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by Stockwatch Business Reporter

West Texas Intermediate crude for January delivery lost $1.20 to $58.88 on the New York Merc, while Brent for February lost $1.26 to $62.49 (all figures in this para U.S.). Western Canadian Select traded at a discount of $13.50 to WTI, down from a discount of $13.30. Natural gas for January lost 37 cents to $4.91. The TSX energy index lost 2.91 points to close at 308.47.

Adam Waterous's heavy-oil-focused Strathcona Resources Ltd. (SCR) lost 64 cents to $42.91 on 657,800 shares, despite achieving a not-so-secret goal. On Friday after the close, S&P Global announced the completion of a quarterly index rebalancing and the addition of Strathcona to the S&P/TSX Composite Index -- the headline index for Canadian equities -- effective Monday, Dec. 22. Strathcona was the only oil and gas stock of eight additions (and one deletion).

As discussed last Thursday, the addition follows months of speculation that Strathcona might make the grade to be added to the index. Strathcona itself dropped hint after hint that the only reason it was not already in the index was because of its tight float. This time last year, the Waterous Energy owned over 90 per cent of its shares. Following a series of pass-through dispositions to limited partners (including one just last week), the fund now owns 69.9 per cent -- a loosening that allowed Strathcona's float capitalization to clear the index's eligibility threshold.

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