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by Stockwatch Business Reporter

West Texas Intermediate crude for May delivery lost $2.67 to $82.69 on the New York Merc, while Brent for June lost $2.73 to $87.29 (all figures in this para U.S.). Western Canadian Select traded at a discount of $11.10 to WTI, up from a discount of $13.20. Natural gas for May lost two cents to $1.71. The TSX energy index lost a fraction of a point to close at 294.94.

Oil prices took their biggest one-day tumble since March 20. Concerns about global supply disruptions eased, as analysts predicted that Iran's recent attacks on Israel will not lead to U.S. sanctions on Iranian oil exports. Prices were also weighed down by bearish data from the U.S. Energy Administration, which reported that domestic crude inventories rose by 2.7 million barrels last week, nearly double the 1.4-million-barrel increase predicted by analysts.

Here in Canada, the oil patch breathed a collective sigh of relief, after dodging a potential windfall profit tax. Rumours of a windfall tax on oil and gas producers had been swirling steadily prior to Ottawa's release of its federal budget yesterday afternoon. Yet there was no such tax in the budget, and noteworthy corporate proposals will be applied broadly, not just to the energy sector (such as a higher capital gains inclusion rate for corporations and a tax on share buybacks by public companies).

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