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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, the benchmark in North America, lost $1.18 to $47.51 in electronic trading on the New York Merc, while Brent for March, the international benchmark, lost $1.38 to $48.79 (all figures in this para U.S.). The benchmarks suffered after Iraq touted record production in December and JPMorgan Chase, like so many before it, lowered its oil price forecasts for 2015. It now predicts that Brent will average $49 this year instead of $82. Western Canadian Select, Canada's heavy oil benchmark, traded at a discount of $14.35 to WTI ($33.16), down from a discount of $14.15. Natural gas for February, the international benchmark, lost 13.2 cents to $2.99. The TSX energy index lost 3.45 points to close at 210.45.

The energy and services sector had another gloomy day. Calmena Energy Services Inc. (CEZ: $0.005, halted) halted trading this morning and announced that the senior lender for its credit facilities, which are $16.6-million drawn, says it will demand repayment. The entire board of Calmena has resigned and the stock is under TSX delisting review. CanElson Drilling Inc. (CDI) lost 17 cents to $3.78, after halving its quarterly dividend to three cents. It also eviscerated its 2015 capital budget, which is now just $12.9-million, down from $63.9-million previously. Among producers, Eagle Energy Trust (EGL) was down four cents to $1.90 after suspending its distribution reinvestment plan. The three-cent monthly distribution, which was shrunk from 8.75 cents one month ago, yields 18.9 per cent.

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