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by Stockwatch Business Reporter

West Texas Intermediate crude for July delivery lost 66 cents to $60.77 on the New York Merc, while Brent for July lost 59 cents to $65.11 (all figures in this para U.S.). Western Canadian Select traded at a discount of $7.65 to WTI ($53.12), unchanged. Natural gas for July lost 6.6 cents to $2.82. The TSX energy index lost 2.35 points to close at 215.12.

Cenovus Energy Inc. (CVE) lost 34 cents to $20.22 on 3.9 million shares. It has lowered its production guidance to reflect a forest fire that caused a precautionary 11-day shutdown of its Foster Creek oil sands project in Alberta. This project produced 68,000 barrels a day for Cenovus in the first quarter, representing about one-third of its total oil production. The company figures that the shutdown will reduce its second quarter production by about 10,500 barrels a day and its full-year production by 2,600 barrels a day. Given that the full-year guidance for Foster Creek was 62,000 to 68,000 barrels a day, Cenovus says it can absorb the hit without changing those numbers (although it does not repeat its previous prediction that it will be "above the midpoint"). The same fire also affected the Kirby South and Primrose oil sands projects of Canadian Natural Resources Ltd. (CNQ: $36.69). That company has told various news outlets that it expects to restore normal operations this week.

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