20.5 cents on 1.31 million shares, announced this morning that it has lost its NAFTA arbitration claim against the government of Canada. The company was seeking $118.9-million (U.S.) in damages. The arbitrators took their time coming to their decision.

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