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by Stockwatch Business Reporter

West Texas Intermediate crude for March delivery added five cents to $62.89 on the New York Merc, while Brent for April added 23 to $67.75 (all figures in this para U.S.). Despite eking out gains today, both benchmarks were down for the week, their second consecutive weekly drop. Western Canadian Select traded at a discount of $16.20 to WTI, down from a discount of $14.30. Natural gas for March added two cents to $3.23. The TSX energy index added 6.45 points to close at 356.29.

Alberta's oil pipeline dreams took a blow as one of the pipeline companies it had tapped for technical and regulatory expertise said it has no intention of financially backing such a project. In a conference call this morning to discuss its year-end financials, management of Enbridge Inc. (ENB: $73.30) -- one of three companies that the Alberta government hired for advice on a potential new pipeline to the B.C. coast -- dismissed the notion that Enbridge would step forward as developer. "That's not the type of risk we're looking to take on at this time," said chief executive officer Greg Ebel. He reminded listeners of Enbridge's miserable experience trying to build a similar pipeline, Northern Gateway, into which it poured $600-million before "the rug was pulled out from underneath us" and Ottawa cancelled the project in 2016. Ten years later, the painful memories have not faded.

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