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by Stockwatch Business Reporter

West Texas Intermediate crude for February delivery lost 53 cents to $57.42 on the New York Merc, while Brent for February lost 48 cents to $60.85 (all figures in this para U.S.). Western Canadian Select traded at a discount of $13.30 to WTI, down from a discount of $13.40. Natural gas for February lost 28 cents to $3.68. The TSX energy index lost 1.16 points to close at 300.42.

Goodbye to 2025, and good riddance, sniffed the oil bulls. Oil prices ended their year with a loss of around 20 per cent, their third annual decline and their worst since the pandemic. Higher OPEC+ output and concerns of a global economic slowdown were unrelenting anchors. Forecasters do not see much improvement ahead in 2026, which is already being billed as "the year of the supply glut."

Canada's oil patch closed out a whipsawing 2025: buoyed by early optimism about U.S. energy policy under President Donald Trump, then battered by his "Liberation"-styled mass tariffs, and then clawing its way back and higher -- despite the broader price funk -- as global economies recalibrated. The launch of Canada's LNG (liquefied natural gas) industry through the start-up of the LNG Canada export terminal in June breathed fresh confidence into the sector. A few megadeals kept life interesting, from the friendly tie-up of Whitecap Resources Inc. (WCP: $11.50) and Veren to the battle for MEG Energy, won by Cenovus Energy Inc. (CVE: $23.22). The perception of thawing relations between Alberta and Ottawa was also a key theme throughout the year, culminating in a memorandum of understanding between the two in November.

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