Canadian energy shares surged 6 percent on Thursday on a big gain in oil prices after the U.S. Federal Reserve said it will pump another $1 trillion into the economy by buying long-term debt. The Toronto Stock Exchange oil and gas subindex , which includes shares of independent oil companies, integrated producers and oil field service providers, was up 11.98 points at 226.51, its highest level since early January. Benchmark U.S light crude jumped $3.26, or nearly 7 percent, to $51.40 a barrel, a 3-1/2 month high. Natural gas prices also surged after government data showed a larger-than-expected inventory withdrawal. Stock-market gainers were led by oil sands developer Suncor Energy Inc (SU.TO: Quote, Profile, Research), which was up C$2.41, or 8 percent, at C$33.61. One analyst cautioned the big commodity and equity moves could be short-lived. "I just don't think that the global economy is in a position to absorb $50-plus oil for any sustained period," said Menno Hulshof, analyst at Dundee Securities. "I would expect to see a bit of a pullback." Also, Canadian oil producers lose at least some of the impact of the oil-price rise as the Canadian dollar gains value against the weakening U.S. dollar in the wake of the Fed's move, Hulshof said. The Canadian dollar rose to a five-week high against the greenback on Thursday.

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