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Energy Summary for Oct. 29, 2024

2024-10-29 18:45 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for December delivery lost 17 cents to $67.21 on the New York Merc, while Brent for December lost 30 cents to $71.12 (all figures in this para U.S.). Western Canadian Select traded at a discount of $11.20 to WTI, down from a discount of $6.90. Natural gas for November added four cents to $2.34. The TSX energy index lost 1.80 points to close at 274.13.

Oil prices had a rocky day, rebounding early in the session by more than $1 (U.S.) in the wake of yesterday's steep losses, but then reversing course and extending those losses. The bulls retreated on reports that Israel is open to a diplomatic solution to the war in Lebanon (lowering the risk of regional supply disruptions). Lacklustre media reports about Chinese oil demand added to the pressure on prices.

Here in Canada, incumbent Premier David Eby's B.C. NDP is set to form the next government of British Columbia, nabbing a razor-thin majority in a final ballot count by Elections B.C. Voters have waited nine days since the provincial election on Oct. 19. Initial results showed that no party had won enough seats to form a majority, but a final tally by Elections B.C. indicates that the NDP secured 47 seats -- the magic number for a majority -- while the Conservatives took 44 and the Greens two. Unfortunately for voters, the uncertainty is not quite over yet. Two ridings remained close enough to trigger a mandatory judicial recount, the timing of which will be determined by the court. While an NDP victory may not be the first choice of oil investors, it avoids the possibility of a minority government in which the Greens would have held the balance of power.

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bc ndp completed the site c dam, with Justin Trudeau they also completed the Burnaby corridor for added oil from Alberta flow, and are finishing up the additional gas pipeline which saw construction from Smithers to Abbotsford the past 5 years, lets not forget about the construction jobs added for the Kitimat pipeline, all under the leadership of the BC NDP....shockingly also, they removed some sham toll on the Trans Canada highway .

The one issue no one is talking about, is the fact the Province and Feds prior to BC NDP and Justin Trudeau lied to citizens and companies about land rights available for sale when all previous governments knew there were no treaties signed.

Anyone voting for bozos preaching less civil service---- it takes 3 months to book an appointmnet to get a drivers licence!!!!!!!!!!!!!!!!

it takes 2 months to get a passport renewed....

why> because every government afraid to hire people to work those jobs, can't do two shifts a day? everyone gotta take time off to make the 830 to 430 bookings?

hire more civil service! get mines approved, Quebec and Ontario have the world's largest Lithium resources being discovered, but have to continue drilling because they cannot get mining permits, same with gold discoverers in Canada.

But some bribing entity from overseas can take over a canadian miner or a canadian listed miner and start mining in Canada? ridiculous

Posted by oh at 2024-10-30 09:00

I can get a drivers license in a week. Passport, took a week, also. Where are you Sable Islands?

Sonia would have made a great leader. She and her party have excellent thoughts on the economy.

Posted by Arthur Clements at 2024-10-30 14:44

I can get a drivers license in a week. Passport, took a week, also. Where are you Sable Islands?

Sonia would have made a great leader. She and her party have excellent thoughts on the economy.

Posted by Arthur Clements at 2024-10-30 14:45