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by Stockwatch Business Reporter

West Texas Intermediate crude for January delivery added 21 cents to $58.46 on the New York Merc, while Brent for February added 27 cents to $62.21 (all figures in this para U.S.). Western Canadian Select traded at a discount of $14.00 to WTI, down from a discount of $12.90. Natural gas for January added two cents to $4.59. The TSX energy index added a fraction of a point to close at 305.57.

Oil prices edged slightly higher. In its latest weekly data release, the U.S. Energy Information Administration (EIA) reported that U.S. crude inventories fell by 1.8 million barrels last week, slightly lower than analysts' predictions of a decrease of 2.3 million barrels. Here in Canada, gas producers smiled on the official completion of phase 1 of LNG Canada. The Kitimat-based LNG (liquefied natural gas) export terminal has completed the handover of the train 2 -- the second of phase 1's two processing units -- from the engineering contractors to the terminal's operators. The milestone comes after the first train became operational in June and the second in November.

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