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by Stockwatch Business Reporter

West Texas Intermediate crude for April delivery lost $1.12 to $47.05 on the New York Merc, while Brent for April lost 46 cents to $57.08 (all figures in this para U.S.). Western Canadian Select traded at a discount of $14.05 to WTI ($33.00), up from a discount of $14.50. Natural gas for April lost nine cents to $2.73. The TSX energy index lost 3.35 points to close at 209.95.

Baytex Energy Corp. (BTE) lost 21 cents to $18.02 on 16.2 million shares, the heaviest volume in its 22-year history, after becoming the latest energy producer to announce a bought deal. Yesterday at 4:48 p.m. ET, it said it would raise $500-million by issuing 28.82 million shares at $17.35. The Globe and Mail reported at 9:06 a.m. ET this morning that the offering was sold out. About 15 minutes before that story came out, Baytex announced that it was boosting the offering to $550-million and 31.7 million shares. It should have no trouble finding buyers. Demand for oil and gas shares is holding up even in today's market. Last week, EnCana Corp. (ECA: $13.91) announced a $1.25-billion bought deal, which The Globe reported was completely sold by the next morning. Cenovus Energy Inc. (CVE: $21.36) closed a bought deal last week for $1.5-billion (although that one took longer to sell). Other producers to successfully sell shares include ARC Resources Ltd. (ARX), which raised $402-million; Crew Energy Inc. (CR: $5.07), which raised $100-million; and Husky Energy Inc. (HSE: $25.29), which today closed a $200-million offering of preferred shares.

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