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by Stockwatch Business Reporter
West Texas Intermediate crude for February delivery added $1.42 to $82.64 on the New York Merc, while Brent for March added 95 cents to $84.67 (all figures in this para U.S.). Western Canadian Select traded at a discount of $12.39 to WTI, down from a discount of $12.24. Natural gas for February shot up 61 cents to $4.86. The TSX energy index added 2.58 points to close at 186.04.
The chorus of voices predicting triple-digit oil prices grew ever louder, as yet another portfolio manager made the call. Eric Nuttall of Ninepoint Partners told BNN late yesterday afternoon that prices could hit $100 (U.S.) by the end of the year. "The oil market remains exceptionally tight," said Mr. Nuttall. He added, "I believe we're in a structural bull market -- a multiyear bull market for oil that will end in all-time high oil prices."
Mr. Nuttall's boosterish comments come mere days after an RBC Capital Markets report found that a rising number of traders are betting on $100-(U.S.)-a-barrel crude. "Over the past week, open interest for June, 2022, WTI $100 (U.S.) calls has increased by 10 per cent. Since September, open interest between $105-(U.S.)- to $150-(U.S.)-per-barrel strike prices have increased 14 times," RBC analyst Michael Tran on Sunday. Three weeks prior to that, Goldman Sachs energy analyst Damien Courvalin told CNBC that it is "quite conceivable" that prices could ultimately rise to $100 (U.S.) or even $110 (U.S.).
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