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by Stockwatch Business Reporter

West Texas Intermediate crude for March delivery lost $1.26 to $59.36 on the New York Merc, while Brent for March lost $1.18 to $64.06 (all figures in this para U.S.). Western Canadian Select traded at a discount of $13.90 to WTI, up from a discount of $15.20. Natural gas for February added 17 cents to $5.04. The TSX energy index lost 4.20 points to close at 321.39.

Oil prices tumbled as U.S. President Donald Trump toned down his threats against Iran and Greenland (lessening fears of supply disruptions and trade wars that could weigh on demand). Meanwhile, in its latest weekly data release (a day later than usual this week because of Monday's federal holiday), the U.S. Energy Information Administration reported that U.S. crude inventories rose by 3.6 million barrels last week. Analysts were expecting a smaller increase of 1.1 million barrels.

Here in Canada, Baytex Energy Corp. (BTE) lost 28 cents to $4.48 on 26 million shares, dragged down by oil prices and the partial exit of a major shareholder. Texas-based private equity firm Juniper Capital has disclosed on SEDAR that it is selling 20.2 million shares of Baytex via a private sale to "certain arm's-length persons" for $67.9-million (U.S.), or $4.633 (Canadian) a share. Two Juniper-controlled entities have separately distributed 7.87 million shares of Baytex to limited partners and members. As a result, Juniper's overall position will drop to 74.1 million of Baytex's 765 million shares -- below the 10-per-cent insider disclosure threshold.

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