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by Stockwatch Business Reporter

West Texas Intermediate crude for May delivery added $3.65 to $104.25 on the New York Merc, while Brent for June added $4.14 to $108.78 (all figures in this para U.S.). Western Canadian Select traded at a discount of $12.66 to WTI, down from a discount of $12.64. Natural gas for May added 32 cents to $7.00, its first time in the $7 range since 2008, on unusual spring weather forecasts. The TSX energy index added 3.90 points to close at 235.42.

Oil prices took another jump as China's commercial capital, Shanghai, set another daily record for COVID cases. The city is in its third week of harsh lockdown conditions. Even so, it has set daily infection records in 11 of the last 12 days, stoking fears about the length of the lockdowns and the effect on fuel demand.

In a report this morning, the International Energy Agency (IEA) specifically cited the Chinese lockdowns as it lowered its forecast for 2022 global oil demand. It noted, however, that this (along with a massive release of emergency oil reserves by IEA members, as previously announced) could help counteract the loss in supplies caused by Russia's invasion of Ukraine. "The market does look more balanced," said Toril Bosoni, head of the IEA's markets and industry division, in an interview today on Bloomberg Television.

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