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Energy Summary for Oct. 28, 2020

2020-10-28 19:55 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for December delivery lost $2.18 to $37.39 on the New York Merc, while Brent for December lost $2.08 to $39.12, going below $40 for the first time in about four weeks (all figures in this para U.S.). Western Canadian Select traded at a discount of $10.25 to WTI, up from a discount of $10.85. Natural gas for November lost two cents to $3.00. The TSX energy index lost 2.59 points to close at 63.50.

Oil prices tumbled as supply and demand balances came under assault on nearly every front. COVID-19 cases are rocketing higher, especially in Europe, prompting France and Germany to announce new lockdown measures. The previously hamstrung Libyan oil industry is back to churning out production. Closer to home, U.S. data showed crude stockpiles increasing by 4.3 million barrels last week, nearly four times the amount that analysts were expecting. Even the powerful Hurricane Zeta, speeding toward a storm-weary U.S. coast and raising fears of fresh supply disruptions, could not sweep aside the bears.

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