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Energy Summary for Sept. 22, 2022

2022-09-22 19:02 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for November delivery added 55 cents to $83.49 on the New York Merc, while Brent for November added 63 cents to $90.46 (all figures in this para U.S.). Western Canadian Select traded at a discount of $22.50 to WTI, down from a discount of $21.20. Natural gas for October lost 69 cents to $7.09. The TSX energy index lost 4.22 points to close at 226.39.

The oil patch can breathe a sigh of relief, as the Canadian government apparently has no plans to follow the lead of the European Union and propose a windfall tax on oil and gas producers. Environment Minister Stephen Guilbeault downplayed the idea to The Canadian Press this morning. He was reacting to comments earlier this week by UN Secretary General Antonio Guterres, who called on "all developed countries to tax the windfall profits of fossil fuel companies" and use the money for climate and cost-of-living initiatives. Mr. Guilbeault said Canada already has "many mechanisms" in place, from taxes and royalties to environmental regulations, to ensure that the energy sector is paying its fair share and managing its emissions.

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