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by Stockwatch Business Reporter

U.S. markets were closed for Martin Luther King Jr. Day. West Texas Intermediate crude for February delivery lost 99 cents to $76.89 in electronic trading on the New York Merc, while Brent for March lost 64 cents to $80.15 (all figures in this para U.S.). Western Canadian Select traded at a discount of $12.30 to WTI, up from a discount of $13.30. Natural gas for February lost 11 cents to $3.83. The TSX energy index added 6.42 points to close at 283.29.

In addition to the MLK holiday, today was also inauguration day for U.S. President Donald Trump, whom many in the oil patch were watching closely to see if he would make good on his threats to announce 25-per-cent tariffs on Canadian goods. A Wall Street Journal report this morning indicated (and was later confirmed by a White House official) that new tariffs are not part of Mr. Trump's immediate plan. While predicting the day-to-day moves of the famously bombastic president is a fool's game, Canadian oil stocks -- which underperformed U.S. oil stocks last week by the most since the COVID downturn -- enjoyed the reprieve. Participants in today's relief rally (in defiance of falling oil prices) included Canadian Natural Resources Ltd. (CNQ), up $1.96 to $46.97, MEG Energy Corp. (MEG), up $1.48 to $25.08, Athabasca Oil Corp. (ATH), up 25 cents to $5.57, and more.

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