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by Stockwatch Business Reporter

West Texas Intermediate crude for June delivery lost 10 cents to $78.38 on the New York Merc, while Brent for July lost 17 cents to $83.16 (all figures in this para U.S.). Western Canadian Select traded at a discount of $13.10 to WTI, up from a discount of $13.60. Natural gas for June added one cent to $2.21. The TSX energy index added 1.32 points to close at 295.95.

Oil sands producer MEG Energy Corp. (MEG) edged up three cents to $31.59 on 2.53 million shares, after releasing its first quarter financials. Production of 104,100 barrels a day and cash flow of $1.19 a share were in line with analysts' predictions. Investors were more interested in MEG's net debt, which came in at $687-million (U.S.) as of March 31. This was only a $43-million (U.S.) drop from Dec. 31, a slower pace than investors likely hoped (given that the prior quarter's drop was over $155-million (U.S.)), but MEG remained confident that it will hit its target of $600-million (U.S.) in the third quarter.

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