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by Stockwatch Business Reporter

West Texas Intermediate crude for April delivery lost $2.21 to $44.84 on the New York Merc, while Brent for April lost $2.07 to $55.01 (all figures in this para U.S.). The International Energy Agency said in its monthly report that the recent stabilization in oil prices is "precarious." Things are getting worse, not better, said the agency, pointing to record-high stockpiles in the United States and conflict in Iraq and Libya. Western Canadian Select traded at a discount of $14.35 to WTI ($30.49), down from a discount of $14.05. Natural gas for April lost 0.7 cent to $2.72. The TSX energy index lost 1.14 points to close at 208.81.

Pacific Rubiales Energy Corp. (PRE) added six cents to $3.09 on 9.25 million shares. It added 16 cents yesterday, but over all the Colombian producer has fallen from $3.73 at the beginning of the month, as investors anxiously await next Wednesday's 2014 financials. The company released an operational update last week that suggested it would almost certainly miss its 2014 production target. Also last week, Fitch Ratings downgraded the stock to BB minus from BB plus, revised its outlook from stable to negative and said the company would probably have to "reduce capital expenditures significantly." It mentioned a probable budget cut again in a Latin America-focused news release today. As well, RBC analysts predicted today that Pacific Rubiales will suspend its dividend when it releases its results. The 16.5-U.S.-cent quarterly dividend costs over $200-million (U.S.) a year and yields a towering 27.2 per cent.

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