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Energy Summary for Oct. 15, 2020

2020-10-15 19:54 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for November delivery edged down eight cents to $40.96 on the New York Merc, while Brent for December lost 16 cents to $43.16 (all figures in this para U.S.). Western Canadian Select traded at a discount of $11.00 to WTI, unchanged. Natural gas for November added 14 cents to $2.78. The TSX energy index added a fraction to close at 67.91.

"This recovery is not picking up pace at the rate that we expected earlier in the year. Demand itself is still looking anemic." Such was the glum assessment of OPEC Secretary-General Mohammed Barkindo during a meeting today of the OPEC+ technical committee. (This committee does not make policy decisions, but discusses compliance with existing agreements, as well as broader market conditions.) The lack of a vaccine for COVID-19 and the recent resumption of production in Libya have created a bearish outlook for oil prices, said Mr. Barkindo. He did not specifically say -- but other, unnamed OPEC+ sources did -- that OPEC+ is considering extending its cuts. These are currently set at 7.7 million barrels a day, but will ease to 5.7 million in January, effectively adding two million barrels a day to the global supply. OPEC+ could decide to delay this easing at its next policy meeting on Nov. 30.

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