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by Stockwatch Business Reporter

West Texas Intermediate crude for February delivery lost 40 cents to $73.56 on the New York Merc, while Brent for March lost 21 cents to $76.30 (all figures in this para U.S.). Western Canadian Select traded at a discount of $11.70 to WTI, up from a discount of $13.00. Natural gas for February shot up 32 cents to $3.67 as winter storms battered the eastern United States. The TSX energy index added 2.58 points to close at 275.59.

Canadian headlines were dominated by the resignation of Prime Minister Justin Trudeau after nine years in office. Amid sinking popularity in the polls and rising discontent within his own party, Mr. Trudeau announced today that he will step down as soon as the Liberal Party elects a new leader, stating that "internal battles" mean he "cannot be the best option" in the next election. Parliament will be prorogued until March 24. An election is required by October, but is likely to happen much earlier.

Mr. Trudeau leaves a dissonant -- but mostly disliked -- legacy in the oil patch. "Environmental leadership and economic growth go hand in hand," he was fond of saying, in a sunny bid to convey balance. Instead, by styling himself a climate champion while tossing (rare) crumbs to the oil and gas sector, he pleased no one and drew criticism from all.

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