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Energy Summary for Oct. 27, 2021

2021-10-27 19:43 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for December delivery lost $1.99 to $82.66 on the New York Merc, while Brent for December lost $1.82 to $84.58 (all figures in this para U.S.). Western Canadian Select traded at a discount of $15.75 to WTI, unchanged. Natural gas for November added 32 cents to $6.20. The TSX energy index lost 4.23 points to close at 155.73.

The results from Alberta's recent referendum are in, and to the surprise of no one, the people are not a fan of equalization. Alberta asked voters on Oct. 18 if they supported eliminating equalization from Canada's constitution. The results posted on Elections Alberta show that 61.7 per cent of voters said yes, with a majority of voters in all but five municipalities wanting equalization to be scrapped. (Turnout was not specified, but seems to have been around 39 per cent.)

Equalization is a system whereby Ottawa transfers revenue from wealthy provinces, such as Alberta, to less wealthy provinces, such as Quebec. Over the years, Alberta has found itself increasingly resentful of sending billions of dollars to provinces that actively hinder its energy industry. Announcing the referendum in June, Premier Jason Kenney railed against the treatment of Alberta as a cash cow to be milked but never fed. "[Albertans] have always been willing to share in the spirit of patriotism and generosity," he declared, "... [but] when politicians who benefit from the hard work and resources of Alberta turn and cut us off at the knees, blocking pipelines and imposing policies that damage our economy, well, that's where Albertans will draw the line."

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