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by Stockwatch Business Reporter

West Texas Intermediate crude for March delivery lost $1.79 to $62.84 on the New York Merc, while Brent for April lost $1.88 to $67.52 (all figures in this para U.S.). Western Canadian Select traded at a discount of $14.30 to WTI, up from a discount of $16.50. Natural gas for March added five cents to $3.21. The TSX energy index lost 6.06 points to close at 349.84.

Oil prices headed lower on bearish supply signals. In the latest version of its closely watched monthly oil report, the International Energy Agency (IEA) predicted that global oil supplies will exceed demand by an eye-watering 3.74 million barrels a day in 2026, slightly above last month's prediction of 3.69 million. It continues to see supply increases rapidly outpacing demand. By its projections, global oil demand will increase by a mere 850,000 barrels a day, down from last month's prediction of 930,000.

The IEA's forecasts remain among the most bearish in the sector. In contrast, for example, OPEC released its own monthly report yesterday and predicted that demand will rise by 1.38 million barrels a day in 2026. This was unchanged from last month's report and implies a modest supply deficit -- one the group may consider addressing at its next OPEC+ policy meeting (with Russia and other non-OPEC-member producers) on March 1. After years of cuts, OPEC+ began hiking production in April of last year, but then said in November that it would pause the hikes until the end of the first quarter of 2026 to monitor market conditions. The March 1 meeting will determine plans for April.

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