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Energy Summary for Nov. 28, 2022

2022-11-28 20:22 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for January delivery added 96 cents to $77.24 on the New York Merc, while Brent for January lost 44 cents to $83.19 (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 31 cents to $6.71. The TSX energy index lost 4.33 points to close at 258.22.

Oil prices had another choppy day. They spent the morning falling to their lowest levels since January, as anti-lockdown protests in China muddied forecasts for fuel demand. Protesters and police are in their third day of clashes over the country's harsh COVID restrictions. Later in the day, prices regained ground -- with WTI even swinging to a daily gain -- on rumours that OPEC+ is weighing another production cut. The group will have its next meeting this Sunday, Dec. 4.

Paul Colborne's Alberta- and Saskatchewan-focused Surge Energy Inc. (SGY) lost eight cents to $9.44 on 1.66 million shares, after pocketing another $10.5-million from an equity offering. It initially raised $70-million last week through a bought deal of 7.58 million shares at $9.25. Now the underwriters have exercised the full overallotment option, bringing the number of shares issued to 8.7 million and the total proceeds to $80.5-million.

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