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by Stockwatch Business Reporter

West Texas Intermediate crude for December delivery lost 97 cents to $70.77 on the New York Merc, while Brent for December lost $1.08 to $74.96 (all figures in this para U.S.). Western Canadian Select traded at a discount of $10.80 to WTI, up from a discount of $13.80. Natural gas for November added three cents to $2.34. The TSX energy index lost 3.29 points to close at 275.43.

Oil prices headed lower, weighed down in part by bearish U.S. supply data. In its latest weekly data release, the U.S. Energy Information Administration (EIA) reported that domestic crude oil inventories rose by 5.5 million barrels last week. Analysts were forecasting a much smaller increase of 270,000 barrels.

Here in Canada, Grant Fagerheim's Whitecap Resources Inc. (WCP) edged down eight cents to $10.41 on 4.03 million shares, as it kicked off the third quarter reporting season in the oil patch. It patted itself on the back for "strong operational momentum." Production averaged 173,300 barrels of oil equivalent a day, exceeding analysts' predictions of 170,000 barrels a day (though down from 177,300 barrels a day in the second quarter). Cash flow of 68 cents a share also came in higher than analysts' predictions of 66 cents a share.

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