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by Stockwatch Business Reporter

West Texas Intermediate crude for July delivery lost $1.09 to $77.57 on the New York Merc, while Brent for July lost 98 cents to $81.90 (all figures in this para U.S.). Western Canadian Select traded at a discount of $12.10 to WTI, up from a discount of $13.20. Natural gas for June shot up 17 cents to $2.84. The TSX energy index lost 3.66 points to close at 295.03.

Oil prices slid on a bearish report from the U.S. Energy Information Administration (EIA). The latest weekly figures from the EIA showed that U.S. crude inventories rose by 1.83 million barrels last week, whereas analysts were expecting a decrease of two million barrels. The situation was more cheerful for gas bulls, who saw prices climb to a four-month high on warm weather forecasts (which will boost electricity demand for air conditioning) and a smaller-than-expected increase in U.S. gas inventories. These rose by just 70 billion cubic feet last week, according to the EIA; analysts were expecting 76 billion.

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