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by Stockwatch Business Reporter

West Texas Intermediate crude for April delivery added $1.29 to $78.87 on the New York Merc, while Brent for April added $1.12 to $83.65 (all figures in this para U.S.). Western Canadian Select traded at a discount of $20.50 to WTI, down from a discount of $19.90 to WTI. Natural gas for March lost four cents to $1.62. The TSX energy index added 1.01 points to close at 257.69.

Canada's oil and gas sector will see a slight jump in spending in 2024, according to an industry group. The Canadian Association of Petroleum Producers (CAPP), the main lobby group for the country's oil and gas industry, released its annual spending forecast this morning and predicted that capital investments will reach $40.6-billion in 2024. This would be a 4-per-cent increase from $39-billion in 2023.

Lisa Baiton, CAPP's president and CEO, said the forecast shows the continuing "discipline" of the country's producers. She noted that the industry is eagerly awaiting the completion of the Trans Mountain pipeline expansion (expected next quarter) and the LNG Canada terminal in Kitimat (expected to begin exporting liquefied natural gas, or LNG, in 2025). Such projects provide "room for cautious optimism," in her view. The caution stems from "ongoing uncertainty surrounding proposed emissions policy in Canada," which could continue to hold back investment decisions.

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