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by Stockwatch Business Reporter

West Texas Intermediate crude for December delivery lost 96 cents to $59.60 on the New York Merc, while Brent for January lost 92 cents to $63.52 (all figures in this para U.S.). Western Canadian Select traded at a discount of $10.40 to WTI, up from a discount of $11.10. Natural gas for December lost 11 cents to $4.23. The TSX energy index added 5.99 points to close at 289.84.

Prime Minister Mark Carney pitched soft woo at the oil patch in yesterday's federal budget. Signalling openness to scrapping a Trudeau-era proposal for an oil and gas emissions cap, the budget suggested that other mechanisms, such as technological improvements in carbon capture and storage, could "create the circumstances whereby the oil and gas emissions cap would no longer be required." The government also plans to revisit last year's controversial anti-greenwashing changes to the Competition Act. The changes, widely criticized for heavy-handedness and illegibility, are "creating investment uncertainty" and "having the opposite of the desired effect," according to the budget. No explicit commitments were made, but the sector's hope is that future updates will be favourable.

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