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by Stockwatch Business Reporter
West Texas Intermediate crude for April delivery lost 56 cents to $48.22 on the New York Merc, while Brent for May lost 14 cents to $51.62 (all figures in this para U.S.). Western Canadian Select traded at a discount of $12.95 to WTI ($35.27), up from a discount of $13.55. Natural gas for April added nine cents to $3.04. The TSX energy index lost a fraction to close at 197.90.
Montney gas producers sat up as TransCanada sought to move up the schedule for its $1.4-billion North Montney Mainline, a 301-kilometre project intended to carry gas from the northeast B.C. Montney through the NGTL system and its connecting pipelines. The project has been in the works for years and has already received the main federal and provincial approvals that it needs, subject to conditions. One of those conditions was a positive final investment decision on the Petronas-backed Pacific NorthWest LNG (liquefied natural gas) terminal near Prince Rupert, B.C. This terminal is to be linked to the NGTL system by the $5-billion Prince Rupert gas transmission line, another of TransCanada's proposed projects. The final investment decision on the Pacific NorthWest terminal was originally expected in 2014, but has yet to arrive. Petronas told the Financial Post this month that the project continues to be under review.
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