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by Stockwatch Business Reporter
West Texas Intermediate crude for October delivery lost 89 cents to $62.68 on the New York Merc, while Brent for November lost 76 cents to $66.68, both benchmarks notching a small weekly loss (all figures in this para U.S.). Western Canadian Select traded at a discount of $11.90 to WTI, up from a discount of $12.00. Natural gas for October lost five cents to $2.88. The TSX energy index lost 6.47 points to close at 283.37.
An oil sands showdown continued as Cenovus Energy Inc. (CVE), down 66 cents to $23.41 on 34.8 million shares, polished its pitch to shareholders of MEG Energy Corp. (MEG), down 49 cents to $28.24 on 3.49 million shares, as both companies try to fend off Strathcona Resources Ltd. (SCR), down 91 cents to $35.74 on 670,000 shares. Strathcona's hostile bid has been rejected repeatedly by MEG in favour of Cenovus, even after Strathcona sweetened it earlier this month. Now Cenovus has twisted the knife by insisting that its own offer -- which it has not bothered to sweeten, at least for now -- is still far more palatable.
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