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by Stockwatch Business Reporter

West Texas Intermediate crude for August delivery lost 56 cents to $80.73 on the New York Merc, while Brent for August lost 47 cents to $85.24, although both benchmarks nonetheless notched their second weekly gain in a row (all figures in this para U.S.). Western Canadian Select traded at a discount of $12.60 to WTI, up from a discount of $14.60. Natural gas for July fell four cents to $2.70. The TSX energy index lost 3.84 points to close at 273.56.

On a slow news day, one of the more eye-catching stories in the energy sector came from far out at sea. An Israeli energy company searching for gas in the Mediterranean has uncovered a Bronze Age cargo ship about 90 kilometres offshore, a sign that prehistoric seafarers were much more adept at navigation than previously thought. "[This] changes our entire understanding of ancient mariner abilities," a government representative, Jacob Sharvit of the Israel Antiquities Authority (IAA), told The Associated Press. Researchers had long assumed that sailors of this era stayed in sight of land and avoided treacherous open waters. The company, Energean, and the IAA worked together to retrieve two intact jugs, believed to have carried oil, wine or fruit, and bring them ashore for further research.

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