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by Stockwatch Business Reporter

West Texas Intermediate crude for September delivery lost $1.82 to $40.80 on the New York Merc, hitting a six-year low as a result of an unexpected rise in U.S. crude oil inventories (all figures in this para U.S.). The U.S. Energy Information Administration (EIA) said in its weekly report this morning that crude supplies rose by 2.6 million barrels last week. By comparison, analysts had predicted a 1.1-million-barrel decrease, and the American Petroleum Institute (API) said in its weekly report yesterday evening that that there was a decrease of 2.3 million barrels. The difference between the EIA and API reports, both in direction and magnitude, was surprising. Generally the API report is a reasonable precursor to the EIA one. Discrepancies do occur, however, sometimes large ones. This likely reflects coverage problems reflecting the fact that participation in the API's survey is voluntary, whereas companies have to report to the EIA. Meanwhile, Brent for October lost $1.65 today to $47.16. Western Canadian Select traded at a discount of $16.10 to WTI ($24.70), up from a discount of $18.60. Natural gas for September added 1.2 cents to $2.716. The TSX energy index lost 7.59 points to close at 168.94.

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