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by Stockwatch Business Reporter

West Texas Intermediate crude for August delivery slumped $2.69 to $80.13 on the New York Merc, while Brent for September lost $2.48 to $82.63 (all figures in this para U.S.). Western Canadian Select traded at a discount of $12.20 to WTI, up from a discount of $15.20. Natural gas for August was flat at $2.13. The TSX energy index lost 2.48 points to close at 283.02.

After looking like they might eke out a small weekly gain, oil prices reversed sharply and notched their second weekly loss in a row. Traders eyed an easing in geopolitical supply risks, as U.S. Secretary of State Antony Blinken stated that a potential ceasefire in Gaza is "inside the 10-yard line and driving toward the goal line." The stronger U.S. dollar also weighed on prices. (A higher greenback makes oil more expensive in other currencies, generally lowering demand.)

While most energy stocks followed oil prices down, one major exception was Tony Marino's Tenaz Energy Inc. (TNZ), managing to extend its excitement from yesterday (though it started to fizzle as the day wore on). The announcement of a large gas acquisition in the Dutch North Sea sent Tenaz's shares soaring yesterday to $5.74 from $3.67. Today they reached an intraday high of $6.94 before pulling back to settle at $6.06, up 32 cents, on 970,200 shares.

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