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by Stockwatch Business Reporter

West Texas Intermediate crude for April delivery lost nine cents to $48.40 on the New York Merc, while Brent for May lost two cents to $51.35 (all figures in this para U.S.). Western Canadian Select traded at a discount of $14.50 to WTI ($33.90), down from a discount of $14.30. Natural gas for April added four cents to $3.04. The TSX energy index added a fraction to close at 197.50.

Western Canadian gas producers cheered as two pipeline proposals moved closer to reality. On Friday afternoon, the federal government approved TransCanada's $439-million Towerbirch project, subject to 24 conditions. Towerbirch will expand the NGTL system through the construction of nearly 90 kilometres of new gas pipelines and related facilities in northwest Alberta and northeast British Columbia. This approval is good news in particular for Montney producers, at least one of which, namely Painted Pony Petroleum Ltd. (PPY: $6.25), has gone on record stating that the expansion is "key to Painted Pony's operations in 2017 and beyond." TransCanada says on its website that it expects to start construction of Towerbirch next month and bring it into service in the fourth quarter of this year.

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