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by Stockwatch Business Reporter

West Texas Intermediate crude for August delivery added seven cents to $80.90 on the New York Merc, while Brent for August added 24 cents to $85.25 (all figures in this para U.S.). Western Canadian Select traded at a discount of$14.10 to WTI, down from a discount of $12.40. Natural gas for July lost 13 cents to $2.63. The TSX energy index lost 1.07 points to close at 280.45.

Oil prices eked out a gain despite bearish U.S. supply data. The U.S. Energy Information Administration reported today that domestic crude inventories shot up by 3.6 million barrels last week, counter to analysts' predictions of a decrease of 2.9 million barrels. The bulls felt better after a boosterish report from JPMorgan, which forecast "solid" global oil demand during the summer and predicted that Brent will reach $90 (U.S.) by August or September.

Here in Canada, the fledgling LNG (liquefied natural gas) industry took another tottering step toward reality, courtesy of a rare and coveted final investment decision (FID). The announcement came late yesterday from Pembina Pipeline Corp. (PPL: $50.31) and the Haisla Nation, co-owners of the proposed Cedar LNG terminal in Kitimat, B.C. They have now given the official green light to the $4.6-billion project.

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