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by Stockwatch Business Reporter
West Texas Intermediate crude for November delivery added 87 cents to $81.31 on the New York Merc, while Brent for December added 82 cents to $84.00 (all figures in this para U.S.). Western Canadian Select traded at a discount of $13.20 to WTI, down from a discount of $12.79. Natural gas for November added 16 cents to $5.69. The TSX energy index added 3.45 points to close at 157.79.
High fuel prices are stoking a crisis that could jeopardize the global economic recovery, according to the International Energy Agency (IEA). The Paris-based agency has released the latest version of its monthly Short-Term Energy Outlook. Amid "heightened levels of uncertainty," one thing that seems certain to the IEA is that many consumers are facing a painful winter. High heating bills and rolling blackouts are creating "inflationary pressures that ... could lead to lower industrial activity and a slowdown in the economic recovery," wrote the IEA. It predicted that demand will continue to outpace supply until at least the end of 2021. As a result, for the fourth quarter, it hiked its Brent oil price forecast to $81 (U.S.) (a $10 (U.S.) or 14-per-cent increase from last month's report) and boosted its U.S. gas price forecast to $5.80 (U.S.) (a $1.80 (U.S.) or 45-per-cent increase).
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