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by Stockwatch Business Reporter

West Texas Intermediate crude for January delivery lost $1.55 to $55.27 on the New York Merc, while Brent for February lost $1.64 to $58.92 (all figures in this para U.S.). Western Canadian Select traded at a discount of $11.40 to WTI, up from a discount of $12.40. Natural gas for January lost 12 cents to $3.88. The TSX energy index plunged 11.05 points to close at 287.98.

Oil prices tumbled to their lowest levels since February, 2021, dragged down by prospects of a Russia-Ukraine peace deal (which could lead to a lifting of sanctions on Russian energy) at a time when the market is already thought to be facing a supply glut. Canadian energy stocks tumbled with prices. Major losers of the day included Cenovus Energy Inc. (CVE), down $1.16 to $23.15, International Petroleum Corp. (IPCO), down $1.32 to $23.60, and Spartan Delta Corp. (SDE), down 51 cents to $6.86.

Oil sands giant Canadian Natural Resources Ltd. (CNQ) lost $1.66 to $43.00 on 43.1 million shares, falling with oil prices despite a surprise-free batch of guidance for 2026. Unveiling the guidance this morning, the company said it will produce 1.59 million to 1.65 million barrels a day on an operating budget of $6.3-billion. Those figures were right in line with analysts' predictions.

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