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by Stockwatch Business Reporter

West Texas Intermediate crude for March delivery lost 44 cents to $60.63 on the New York Merc, while Brent for March lost 29 cents to $65.59 (all figures in this para U.S.). Western Canadian Select traded at a discount of $15.20 to WTI, up from a discount of $17.20. Natural gas for February rocketed up $1.53 to $6.80. The TSX energy index added 1.46 points to close at 326.56.

Oil prices had a tense day as traders weighed a massive U.S. winter storm against geopolitical developments in Iran and Venezuela. The weekend's winter storm was the dominant story in gas markets, with gas prices blasting past $6 (U.S.) -- even crossing $7 (U.S.) intraday -- for the first time since 2022. Today represented their largest single-day gain by dollar and percentage value in four years. At $6.80 (U.S.), they have more than doubled from $3.10 (U.S.) in just 10 days (but will have to double again and then some to get to their record high of $15.37 (U.S.) in 2005).

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