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by Stockwatch Business Reporter

West Texas Intermediate crude for August delivery lost 35 cents to $79.78 on the New York Merc, settling below $80 for the first time in five weeks, while Brent for September lost 23 cents to $82.40 (all figures in this para U.S.). Western Canadian Select traded at a discount of $14.50 to WTI, down from a discount of $12.20. Natural gas for August added 12 cents to $2.25. The TSX energy index added 2.18 points to close at 286.10.

It was a quiet but expectant Monday as energy investors awaited a stream of second quarter financials. Starting Wednesday after the close, companies reporting this week include Whitecap Resources Inc. (WCP: $10.19), Athabasca Oil Corp. (ATH: $5.40), MEG Energy Corp. (MEG: $27.92), Baytex Energy Corp. (BTE: $5.11) and Veren Inc. (VRN: $10.76), with plenty more to follow in the coming weeks.

South of the border, there was a spot of dealmaking to start the week. The NYSE American-listed Tellurian Inc. (U.TELL) soared 38 U.S. cents to 95 U.S. cents on a frenzied 362 million shares, after accepting a takeover offer from Australia's Woodside Energy Group for $1 (U.S.) a share, or a total of $900-million (U.S.). The deal comes as the troubled Tellurian tries to build the Driftwood LNG (liquefied natural gas) export project in Louisiana. Woodside, no stranger to LNG fits and starts, says the deal will turn it into a "global LNG powerhouse."

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