RE:RE:RE:Touchstone Play NOW Essentially "All About Cascadura":Lurk & Learns:
What others (Stockwatch Business Reporter) opinion of yesterday's O & G "pull back"
Energy Summary for Nov. 9, 2022
2022-11-09 21:31 ET - Market Summary
by Stockwatch Business Reporter
West Texas Intermediate crude for December delivery plunged $3.08 to $85.83 on the New York Merc, while Brent for January lost $2.71 to $92.65 (all figures in this para U.S.).
Western Canadian Select traded at a discount of $29.10 to WTI, up from a discount of $29.22. Natural gas for December lost 27 cents to $5.87. The TSX energy index lost 11.25 points to close at 257.62.
- Oil prices foundered in a sea of bearish headlines.
- China's capital city, Beijing, and its manufacturing capital, Guangzhou, are facing a surge in COVID outbreaks, prompting fears of lockdowns and lower fuel demand.
- Meanwhile, data from the U.S. Energy Information Administration showed that U.S. crude inventories swelled by 3.9 million barrels last week, more than double the 1.4-million-barrel increase predicted by analysts.
- Adding to the general jitters are the too-close-to-call results of yesterday's U.S. midterms, which have yet to produce a clear answer on which party will control Congress. wrote:
Cheers
Stanley