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by Stockwatch Business Reporter

West Texas Intermediate crude for July delivery lost 60 cents to $79.23 on the New York Merc, while Brent for July lost 62 cents to $83.60 (all figures in this para U.S.). Western Canadian Select traded at a discount of$12.60 to WTI, up from a discount of $15.30. Natural gas for June lost 10 cents to $2.54. The TSX energy index lost 5.20 points to close at 295.45.

The wave of U.S. energy megamergers rolled onward, with ConocoPhillips agreeing to buy Marathon Oil in an all-share deal valued at $22.5-billion (U.S.). This comes on the heels of several other high-profile takeovers over the past seven months. Exxon and Chevron kicked things off in October with deals worth nearly $60-billion (U.S.) apiece for Pioneer Natural Resources and Hess. Other noteworthy tie-ups include Diamondback's $26-billion (U.S.) deal for Endeavour, Occidental's $12-billion (U.S.) deal for CrownRock, Chevron's $7.6-billion (U.S.) deal for PDF Energy, Chesapeake's $7.4-billion (U.S.) deal for Southwestern, and Chord Energy's $11-billion (U.S.) deal for Enerplus Corp. (ERF: $27.69) (closing later this week).

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