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by Stockwatch Business Reporter

West Texas Intermediate crude for October delivery lost 32 cents to $68.65 on the New York Merc, while Brent for November lost 36 cents to $71.61 (all figures in this para U.S.). Western Canadian Select traded at a discount of $13.50 to WTI, up from a discount of $15.50. Natural gas for October lost six cents to $2.30. The TSX energy index lost a fraction of a point to close at 257.17.

Oil prices fell today but still managed to eke out a weekly gain, finally snapping a three- to four-week losing streak, even after hitting their lowest levels since 2021 on Tuesday. The rebound comes amid hurricane-related supply disruptions in the U.S. Gulf of Mexico and a weaker U.S. dollar. (The latter makes oil less expensive in other currencies, boosting demand.)

Here in Canada, oil sands giant Suncor Energy Inc. (SU) added 22 cents to $49.53 on 11.2 million shares, continuing its longest stretch below $50 in six months. This did not dampen the spirits of its cheerleading squad (also known as analysts). "We are reaffirming an outperform rating on Suncor and one-year target of $67 per share. Suncor remains our favourite integrated [energy company] in Canada and is on our Global Energy Best Ideas list," proclaimed RBC analyst Greg Pardy in a new research note. If those lines sound familiar, that is because Mr. Pardy wrote the same thing, word for word, a mere 10 days ago. To the analyst's and company's surefire delight, the rapidfire research notes were both partially picked up by The Globe and Mail, ensuring even more eyes on the stock.

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