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by Stockwatch Business Reporter

West Texas Intermediate crude for February delivery lost $2.83 to $59.19 on the New York Merc, while Brent for March lost $2.76 to $63.76 (all figures in this para U.S.). Western Canadian Select traded at a discount of $11.70 to WTI, up from a discount of $15.60. Natural gas for February was unchanged at $3.12. The TSX energy index lost 2.93 points to close at 313.69.

Oil prices tumbled on easing fears about U.S. military action in Iran, after U.S. President Donald Trump (who had threatened a "very strong" reaction to Iran's recent crackdown on protesters) said he is now taking a wait-and-see approach. Meanwhile, in its monthly report yesterday, OPEC provided its first look at 2027 and continued to predict sturdy global oil demand. It sees demand rising by 1.34 million barrels a day in 2027. That is fairly close to the 1.38-million-barrel-a-day increase it sees for 2026 (unchanged from last month's report).

Turning to Toronto-listed energy stocks, one of today's big gainers was Craig Steinke's new promotion, Bluenergies Ltd. (BLU), up 22 cents to $1.54 on 136,500 shares. The would-be wildcatter has caught itself a high-profile joint venturer. France's TotalEnergies, continuing its push into frontier deepwater basins off coastlines all over Africa, has signed up to help explore Bluenergies' three blocks in Liberia's offshore Harper basin.

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