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Energy Summary for Dec. 13, 2022

2022-12-13 21:14 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for January delivery added $2.22 to $75.39 on the New York Merc, while Brent for February added $2.69 to $80.68 (all figures in this para U.S.). Western Canadian Select traded at a discount of $27.75 to WTI, unchanged. Natural gas for January added 35 cents to $6.94. The TSX energy index added 3.64 points to close at 241.75.

Oil prices headed higher on hopes of rising fuel demand. At a business summit in Africa, China's ambassador to the United States said China is making "dynamic readjustments" -- relaxations -- to its stringent anti-COVID curbs, which should lead to increased international travel "in the near future." Separately, vocal oil bull Goldman Sachs published a report opining that the current weakness in oil prices is merely "transient." It lowered its WTI oil price forecast to a range of $90 (U.S.) to $95 (U.S.) for the first half of 2023 (down from $100 (U.S.)), but maintained that demand will rise as China reopens its economy.

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