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by Stockwatch Business Reporter

West Texas Intermediate crude for July delivery added $1.60 to $93.76, while Brent for August added $1.02 to $96.00 (all figures in this para U.S.). Western Canadian Select traded at a discount of $7.00 to WTI, up from a discount of $20.70. Natural gas for July lost one cent to $3.16. The TSX energy index added 9.95 points to close at 426.67.

Oil prices wobbled higher amid skepticism about progress in U.S.-Iran peace talks. Speaking at an S&P energy conference in London, the head of the oil markets division of the International Energy Agency (IEA), Toril Bosoni, said oil markets are at risk of reaching "critical" inventory levels around the same time as the peak summer demand season. She cited the rapid pace of inventory drawdowns. Even if a peace deal were reached today, said Ms. Bosoni, it would take at least six to eight months for traffic through the Strait of Hormuz to normalize.

Here in Canada, a proposal to double capacity at the Shell-backed LNG Canada export facility in Kitimat took a step forward, as engineering contractor Fluor announced a limited notice to proceed with the expansion. "We look forward to advancing the next phase of the world-class project to help connect Canadian gas to global markets," said Fluor executive Pierre Bechelany. A non-limited notice to proceed with phase 2 -- designed to double capacity to 28 million tonnes of LNG (liquefied natural gas) annually -- still hinges on a final investment decision from Shell and the other backers. In the meantime, Mr. Bechelany said Fluor will "initiate early planning and move forward with key activities to support [an FID]." The backers have said the FID could arrive as soon as the third quarter.

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