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by Stockwatch Business Reporter

West Texas Intermediate crude for July delivery added 16 cents to $77.90 on the New York Merc, while Brent for August added 29 cents to $81.92 (all figures in this para U.S.). Western Canadian Select traded at a discount of $13.40 to WTI, up from a discount of $15.40. Natural gas for July shot up 22 cents to $3.13. The TSX energy index lost a fraction of a point to close at 285.23.

Oil prices nosed slightly higher. In its closely watched monthly report, OPEC stuck to its forecast for a relatively healthy increase in global oil demand during 2024, estimating a year-over-year rise of 2.25 million barrels a day (same as last month's report). The unchanged estimate came despite lower-than-expected consumption in the first quarter. Demand will be much higher in the second half of the year, predicted OPEC, citing strengthening economic activity in China and other emerging economies.

Here in Canada, Mike Belenkie's Alberta Montney-focused Advantage Energy Inc. (AAV) tumbled 71 cents to $10.85 on 8.02 million shares, surprising investors with a sizable acquisition. The company will pay $450-million for a package of Alberta and B.C. assets producing 14,100 barrels of oil equivalent a day from the Charlie Lake and Montney plays. (The seller was not identified in the press release, but various clues point to Byron Nodwell's private Longshore Resources.) To pay for the assets, Advantage has arranged a $65-million equity financing and a $125-million debenture financing, while also securing a boost to its credit facility to $650-million from $350-million.

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