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by Stockwatch Business Reporter

West Texas Intermediate crude for December delivery added 78 cents to $58.84 on the New York Merc, while Brent for January added 81 cents to $63.37 (all figures in this para U.S.). Western Canadian Select traded at a discount of $12.70 to WTI, down from a discount of $12.60. Natural gas for December lost three cents to $4.54. The TSX energy index added a fraction of a point to close at 307.91.

Oil prices snapped a three-session losing streak, rising with doubts about a Russia-Ukraine peace deal. This offset a somewhat bearish JPMorgan research note unveiling its oil price forecasts for 2027. The bank sees Brent slipping to $57 (U.S.) in 2027 from $58 (U.S.) in 2026 (unchanged from the prior 2026 forecast), while WTI will drop to $53 (U.S.) from $54 (U.S.) (also unchanged). By JPMorgan's estimate, global supply is slightly outpacing global demand, but as long as OPEC+ holds steady, markets should remain "relatively balanced."

Here in Canada, oil sands producer Athabasca Oil Corp. (ATH) added two cents to $7.63 on 1.74 million shares, as it rehearsed its messaging with a rather groggy-looking cheerleading squad (also known as analysts). President and chief executive officer Rob Broen and chief financial officer Matt Taylor honed their talking points at the RBC sales desk, earning a write-up from RBC analyst Greg Pardy in a research note this morning. The analyst reiterated his "outperform" rating as he gushed over Athabasca's "capable leadership team, strong balance sheet, favourable operating momentum, free cash flow generation and abundant shareholder returns." Yet his one-year price target told a much more subdued story: Unchanged at $7.50, the target is a 1-per-cent discount to today's close.

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