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by Stockwatch Business Reporter

West Texas Intermediate crude for October delivery lost $1.19 to $94.59, while Brent for November lost $1.09 to $99.25 (all figures in this para U.S.). Western Canadian Select traded at a discount of $27.30 to WTI, down from a discount of $25.50. Natural gas for October added 12 cents to $2.96. The TSX energy index lost 2.92 points to close at 436.84.

Oil prices retreated into double digits on signs of a recovery in oil exports from the Middle East. The Wall Street Journal reported that Saudi Arabia has begun running tests on its East-West pipeline, which was knocked off-line by attacks earlier this month. This could lead to a resumption of crude exports from the Red Sea port of Yanbu within a couple of days, according to the sources. Saudi Aramco declined to comment. Meanwhile, in a speech to the UN General Assembly, U.S. President Donald Trump said he expects a deal to end the U.S.-Iran war after the November midterms.

Here in Canada, Ottawa's "one project, one review" formula got another checkmark, as FortisBC's Tilbury phase 2 LNG (liquefied natural gas) expansion project won federal approval right after winning B.C. environmental approval. The province called the $3.1-billion expansion a "major economic and cleaner-energy opportunity" and issued an environmental assessment certificate with 18 conditions relating to air quality, wildlife protection, emergency planning, and more. The federal government, noting that the province had run the assessment on behalf of both levels of government, issued its own stamp of approval, concluding that the expansion's "potential adverse effects ... are justified when taking into account the benefits it will provide."

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