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by Stockwatch Business Reporter

West Texas Intermediate crude for March delivery lost $1.95 to $71.37 on the New York Merc, while Brent for April lost $1.82 to $75.18 (all figures in this para U.S.). Western Canadian Select traded at a discount of $10.40 to WTI, up from a discount of $13.40. Natural gas for March added five cents to $3.56. The TSX energy index lost 6.15 points to close at 271.94.

Oil prices slipped on bearish U.S. supply data. In its latest weekly data release, the U.S. Energy Information Administration (EIA) reported that domestic crude stockpiles increased by 4.1 million barrels last week, significantly exceeding analysts' predictions of an increase of three million barrels. Separately, in its monthly STEO (Short-Term Energy Outlook), the EIA downplayed potential disruptions from U.S. energy sanctions on Russia, predicting that they will "not markedly impact global oil prices."

Meanwhile, in a separate monthly report, OPEC stuck to its prediction that global oil demand will increase by 1.45 million barrels a day in 2025 and 1.43 million barrels a day in 2026, unchanged from last month. OPEC's figures are, as usual, markedly more bullish than those of the International Energy Agency (IEA), which has been predicting an increase of just 1.05 million barrels a day in 2025 (with no forecast yet for 2026). The IEA will release its next monthly report tomorrow.

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