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by Stockwatch Business Reporter

West Texas Intermediate crude for December delivery added 52 cents to $71.99 on the New York Merc, while Brent for January added 45 cents to $75.53 (all figures in this para U.S.). Western Canadian Select traded at a discount of $13.00 to WTI, up from a discount of $14.40. Natural gas for December lost 11 cents to $2.67. The TSX energy index lost a fraction of a point to close at 272.66.

Oil traded in a tight range as markets remained fixated on today's U.S. presidential election. Polls are showing a race too close to call between the Democratic nominee, Vice-President Kamala Harris, and the Republican nominee, former president Donald Trump. Other tensions weighing on traders included a potential hurricane brewing in the Gulf of Mexico, a potential interest rate cut later this week by the U.S. Federal Reserve and swirling stimulus rumours out of China.

Here in Canada, quarterly reporting season marched onward. Topaz Energy Corp. (TPZ) added 63 cents to $27.65 on 474,900 shares, as it cheered "record royalty acreage drilling activity" in the third quarter. (Topaz is not a direct oil and gas producer, but collects royalties from producers across Western Canada, providing a useful barometer of industry activity. It is also a sizable investment of Canadian gas giant Tourmaline Oil Corp. (TOU: $63.93), which owns nearly 30 per cent of its shares.) Topaz estimated that operators spent three-quarters of a billion dollars on its acreage during the third quarter. That is up markedly from about $500-million in the first quarter and $400-million in the second quarter, as heavy oil enthusiasm (particularly in the Alberta Clearwater) helped stave off the lethargy of weak gas prices.

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