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by Stockwatch Business Reporter

West Texas Intermediate crude for October delivery lost $1.61 to $100.30, while Brent for November lost 95 cents to $103.87 (all figures in this para U.S.). Brent notched a small weekly loss, WTI an even smaller weekly gain, both benchmarks having retreated from four-month highs reached earlier in the week. Western Canadian Select traded at a discount of $28.40 to WTI, up from a discount of $29.70. Natural gas for October added one cent to $2.91. The TSX energy index lost 3.24 points to close at 451.23.

Western Canadian gas producers ended the week in a hopeful mood, as rumours swirled that the Shell-backed LNG Canada export terminal in Kitimat could sanction its phase 2 expansion as early as next month. The expansion would double the facility's LNG (liquefied natural gas) export capacity to 28 million tonnes a year. Citing three sources, Reuters reported that the project's backers could reach a final investment decision in October. A spokesman for LNG Canada steered clear of confirming the rumour, instead sticking to the official line (and more forgiving timeline) that the backers "hope to make an investment decision before the end of the year."

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