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by Stockwatch Business Reporter

West Texas Intermediate crude for June delivery lost $1.22 to $43.44 on the New York Merc, while Brent for July lost $1.74 to $43.63 (all figures in this para U.S.). Western Canadian Select traded at a discount of $11.95 to WTI ($31.49), up from a discount of $12.05. Natural gas for June lost 0.3 cent to $2.098. The TSX energy index lost 3.34 points to close at 174.06.

Wildfire in Alberta and changes at the top in Saudi Arabia made for volatile oil trading. In Alberta, winds are blowing the Fort McMurray fire away from oil sands facilities, muting concerns that fire-related production cuts will make much of a dent in North American stockpiles. The fire has already led to cuts equal to about 40 per cent of total oil sands production, according to Bloomberg, but most of the affected projects can return to normal within a week of the fire being controlled, according to Morgan Stanley. Meanwhile, on Saturday, Saudi Arabia replaced its long-standing oil minister, Ali al-Naimi, with Khalid al-Falih, the chairman of Saudi Aramco. Mr. Naimi was widely seen as instrumental to Saudi Arabia's decision to prioritize market share over prices (that is, to not cut production). His departure might have been seen as a change in direction for the kingdom, except for the fact that deputy crown prince Mohammad bin Salman has also backed the market-share-focused policies -- he even said last month that Saudi Arabia might increase its production -- and incoming oil minister Mr. Falih has been a long-time supporter and counsellor of the prince. Observers are thus taking the appointment as a firming up of Saudi Arabia's existing stance.

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