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by Stockwatch Business Reporter

West Texas Intermediate crude for May delivery added $1.84 to $53.98 on the New York Merc, while Brent for May added 98 cents to $59.10 (all figures in this para U.S.). Western Canadian Select traded at a discount of $12.35 to WTI ($41.63), up from a discount of $12.40. Natural gas for May added three cents to $2.68. The TSX energy index added 3.22 points to close at 231.36.

Following yesterday's rally in reaction to news that Saudi Arabia has raised the price of its crude sales to Asia, the benchmarks rose again today on an interesting monthly report from the U.S. Energy Information Administration (EIA). The EIA has raised its 2015 and 2016 forecasts for U.S. and global crude demand growth, and has lowered its 2015 and 2016 forecasts for U.S. crude production growth. Higher demand on lower production should lead to higher prices. Traders took this as a bullish signal that offset the EIA's more bearish comments that if sanctions on Iran are lowered, crude prices could fall by $5 (U.S.) to $15 (U.S.). Of course, any such lifting would be months away, if not longer.

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