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by Stockwatch Business Reporter

West Texas Intermediate crude for April delivery lost $1.00 to $49.28 on the New York Merc, its first time below $50 this year, while Brent for May lost 92 cents to $52.19 (all figures in this para U.S.). Western Canadian Select traded at a discount of $14.30 to WTI ($35.98), unchanged. Natural gas for April added seven cents to $2.97. The TSX energy index added 3.15 points to close at 197.55.

The oil patch took notice as Shell and Marathon Oil became the second and third majors in less than three months to retreat from the Alberta oil sands. Shell announced this morning that it has signed two agreements to sell all of its in situ and undeveloped oil sands assets and reduce its share in the Athabasca oil sands project (AOSP) to 10 per cent from 60 per cent. AOSP consists of the Shell Albian Sands extraction operations as well as the Scotford upgrader and the Quest carbon capture and storage (CCS) project. Under the terms of the first agreement, Shell will sell its in situ and undeveloped oil sands assets and its 60-per-cent interest in AOSP to Canadian Natural Resources Ltd. (CNQ: $43.31) for $8.5-billion (U.S.), comprising $5.4-billion (U.S.) cash and 98 million shares of Canadian Natural. Under the second agreement, Shell and Canadian Natural will each pay $1.25-billion (U.S.) for equal interests in Marathon Oil's Canadian subsidiary, which holds a 20-per-cent interest in AOSP.

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