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by Stockwatch Business Reporter

West Texas Intermediate crude for September delivery added $1.15 to $82.40, while Brent for October added $1.45 to $88.52, both benchmarks notching a weekly gain and snapping a two-week losing streak (all figures in this para U.S.). Western Canadian Select traded at a discount of $18.90 to WTI, down from a discount of $15.70. Natural gas for September added one cent to $2.73. The TSX energy index added 1.92 points to close at 432.17.

Oil sands giant Canadian Natural Resources Ltd. (CNQ), up six cents to $66.41 on 11.2 million shares, ended the week with a thumbs-up from a credit rating agency. Fitch Ratings has reaffirmed the company's investment-grade BBB+ rating and "stable" outlook. It cited a healthy balance sheet, plentiful reserves, and sufficient cash flow to cover capital spending while paying a generous dividend and gradually reducing debt.

The report from Fitch comes a little over a week after Canadian Natural released its second quarter financials, which surpassed analysts' predictions and included a modest increase to full-year production guidance. This was the second increase this year, and largely reflected a "strategic acquisition" in June (the Charlie Lake assets of Tamarack Valley Energy Ltd. (TVE: $13.22)), along with recent drill results. Canadian Natural now expects to produce around 1.66 million barrels of oil equivalent a day this year. Beyond this year, the company has identified various "medium- and long-term growth projects," but says it will not approve them until it sees greater regulatory and fiscal certainty from the Canadian government.

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