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by Stockwatch Business Reporter

West Texas Intermediate crude for October delivery lost 47 cents to $64.05 on the New York Merc, while Brent for November lost 52 cents to $67.95 (all figures in this para U.S.). Western Canadian Select traded at a discount of $12.00 to WTI, unchanged. Natural gas for October was unchanged at $3.10. The TSX energy index lost 1.09 points to close at 290.28.

Oil prices sidled lower as traders sifted through mixed supply data. In its latest weekly data release, the U.S. Energy Information Administration (EIA) reported that U.S. crude stockpiles plummeted by 9.3 million barrels last week, significantly steeper than analysts' predictions of an 857,000-barrel decrease. The plunge came as net imports dropped to a record low and exports jumped to a near-two-year high. Prices slipped anyway, however, for two main reasons. The first is a suspicion that the export figure is an anomaly (especially because last week's EIA report showed unusually low exports). The second is a continuing increase in distillate fuel inventories, stoking concerns about demand. Distillate stockpiles rose last week (again) by four million barrels, whereas analysts were predicting an increase of only one million.

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