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by Stockwatch Business Reporter

West Texas Intermediate crude for March delivery lost $1.85 to $63.29 on the New York Merc, while Brent for April lost $1.91 to $67.55 (all figures in this para U.S.). Western Canadian Select traded at a discount of $13.80 to WTI, up from a discount of $15.70. Natural gas for March added four cents to $3.50. The TSX energy index lost 4.00 points to close at 337.86.

On a gloomy day for oil prices, Canada's oil patch got some spirit-boosting news as Trans Mountain signalled that it is going ahead with the first of three planned upgrades to its eponymous Alberta-to-B.C. pipeline. The Crown corporation has applied to the Canada Energy Regulator (CER) for approval to use drag-reducing agents (chemical additives that reduce friction) to move up to an additional 90,000 barrels a day on the 890,000-barrel-a-day line -- a roughly 10-per-cent increase, at a projected cost of $9-million. Construction would begin this summer to support a planned in-service date of January, 2027. This is one of three proposed upgrades that Trans Mountain says could boost the line's capacity to 1.25 million barrels a day over the next four to five years.

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