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Energy Summary for Dec. 20, 2022

2022-12-20 20:43 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for January delivery added 90 cents to $76.09 on the New York Merc, while Brent for February added 19 cents to $79.99 (all figures in this para U.S.). Western Canadian Select traded at a discount of $28.00 to WTI, unchanged. Natural gas for January lost 52 cents to $5.33. The TSX energy index added 2.83 points to close at 234.91.

Oil prices had a rocky day, as traders weighed global recession concerns against the prospects of higher fuel demand in China, where the government continues to relax its formerly stringent anti-COVID policies. Supply disruptions were also in the headlines, with North Dakota seeing an estimated 300,000-barrel-a-day drop in production in the wake of a winter blizzard last week. Meanwhile, Canada's TC Energy Corp. (TRP: $54.05) has reportedly filed a plan with U.S. pipeline regulators to restart its Keystone line, following a spill two weeks ago in Kansas. It has not confirmed a timeline, but sources told Bloomberg that it is aiming for Dec. 28 or 29.

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