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by Stockwatch Business Reporter

West Texas Intermediate crude for October delivery added $1.04 to $68.71 on the New York Merc, while Brent for November added 78 cents to $71.84 (all figures in this para U.S.). Western Canadian Select traded at a discount of $14.00 to WTI, down from a discount of $12.40. Natural gas for October lost 10 cents to $2.17. The TSX energy index lost 3.91 points to close at 266.09.

After six straight days of losses, oil prices rebounded today, shrugging off continued warnings of weakening demand. Today at Asia's largest convention for the oil and gas industry, the Asia Pacific Petroleum Conference (APPEC) running this week in Singapore, major trading house Trafigura Group predicted that Brent is "probably going to go into the $60s (U.S.) some time relatively soon." Another major commodity trader, Gunvor Group, said supply is outpacing demand "and that balance is seen to worsen over the [coming] years."

Here in Canada, Craig Bryksa's Alberta- and Saskatchewan-focused Veren Inc. (VRN) lost eight cents to $8.60 on 6.11 million shares, after arranging a $400-million asset sale and "strategic long-term partnership." The buyer and partner is Pembina Gas Infrastructure (PGI), a joint venture between Pembina Pipeline and U.S. investment firm KKR. PGI will pay $400-million for four oil batteries (facilities where oil is separated from water and gas) in the Gold Creek and Karr areas of the Alberta Montney. Veren will retain operatorship of the batteries, become operator of the other four PGI-operated batteries in the area, and merge and extend its existing mid-stream deals with PGI into one 15-year take-or-pay arrangement.

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