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by Stockwatch Business Reporter

West Texas Intermediate crude for July delivery lost 92 cents to $76.99 on the New York Merc, while Brent for July lost 24 cents to $81.62 (all figures in this para U.S.). Western Canadian Select traded at a discount of $12.30 to WTI, down from a discount of $11.90. Natural gas for July added two cents to $2.59. The TSX energy index added 3.59 points to close at 300.13.

Oil prices notched a weekly loss, and their largest monthly loss of the year so far, on weakening demand data in the United States and China. Bulls are pinning their hopes on Sunday's OPEC+ meeting. Reuters is reporting that the group will consider extending all of its current production cuts, including the ones currently set to expire on June 30, to year-end and potentially into 2025.

Here in Canada, oil sands producer Cenovus Energy Inc. (CVE) added 22 cents to $28.41 on 12.9 million shares. Several of its insiders have been having a pleasant week engaging in some option flipping. According to new SEDI filings, executive vice-president and chief operating officer Keith Chiasson exercised options to buy a total of 476,879 shares this week at an average price of $11.47, and then promptly sold the shares at an even $28, reaping a tidy profit of $7.8-million. In a similar if smaller-scale fashion, Andrew Dahlin (executive vice-president, gas) netted himself $595,239, while Gary Molnar (senior vice-president, legal) reeled in $563,020.

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