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by Stockwatch Business Reporter

West Texas Intermediate crude for January delivery added $1.14 to $71.24 on the New York Merc, while Brent for January added 94 cents to $75.17 (all figures in this para U.S.). Western Canadian Select traded at a discount of $12.60 to WTI, up from a discount of $12.90. Natural gas for December fell 21 cents to $3.12. The TSX energy index added 1.26 points to close at 289.86.

Oil prices notched their largest weekly gain since the beginning of October. Gas prices had an even better ride, enjoying their largest weekly gain since June, even with today's 21-U.S.-cent slide. The jump in gas prices is a sure sign that winter is coming. Canadian gas producers are rubbing their hands together with extra glee. AECO, the frequently downtrodden Alberta gas benchmark that was as low as 30 cents a month ago, spent this weekly giddily soaring past $2.50 from $1.

Oil sands producer Cenovus Energy Inc. (CVE) edged down two cents to $22.62 on 7.66 million shares. President and chief executive officer Jon McKenzie is adding more tasks to his plate. The Canadian Association of Petroleum Producers (CAPP), the country's largest lobby group for the energy sector, has appointed Mr. McKenzie as chairman -- a step up from his current role as vice-chairman -- for a two-year term. Former chairman Paul Myers is stepping down after just one year. The vice-chairman's seat will go to Terry Anderson, president and CEO of ARC Resources Ltd. (ARX: $26.76), who has also agreed to serve a two-year term.

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