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by Stockwatch Business Reporter

West Texas Intermediate crude for June delivery lost $2.93 to $79.00 on the New York Merc, while Brent for July lost $2.89 to $83.44 (all figures in this para U.S.). Western Canadian Select traded at a discount of $10.30 to WTI, up from a discount of $12.50. Natural gas for June lost six cents to $1.93. The TSX energy index lost 4.97 points to close at 289.01.

Oil prices tumbled for the third day in a row, with WTI falling below $80 (U.S.) for the first time since March, amid rising prospects of a ceasefire in Gaza (lowering the risks of global supply disruptions). Prices were also weighed down by bearish supply data from the U.S. Energy Administration, which reported that domestic crude inventories soared by 7.3 million barrels last week. Analysts were predicting a decrease of 1.1 million barrels.

Here in Canada, despite the drop in the oil prices, the oil patch was ready to rejoice: The long-awaited Trans Mountain pipeline expansion is now ready to open. Late yesterday, the Canadian Energy Regulator (CER) approved the last remaining "leave to open" applications from Trans Mountain Corp., effectively providing the final authorization for the expansion to begin operations. Tracy Sletto, chief executive officer of the CER, hailed the "significant milestone."

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