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by Stockwatch Business Reporter

West Texas Intermediate crude for July delivery lost 56 cents to $62.85 on the New York Merc, while Brent for August lost 77 cents to $64.86 (all figures in this para U.S.). Western Canadian Select traded at a discount of $10.40 to WTI, down from a discount of $10.10. Natural gas for July lost one cent to $3.71. The TSX energy index lost 4.66 points to close at 256.92.

Oil prices edged lower as traders sifted through mixed data from the U.S. Energy Information Administration (EIA). The bulls were heartened to see U.S. crude stockpiles decrease by 4.3 million barrels last week (whereas analysts were expecting an increase of one million barrels). Gasoline stocks, however, rose by 5.2 million barrels, while product supplied of gasoline (a proxy for demand) fell by 1.2 million barrels -- a bearish signal given that last week marked the start of the typically high-demand summer driving season.

In other supply news, here in Canada, wildfire risk receded enough for Canadian Natural Resources Ltd. (CNQ: $42.31) to restart production at its 36,500-barrel-a-day Jackfish oil sands project. Production of around 300,000 barrels a day remains shut in at projects owned by Cenovus Energy Inc. (CVE: $17.79) and MEG Energy Corp. (MEG: $25.03).

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