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by Stockwatch Business Reporter

West Texas Intermediate crude for January delivery lost 63 cents to $58.25 on the New York Merc, while Brent for February lost 55 cents to $61.94 (all figures in this para U.S.). Western Canadian Select traded at a discount of $12.90 to WTI, up from a discount of $13.50. Natural gas for January lost 33 cents to $4.57. The TSX energy index lost 3.53 points to close at 304.94.

Oil prices had another down day. In its latest monthly Short-Term Energy Outlook, the U.S. Energy Information Administration (EIA) predicted that global oil inventories will continue to swell in 2026, pushing Brent oil prices down to $55 (U.S.) in the first quarter. On the plus side, OPEC+ will keep a firm enough hand on the production spigot to prevent a deeper price slide, continued the EIA. Investors will see how this forecast stacks up next to those of OPEC and the International Energy Agency, whose own monthly reports are due later this week.

Within the sector, the Canada- and Europe-focused Vermilion Energy Inc. (VET) lost 26 cents to $12.46 on 2.19 million shares, as it put an investment to good use. It has completed a private sale of 30 million shares of Brian Zakresky's B.C. Montney producer, Coelacanth Energy Inc. (CEI) ("see-la-kanth"), unchanged at 85 cents on 148,800 shares. The sale was done at 76 cents a share and brought in a total of $22.8-million, which Vermilion will use to reduce debt.

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