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by Stockwatch Business Reporter

West Texas Intermediate crude for February delivery lost $1.32 to $77.50 on the New York Merc, while Brent for March lost $1.09 to $79.92 (all figures in this para U.S.). Western Canadian Select traded at a discount of $12.40 to WTI, up from a discount of $15.20. Natural gas for February added three cents to $3.96. The TSX energy index added a fraction of a point to close at 278.82.

After yesterday's dramatic divergence between oil prices and Canadian oil stocks (with the U.S oil benchmark rising 3 per cent and the TSX energy index falling nearly 2 per cent), today was less frenzied on both fronts. Still sharply divided are opinions on how Canada should respond to the threat of U.S. trade tariffs. The federal government has not ruled out retaliatory export restrictions, leading Alberta Premier Danielle Smith to warn yesterday that Ottawa will spark a "national unity crisis" if it tries to muscle in on her province's oil and gas exports.

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