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Energy Summary for Nov. 24, 2021

2021-11-24 20:08 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for January delivery lost 11 cents to $78.39 on the New York Merc, while Brent for January lost six cents to $82.25 (all figures in this para U.S.). Western Canadian Select traded at a discount of $19.30 to WTI, up from a discount of $19.40. Natural gas for December added 10 cents to $5.07. The TSX energy index added 3.03 points to close at 170.43.

Oil prices wobbled as traders waited for more information on yesterday's announcement of a co-ordinated release of global emergency stockpiles. As discussed yesterday, the White House said it will release 50 million barrels from its strategic petroleum reserve, in tandem with smaller releases from China, India, Japan, South Korea and the United Kingdom. Since then, only the U.K. and India have quantified their commitments -- 1.5 million barrels and five million barrels, respectively -- while China, Japan and South Korea have yet to announce their numbers. Worth noting is that even if the non-U.S. countries match the U.S. commitment and take the overall release to 100 million barrels, this would still be equal to just one day's worth of demand on a global level.

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