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by Stockwatch Business Reporter

West Texas Intermediate crude for December delivery added 33 cents to $60.48 on the New York Merc, while Brent for December added 52 cents to $64.92 (all figures in this para U.S.). Western Canadian Select traded at a discount of $12.90 to WTI, down from a discount of $11.60. Natural gas for November added three cents to $3.37. The TSX energy index added 2.90 points to close at 286.16.

Oil prices edged higher, traders perking up on bullish U.S. supply data. In its latest weekly data release, the U.S. Energy Information Administration (EIA) reported that U.S. crude inventories plunged by 6.9 million barrels last week. Analysts were predicting a much smaller decrease of 200,000 barrels. At 416.0 million barrels, inventories are about 6 per cent below the five-year average from this time of year.

Here in Canada, Brian Schmidt's Alberta Clearwater and Charlie Lake producer, Tamarack Valley Energy Ltd. (TVE), lost 16 cents to $6.18 on 4.21 million shares, giving back some of the 36 cents it added over the last two weeks on a wave of pre-earnings optimism. Its third quarter financials arrived after the close yesterday. Whether they lived up to investors' hopes depended on which line of the spreadsheet they saw first. Tamarack's quarterly production and cash flow came to 66,100 barrels a day and 40 cents a share, meriting "not bad" and "quite good" reactions in light of analysts' predictions of 66,400 barrels a day and 36 cents a share. A net loss of $248.7-million, however, quickly silenced the applause.

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