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by Stockwatch Business Reporter
West Texas Intermediate crude for October delivery added $1.02 to $38.28 on the New York Merc, while Brent for November added 92 cents to $40.53 (all figures in this para U.S.). Western Canadian Select traded at a discount of $11.25 to WTI, down from a discount of $8.46. Natural gas for October added five cents to $2.36. The TSX energy index lost a fraction to close at 70.22.
One day after OPEC lowered its global oil demand forecasts for 2020, the International Energy Agency (IEA) has followed suit. In the latest version of its closely watched monthly report, the IEA trimmed its 2020 demand forecast to 91.7 million barrels a day from 91.9 million (which itself was a reduction from an even earlier forecast of 92.1 million). The agency said rising COVID-19 cases and weakening market sentiment are creating a "treacherous" path for demand recovery. Despite the bearish IEA report, oil prices had an up day, as traders kept their eye on Hurricane Sally in the Gulf of Mexico. Sally has already idled numerous rigs along the U.S. Gulf Coast. The supply concerns are heightened by the fact that this is the region's second production disruption in three weeks, after Hurricane Laura ripped through in late August.
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