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by Stockwatch Business Reporter

West Texas Intermediate crude for July delivery added $1.21 to $64.58 on the New York Merc, while Brent for August added $1.13 to $66.47, both benchmarks notching a weekly gain and snapping a two-week losing streak (all figures in this para U.S.). Western Canadian Select traded at a discount of $11.50 to WTI, down from a discount of $10.20. Natural gas for July added 11 cents to $3.78. The TSX energy index added 3.60 points to close at 261.70.

The burgeoning B.C. LNG (liquefied natural gas) sector ended the week with good news: The provincial Environmental Assessment Office (EAO) has affirmed the environmental certificate of the Prince Rupert Gas Transmission (PRGT) pipeline, intended to carry gas to the proposed Ksi Lisims LNG export terminal on Pearse Island. A press release from the B.C. government stated that PRGT has met the conditions for the approval to remain valid for the life of the project.

The fate of PRGT's certificate had been up in the air for more than six months. First issued in 2014, the certificate received an extension in 2019 to keep it valid until November, 2024, a deadline by which the pipeline's owners had to prove that construction had "substantially started" in order to lock in the certificate indefinitely. Eco-activist opponents naturally argued that this threshold had not been met and that the project (which has seen $600-million in development and construction activities so far) should go back to the drawing board, or better yet on the trash heap. The EAO has now sided with the owners and kept the certificate in good standing.

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