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by Stockwatch Business Reporter

West Texas Intermediate crude for August delivery added $2.00 to $67.45 on the New York Merc, while Brent for September added $2.00 to $69.11 (all figures in this para U.S.). Western Canadian Select traded at a discount of $11.90 to WTI, up from a discount of $12.00. Natural gas for August added seven cents to $3.48. The TSX energy index lost 1.40 points to close at 264.77.

Canada's energy sector was in the mood to swagger, as the country officially joined the LNG (liquefied natural gas) export market. "First Cargo Puts Canada on the Map of LNG-Exporting Nations," trumpeted LNG Canada in a statement yesterday. Its eponymous LNG terminal in Kitimat, B.C., sent the first loaded tanker on its journey across the ocean Monday evening. (The vessel, which is the Shell-chartered Gaslog Glasgow, is making its way to the South Korean port of Incheon with an expected arrival date of July 20, according to marine traffic websites.)

LNG Canada's president and chief executive officer, Chris Cooper, hailed the first shipment as a "historic moment," not just for the terminal and its backers, but "all of Canada." One by one, the terminal's backers (including Shell) added their voices to the chorus of hurrahs, while hinting vaguely but encouragingly about "explor[ing] pathways for a potential phase 2 expansion." B.C. Premier David Eby chimed in to gush about how "shovel-ready projects like this are how B.C. will become the engine of a newly revitalized, more independent and growing Canada" (words being taken as a sign of support for phase 2). Even Prime Minister Mark Carney made an appearance in the press release, rehashing his campaign promise to turn Canada into "the world's leading energy superpower."

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