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by Stockwatch Business Reporter

West Texas Intermediate crude for February delivery shot up $2.25 to $78.82 on the New York Merc, while Brent for March added $1.25 to $81.01, settling above $80 for the first time since August (all figures in this para U.S.). Western Canadian Select traded at a discount of $15.20 to WTI, down from a discount of $14.90. Natural gas for February lost five cents to $3.93. The TSX energy index lost 5.06 points to close at 278.47.

Oil prices soared to a five-month high, continuing their rise from Friday in response to U.S. sanctions on Russian producers and tankers. A new research note from Goldman Sachs estimated that the vessels targeted by the sanctions carried approximately one-quarter of Russia's exported barrels in 2024. The bank is increasingly leaning toward the high end of its projected Brent range of $70 (U.S.) to $85 (U.S.) for 2025, musing that Brent might even touch $90 (U.S.).

Unusually for a day on which oil prices are soaring, Canadian oil and gas stocks were mostly in the red. Big tumblers today included Canadian Natural Resources Ltd. (CNQ), down $1.82 to $45.45, MEG Energy Corp. (MEG), down $1.40 to $23.70, and Athabasca Oil Corp. (ATH), down 24 cents to $5.36. The discrepancy reflects the continuing threat of tariffs on Canadian goods -- including oil and gas -- from U.S. president-elect Donald Trump. Alberta Premier Danielle Smith, who visited Mr. Trump over the weekend, told the press today that Canada needs to be prepared for tariffs to come into effect on his first day in office on Jan. 20. "I haven't seen any indication ... that he's inclined to change his approach," said Ms. Smith.

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