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by Stockwatch Business Reporter

West Texas Intermediate crude for March delivery lost $1.23 to $76.64 on the New York Merc, while Brent for April lost $1.17 to $81.60 (all figures in this para U.S.). Western Canadian Select traded at a discount of $19.60 to WTI, down from a discount of $19.30. Natural gas for March lost eight cents to $1.61. The TSX energy index added a fraction of a point to close at 237.10.

Oil prices wobbled and fell after the U.S. Energy Information Administration reported that domestic crude inventories rose by 12 million barrels last week, the highest jump since November. This was sharply higher than analysts' predictions of a 2.6-million-barrel increase. On the demand side, a bearish report from the Paris-based International Energy Agency (IEA) said global oil consumption will rise at a "significantly weaker" pace in 2024 compared with 2023.

Here in Canada, Stephen Loukas's Obsidian Energy Ltd. (OBE) edged down one cent to $8.75 on 214,200 shares, as it vowed to "set the record straight" on criticisms from an indigenous community in Alberta. The stock lost 20 cents yesterday after the Woodland Cree First Nation (WCFN) issued a statement decrying Obsidian for its "disrespect" and "refusal to address the impacts of [its] operations in the area" (the Peace River area, one of Obsidian's core regions). Now Obsidian has fired back expressing "deep disappointment" in the "misleading" statements.

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