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by Stockwatch Business Reporter

West Texas Intermediate crude for April delivery lost $5.21 to $93.50 on the New York Merc, while Brent for May lost $2.93 to $100.21 (all figures in this para U.S.). Western Canadian Select traded at a discount of $11.30 to WTI, up from a discount of $18.80. Natural gas for April lost 10 cents to $3.02. The TSX energy index added 2.53 points to close at 397.84.

Oil prices retreated as traders sifted through supply data and supply possibilities. The data were dire, with energy research firm Rystad Energy calculating in a report this morning that the Middle East has lost more than 12 million barrels a day of production since U.S.-Israeli strikes on Iran prompted the closure of the Strait of Hormuz. (It pegged preconflict levels at about 21 million barrels a day.) If the conflict and related shut-ins continue, warned Rystad, the worst-case scenario could see the region's output slump all the way to six million barrels a day. Meanwhile, Kpler painted a similarly grim picture, including an estimate that seaborne storage of Middle Eastern crude has quintupled to 50 million barrels from 10 million since February.

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