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Energy Summary for Jan. 6, 2023

2023-01-06 20:03 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for February delivery added 10 cents to $73.77 on the New York Merc, while Brent for March lost 12 cents to $78.57 (all figures in this para U.S.). Western Canadian Select traded at a discount of $27.40 to WTI, unchanged. Natural gas for February lost one cent to $3.71. The TSX energy index added 5.74 points to close at 232.78.

Oil prices ended the first week of 2023 with a fizzle, notching a weekly decline. The disappointing start to the year reflects persistent global recession concerns. These continued to weigh on traders' minds today, only slightly offset by a boosterish U.S. jobs report and optimism about higher Chinese fuel demand heading into the Lunar New Year holidays.

Vermilion Energy Inc. (VET) lost four cents to $20.29 on 4.77 million shares, as it spent the day trumpeting its 2023 guidance, a 25-per-cent dividend boost and the resumption of share buybacks. It nonetheless continued to fight a hard battle to lure back shareholders. They have sent the stock down to just $20 from $33 in the past two months, warily eyeing its assets in Europe and particularly Ireland, where the Irish government is trying to push through a hefty windfall profit tax.

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