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by Stockwatch Business Reporter

World markets tumbled after China's Shanghai Composite Index suffered its largest percentage decline since 2007, sending commodity prices plunging, although they rallied slightly over the rest of the day. West Texas Intermediate crude for October delivery touched $37.75 before closing at $38.24, down $2.21, on the New York Merc (all figures in this para U.S.). Brent for October reached $42.22 before closing down $2.77 to $42.69. Western Canadian Select traded at a discount of $14.95 to WTI ($23.29), down from a discount of $14.90. Natural gas for September lost 2.6 cents to $2.65. The TSX energy index touched 150.76, its lowest level since December, 2003, before closing at 155.24, down 6.29 points.

Energy companies hit fresh multiyear lows. Even those that were thought to be in relatively strong shape just three months ago have been walloped. Paramount Resources Ltd. (POU), which traded above $66 in the summer of 2014 and was still $32 just three months ago, today closed down 74 cents to $11.86, its first time below $12 since 2009. Bonterra Energy Corp. (BNE) also hit its lowest level since 2009, losing $1.17 to $16.95. It traded above $34 three months ago and above $65 last year. MEG Energy Corp. (MEG) dipped below $10 for the first time ever before closing at $10.34, down 32 cents. This compares with its price three months ago of over $20 and its high last summer of nearly $42. Other companies hitting notable lows include EnCana Corp. (ECA: $7.73), now below $8 for the first time, and Canadian Oil Sands Ltd. (COS: $5.76), now below $6 for the first time. This compares with their respective levels just three months ago of around $16 and $11. As well, Crescent Point Energy Corp. (CPG), which traded at $30 three months ago, today fell as low as $11.31 before closing at $12.65, down 73 cents. These are just a few of many companies whose shares have lost around half of their value over the last three months.

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