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by Stockwatch Business Reporter

West Texas Intermediate crude for February delivery added 25 cents to $59.44 on the New York Merc, while Brent for March added 37 cents to $64.13 (all figures in this para U.S.). Western Canadian Select traded at a discount of $14.60 to WTI, down from a discount of $11.70. Natural gas for February lost two cents to $3.10. The TSX energy index added 2.96 points to close at 316.65.

Oil prices eked out a weekly gain (their fourth in a row). Iranian turmoil and its implications for oil prices dominated energy headlines all week long, but this week was also a dramatic one for European gas prices, which soared 30 per cent to notch their biggest weekly increase in more than two years. Abnormally cold weather and concerns about lower-than-average inventories triggered a rush of short-covering. (This in turn meant a very good week for shareholders of Tenaz Energy Corp. (TNZ), a Toronto-listed, offshore Dutch gas producer whose shares have risen to nearly $34 from $28 since Monday.)

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