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Energy Summary for Jan. 9, 2023

2023-01-09 20:09 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for February delivery added 86 cents to $74.63 on the New York Merc, while Brent for March added $1.08 to $79.65 (all figures in this para U.S.). Western Canadian Select traded at a discount of $26.30 to WTI, up from a discount of $27.40. Natural gas for February added 20 cents to $3.91. The TSX energy index added 1.49 points to close at 234.27.

Oil prices wobbled on back-and-forth headlines. Prices surged this morning after China, announcing a "new phase" in its fight against COVID-19, opened its borders for the first time in three years. The Chinese government predicted that about two billion domestic trips will occur during the Lunar New Year holidays, nearly double the amount last year -- a good sign for fuel demand (though still only about 70 per cent of comparable trips in 2019). Prices later gave back some of their gains amid concerns that the surge in Chinese travel will in turn spark surges in COVID cases.

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