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by Stockwatch Business Reporter

West Texas Intermediate crude for February delivery added $1.77 to $57.76 on the New York Merc, while Brent for March added $2.03 to $61.99 (all figures in this para U.S.). Western Canadian Select traded at a discount of $14.80 to WTI, down from a discount of $14.60. Natural gas for February lost 12 cents to $3.35. The TSX energy index added 5.44 points to close at 293.72.

It was another volatile day for Canadian energy equities, but finally a green one, as traders decided that fears of a Venezuela-fuelled supply crisis have been overblown. The White House's Venezuelan oil grab has roiled international markets, but the country is a long way from rebuilding its oil sector, and in the meantime some customers (such as China) may seek to strengthen ties with Canada, according to bullish interviewees today on BNN. "The fundamentals for Canadian oil producers remain strong," said National Bank equity capital markets director Kelsey Keane. BMO's Randy Ollenberger, managing director of oil and gas equity research, added that Canada should not squander this "big opportunity" to build a pipeline and diversify export markets.

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