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by Stockwatch Business Reporter

West Texas Intermediate crude for May delivery edged down five cents to $85.36 on the New York Merc, while Brent for June lost eight cents to $90.02 (all figures in this para U.S.). Western Canadian Select traded at a discount of $13.20 to WTI, up from a discount of $13.50. Natural gas for May added four cents to $1.73. The TSX energy index added 2.02 points to close at 295.69.

Here in Canada, the oil patch continued to be on edge awaiting the release of the federal budget today after the close. Deborah Yedlin, president and chief executive officer of the Calgary Chamber of Commerce, told the Calgary Herald that the sector is increasingly worried about the prospect of a windfall tax on oil and gas companies. She is not a fan of the idea, saying, "This is not the way to unleash innovation and this is not the way to unleash investment." Mike Holden, chief economist at the Business Council of Alberta, opined that a windfall tax is unlikely, but he does see a high likelihood of more general corporate tax hikes. "The logic suggests that there's going to be tax increases," he said. "... I'm hoping that there aren't any, but I'm not optimistic."

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