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by Stockwatch Business Reporter

West Texas Intermediate crude for April delivery lost 37 cents to $77.56 on the New York Merc, while Brent for May lost 29 cents to $81.92 (all figures in this para U.S.). Western Canadian Select traded at a discount of $14.80 to WTI, up from a discount of $15.60. Natural gas for April lost five cents to $1.71. The TSX energy index added a fraction of a point to close at 267.14.

Oil prices lost ground despite a bullish report from OPEC. In its closely watched monthly update, OPEC reiterated its demand forecast for 2024 (with global oil demand expected to increase by 2.2 million barrels a day) and upgraded its global economic forecast. Its relatively sunny numbers were clouded by a separate report from the U.S. Energy Information, which, in a bearish sign for global oil supplies and prices, hiked its forecast for U.S. domestic production.

Here in Canada, Adam Waterous's Strathcona Resources Ltd. (SCR) added 83 cents to $25.85 on 151,200 shares, pleasing investors with its year-end reserve report. Total 2P (proved and probable) reserves rose to 2.62 billion barrels as of Dec. 31 from 2.35 billion a year earlier. A good chunk of the increase came from acquisitions, Strathcona's preferred method of boosting production since its start-up as a private company in 2017. Its most recent acquisition of Montney producer Pipestone Energy was the deal that took it public last October.

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