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Energy Summary for Sept. 22, 2021

2021-09-22 21:16 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for November delivery added $1.67 to $72.23 on the New York Merc, while Brent for November added $1.83 to $76.19 (all figures in this para U.S.). Prices rose as the U.S. government reported that U.S. crude inventories have fallen to their lowest level in three years. Western Canadian Select traded at a discount of $11.45 to WTI, unchanged. Natural gas for October was unchanged at $4.81. The TSX energy index added 5.04 points to close at 132.87.

The U.S. shale industry is getting another megadeal. Shell has agreed to sell its assets in the world's busiest shale patch, the Permian basin of Texas and New Mexico, to ConocoPhillips for $9.5-billion (U.S.) cash. This is the largest all-cash acquisition in the U.S. upstream sector in more than three years. It is also a continuation of a year-long period of Permian mania, following Chevron's $12.1-billion (U.S.) takeover of Noble Energy last October, Devon Energy's $5.8-billion (U.S.) takeover of Parsley Energy last January, and the in-progress $17-billion (U.S.) merger of Cimarex Energy and Cabot Oil, just to name a few.

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