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by Stockwatch Business Reporter

West Texas Intermediate crude for November delivery fell below $90 on the New York Merc for the first time since April, 2013, after Saudi Arabia cut its official crude prices, signalling that it will not try to keep prices high by lowering output and that oversupplied conditions will continue (all figures in this para U.S.). The contract recovered and settled up 28 cents to $91.01. Brent for November lost 74 cents to $93.42. Western Canadian Select traded at a discount of $13.30 to WTI ($77.71), up from a discount of $13.85. Natural gas for November lost 9.1 cents to $3.93. The TSX energy index lost 2.17 points to close at 284.12.

Worries that output from Saudi Arabia, the United States, Russia and Libya will exceed demand have weighed on Canadian energy stocks since June. In the middle of that month, the TSX energy index peaked at 337.38, compared with today's 284.12. Some stocks that stand out over this period include Artek Exploration Ltd. (RTK: $2.70), Pengrowth Energy Corp. (PGF: $5.53), Zargon Oil & Gas Ltd. (ZAR: $6.70), DeeThree Exploration Ltd. (DTX: $8.40) and Kelt Exploration Ltd. (KEL: $11.46). These five are notable for a few reasons. First, they all reached highs in May, June or July and then started falling, generally shedding close to one-third of their value from then to now. (DeeThree has been particularly hard hit. Today, it dipped below $8 for the first time since July, 2013.) Many of their peers are just as down, but these five are also intriguing because they released positive or neutral news over the period. (Zargon did reduce guidance for one of its projects in late July, but raised its overall quarterly guidance in August, after accounting for an asset sale.) That too could describe other companies, but finally, these five stand out because insiders have been using the plunge as a buying opportunity. Looking just at August through October, and counting market purchases only (not purchase plans or option exercises), the companies had the following insider buying: Pengrowth -- 65,400 shares; DeeThree -- 72,300 shares; Zargon -- 81,700 shares; Artek -- 105,000 shares; and Kelt -- 164,000 shares.

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