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by Stockwatch Business Reporter

West Texas Intermediate crude for July delivery added 12 cents to $78.62 on the New York Merc, while Brent for August added 15 cents to $82.75 (all figures in this para U.S.). Western Canadian Select traded at a discount of $13.30 to WTI, up from a discount of $13.80. Natural gas for July lost nine cents to $2.96. The TSX energy index lost 8.70 points to close at 274.42.

Alberta oil sands producer Cenovus Energy Inc. (CVE) tumbled $1.01 to $25.31 on 15.8 million shares. It has had a particularly rough June, sliding by about 11 per cent since the start of the month, compared with an 8-per-cent drop in the TSX energy index. Insiders have been treating the dip as a buying opportunity. As noted on Monday, president and chief executive officer Jon McKenzie bought 50,000 shares late last week for a grand total of $1.3-million. Now executive vice-president and chief financial officer Kam Sandhar has disclosed his own purchase of 8,000 shares for $208,000.

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