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by Stockwatch Business Reporter

West Texas Intermediate crude for August delivery added $1.07 to $83.88 on the New York Merc, while Brent for September added $1.10 to $87.34 (all figures in this para U.S.). Western Canadian Select traded at a discount of $16.70 to WTI, down from a discount of $13.00. Natural gas for August lost two cents to $2.42. The TSX energy index added 1.68 points to close at 289.37.

Oil prices climbed on bullish U.S. inventory data. The U.S. Energy Information Administration reported that domestic crude inventories plunged by 12.2 million barrels last week, on higher exports and refining activity. Analysts were expecting a much smaller decrease of 700,000 barrels.

Here in Canada, Grant Fagerheim's Whitecap Resources Inc. (WCP) slipped one cent to $10.17 on 3.04 million shares, despite trying to stir up more enthusiasm about its $520-million partial infrastructure sales in Alberta. As discussed yesterday, the company is selling a 50-per-cent interest in its Musreau facility to Topaz Energy and a 50-per-cent interest in its Kaybob complex to Pembina Gas Infrastructure (PGI). It has also entered a "strategic partnership" with PGI on the proposed Lator facility. Yesterday afternoon, Mr. Fagerheim, Whitecap's president and chief executive officer, headed to BNN to promote the droves of deals.

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