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by Stockwatch Business Reporter

West Texas Intermediate crude for February delivery added $2.44 to $48.69 on the New York Merc, while Brent for March added $1.90 to $50.17 (all figures in this para U.S.). Western Canadian Select traded at a discount of $14.15 to WTI ($34.54), unchanged. Natural gas for February lost 3.1 cents to $3.12. The TSX energy index soared 12.38 points to close at 213.90.

Oil enjoyed a rare rally today, thanks to the International Energy Agency, which lowered its estimates for non-OPEC output in 2015 and suggested that prices could recover in the second half of the year. Canadian producers were thrilled. Big gainers included MEG Energy Corp. (MEG), up $3 to $19.90; TORC Oil & Gas Ltd. (TOG), up 85 cents to $7.70; Baytex Energy Corp. (BTE), up $2.05 to $18.82; and over a dozen others that rose by at least 10 per cent in value. It was a pleasant end to what was otherwise a hard week for energy and service stocks. Among majors, Schlumberger said yesterday that it laid off 9,000 workers late in 2014, a head count reduction of 7 per cent. BP added that it will lay off about 300 people in the North Sea. Here in Canada, several juniors released updates on their suffering. Southern Pacific Resource Corp. (STP: $0.01), which put itself up for sale in December and missed a debt payment at the end of that month, said today that it is under TSX delisting review. It follows in the footsteps of Shoreline Energy Corp. (SEQ: $0.045), which also missed a debt payment in December and came under TSX review last Friday. Another debt-laden junior, Connacher Oil and Gas Ltd. (CLL: $0.045), said yesterday after the close that it has started a "strategic process" and is looking to sell itself. This was really more of a reminder than an announcement that it is on the block; the company started a "review of capital structure" last month. Connacher had $1.06-billion of long-term debt as of Sept. 30. The market read between the lines.

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