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by Stockwatch Business Reporter

New York Merc crude for July delivery lost 10 cents to $94.15 (all figures in this para U.S.). Brent for July added 20 cents to $102.64. West Texas Intermediate lost two cents to $94.93, while Western Canadian Select traded at a discount of $19.90 to WTI ($75.03), unchanged. The TSX energy index lost a fraction to close at 252.39.

Ray Smith's Madalena Ventures Inc. (MVN), one of the heaviest traders on the TSX-V, added two cents to 42 cents on 2.73 million shares. The company has traded heavily all week, likely on news from Argentina, where it holds three blocks in the prolific Neuquen basin. The main play at all three blocks is the Vaca Muerta ("dead cow") shale, which could be the second-largest shale oil reservoir in the world. Two majors talked up the Vaca Muerta's potential this week. ExxonMobil said it is "very optimistic" about its wells and plans to spend $250-million over the next year, and Chevron said it is working on a deal to spend at least $1.5-billion at the Vaca Muerta, up from at least $1-billion, in its proposed joint venture with state-owned YPF. The investment could reach a total of $15-billion.

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