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by Stockwatch Business Reporter

West Texas Intermediate crude for January delivery lost $1.10 to $67.20 on the New York Merc, while Brent for February lost 97 cents to $71.12, both benchmarks notching their second straight weekly decline (all figures in this para U.S.). Western Canadian Select traded at a discount of $11.20 to WTI, up from a discount of $12.00. Natural gas for January was unchanged at $3.07. The TSX energy index lost 5.51 points to close at 270.39.

Oil sands giant Canadian Natural Resources Ltd. (CNQ) lost 98 cents to $45.66 on 22.8 million shares, after closing its previously announced acquisition of Chevron's 122,500-barrel-a-day assets across Alberta. It shelled out $6.5-billion (U.S.) cash -- easily the Canadian oil patch's largest deal of 2024, in fact more than double the roughly $4-billion (Canadian) in total acquisitions in the first nine months of the year. The deal also continues a trend of consolidating Canadian ownership of the oil sands, with Chevron being the latest international major to withdraw from the province. (Chevron still has a Canadian foothold through its offshore assets in Atlantic Canada.)

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