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Energy Summary for Nov. 25, 2022

2022-11-25 19:58 ET - Market Summary

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by Stockwatch Business Reporter

U.S. markets closed early as America went shopping for Black Friday bargains. West Texas Intermediate crude for January delivery lost $1.76 to $76.28 on the New York Merc, while Brent for January lost $1.71 to $83.63 (all figures in this para U.S.). Western Canadian Select traded at a discount of $29.07 to WTI, unchanged. Natural gas for December lost 29 cents to $7.02. The TSX energy index lost a fraction of a point to close at 262.55.

Oil prices seesawed throughout a short and thin session, ending with their third weekly decline in a row. China is grappling with spiking COVID cases, setting a fresh daily record today despite tightened restrictions in cities including Beijing, Shanghai and Guangzhou. Meanwhile, European diplomats are continuing to mull a Russian oil price cap of $65 (U.S.) to $70 (U.S.) a barrel. Traders are also keeping an eye on the U.S. Federal Reserve, whose economists warned policymakers earlier this month that the chances of a U.S. recession in the next year have risen to nearly 50 per cent.

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