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Energy Summary for Sept. 23, 2020

2020-09-23 20:31 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for November delivery added 33 cents to $39.93 on the New York Merc, while Brent for November added five cents to $41.77 (all figures in this para U.S.). Western Canadian Select traded at a discount of $10.75 to WTI, up from a discount of $10.85. Natural gas for October shot up 29 cents to $2.13. The TSX energy index lost 1.69 points to close at 66.87.

Oil prices had an up-and-down day. Bullish European manufacturing data eased demand concerns, but supply concerns are rising as the Libyan oil industry dusts itself off after a nearly eight-month force majeure. Although the country's political future remains far from certain, analysts are expecting Libya's output to roughly quintuple to 550,000 barrels a day by the end of the year, before reaching one million barrels a day in the middle of next year. Officials from OPEC told Reuters that they are monitoring the Libyan situation closely. Currently, OPEC's Economic Commission Board (ECB) is "conducting a thorough technical review of the World Oil Outlook 2020, in light of recent global economic and energy markets' dynamics." The board expects to release the outlook on Oct. 8.

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