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Energy Summary for Dec. 2, 2022

2022-12-02 20:10 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for January delivery lost $1.24 to $79.98 on the New York Merc, while Brent for February lost $1.31 to $85.57 (all figures in this para U.S.). Western Canadian Select traded at a discount of $27.50 to WTI, unchanged. Natural gas for January lost 46 cents to $6.28. The TSX energy index added a fraction to close at 256.93.

Oil prices notched their first weekly gain in four weeks, but were still down in today's session, pressured by rumblings about Sunday's OPEC+ meeting and by a stronger U.S. dollar (which lowers demand from non-U.S. buyers). The abrupt decision by OPEC+ to switch to a virtual-only meeting is stirring up speculation that the group is not planning any major announcements, in contrast to hints last week that it might deepen its production cuts. Meanwhile, the European Union has reached a tentative deal to cap Russian oil prices at $60 (U.S.), with eyes now turning to Russian President Vladimir Putin for a reaction. He has previously threatened to disrupt supplies to countries that support the cap. Yet the proposed cap is actually higher than the current price of Russian crude, giving him room to dismiss it as meaningless.

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