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by Stockwatch Business Reporter

West Texas Intermediate crude for October delivery lost $1.42 to $74.38 on the New York Merc, while Brent for October lost $1.59 to $77.41 (all figures in this para U.S.). Western Canadian Select traded at a discount of $11.40 to WTI, down from a discount of $10.90. Natural gas for September added six cents to $1.98. The TSX energy index lost 1.38 points to close at 284.95.

Oil prices had another down day, pressured by bearish U.S. supply data. In its latest weekly inventory report, the U.S. Energy Information Administration (EIA) said domestic crude stocks fell by 846,000 barrels. Analysts were expecting a much larger drop of 2.3 million barrels.

Here in Canada, Darcy Reding's Alberta gas producer, Pieridae Energy Ltd. (PEA), lost two cents to 30.5 cents on 400,300 shares. It is looking to bulk up its spindly treasury with a $30-million rights offering. Shareholders will receive one right for every existing share, and can exercise 1.4028 rights and pay 24.48 cents to acquire one new share. That price is a nearly 24-per-cent discount to yesterday's close, which Pieridae hopes will serve as sufficient incentive for shareholders to participate, and for them to grin and bear the sizable dilution. Full take-up will take the share count up to 294 million from the current level of 171 million.

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