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Energy Summary for Oct. 26, 2021

2021-10-26 20:14 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for December delivery added 89 cents to $84.65 on the New York Merc, while Brent for December added 41 cents to $86.40 (all figures in this para U.S.). Western Canadian Select traded at a discount of $15.75 to WTI, down from a discount of $15.70. Natural gas for November lost two cents to $5.88. The TSX energy index lost a fraction to close at 159.96.

Barely a week after Calgary elected a mayor who immediately told the city to "move past" oil and gas production, the oil patch got another wonderful new friend in politics, this time at the federal level. Prime Minister Justin Trudeau has appointed Steven Guilbeault as the new Minister of Environment and Climate Change. Mr. Guilbeault is a former director and campaign manager for Greenpeace and a founding member of the Quebec green group Equiterre. Now he will oversee a ministry charged in part with approving major projects such as pipelines, the very things he has spent decades agitating against, the above green groups being known to describe them as (and these are just some of the more printable terms) "dirty snakes" carrying "the dirtiest oil on the planet." Rejoice, pipeline operators and shippers, your moment is now.

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