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by Stockwatch Business Reporter

West Texas Intermediate crude for April delivery added $2.18 to $98.32 on the New York Merc, while Brent for May added $3.54 to $112.19 (all figures in this para U.S.). Western Canadian Select traded at a discount of $18.00 to WTI, down from a discount of $16.90. Natural gas for April lost seven cents to $3.09. The TSX energy index lost 2.64 points to close at 413.09.

A highly volatile week came to an unusually divergent end. Brent notched its fifth consecutive weekly gain, global markets remaining fixated on the U.S.-Israel-Iran war and the prolonged closure of the Strait of Hormuz. WTI, however, posted its first weekly loss in five weeks, reflecting lower exposure to Gulf disruptions and the U.S. government's efforts to defuse the supply shock (by releasing barrels from the Strategic Petroleum Reserve, easing sanctions on Russia and Iran, and so on). The Brent-WTI spread is at its widest in 13 years.

Here in Canada, higher oil prices may be awakening dormant projects in the oil patch. The Alberta- and Saskatchewan-focused Baytex Energy Corp. (BTE), down eight cents to $5.65 on 16.9 million shares, has set some tongues wagging with a job posting on its website, putting out a call for a senior thermal engineer. The hired candidate will be "principally responsible for the advancement of the company's Gemini steam-assisted gravity drainage (SAGD) project."

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