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by Stockwatch Business Reporter

West Texas Intermediate crude for June delivery lost 55 cents to $82.81 on the New York Merc, while Brent for June lost 40 cents to $88.02 (all figures in this para U.S.). Western Canadian Select traded at a discount of $12.70 to WTI, up from a discount of $14.70. Natural gas for May plunged 16 cents to $1.65. The TSX energy index added a fraction of a point to close at 298.39.

Oil prices wobbled and fell, as traders shrugged off bullish U.S. inventory data. The U.S. Energy Information Administration reported that domestic crude inventories fell sharply by 6.4 million barrels last week. Analysts, by contrast, were predicting a rise of 825,000 barrels. Unfazed as ever by their capricious crystal balls, analysts are now saying the steep drop was likely just a one-off related to exports.

Robert Bose's offshore Namibian explorer, Sintana Energy Inc. (SEI), reached an intraday high of $1.20, before settling up 4.5 cents to $1.065 on 9.88 million shares. It wants another slice of the Orange basin. Today, it cheered a definitive agreement to buy up to a 67-per-cent interest in Giraffe Energy, owner of a 33-per-cent interest in an area of the basin designated as the PEL 79 licence. PEL 79 is immediately east of PEL 3, held by Norway's BW Energy and home of the 1.3-trillion-cubic-foot Kudu gas discovery. Immediately west of Kudu lies PEL 83, where Sintana and Portugal's Galp Energia have been touting three "significant" oil discoveries (as discussed most recently on Monday).

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