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by Stockwatch Business Reporter

West Texas Intermediate crude for December delivery added $1.98 to $71.47 on the New York Merc, while Brent for January added $1.98 to $75.08 (all figures in this para U.S.). Western Canadian Select traded at a discount of $14.40 to WTI, down from a discount of $12.30. Natural gas for December added 12 cents to $2.78. The TSX energy index added 3.50 points to close at 272.72.

Oil prices headed higher, buoyed by Sunday's confirmation from OPEC+ that it will delay a planned Dec. 1 production hike by one month. Prices got a further boost from threats of supply disruptions in the Middle East, as Iran's supreme leader vowed a "crushing response" to Israeli attacks on Iran and its allies. Traders also remained on edge awaiting tomorrow's U.S. presidential election.

Here in Canada, Ottawa has published long-awaited draft regulations requiring oil and gas producers to cut greenhouse gas emissions by about one-third over the next eight years. The regulations (which flesh out a policy first announced in 2021) will establish a cap-and-trade system. Operators producing at least 1,000 barrels a day will receive emissions allowances from the government and will need to remit those allowances annually to the government to cover pollution, with fewer allowances issued over time to correspond with a declining emissions cap. If they face a shortfall, operators can buy allowances from other operators, obtain offset credits or contribute to a vaguely outlined "decarbonization program." The goal is for emissions in 2032 to be 35 per cent lower than in 2019.

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