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by Stockwatch Business Reporter

West Texas Intermediate crude for August delivery added 64 cents to $45.04 on the New York Merc, while Brent for September also added 64 cents to $47.52 (all figures in this para U.S.). Western Canadian Select traded at a discount of $9.75 to WTI ($35.29), unchanged. Natural gas for August shot up 12 cents to $3.05. The TSX energy index added 2.08 points to close at 168.41.

Crescent Point Energy Corp. (CPG) lost two cents to $9.21 on 4.49 million shares. The target in its complaint before the National Energy Board (NEB), Tundra Energy Marketing, has filed its response. By way of background, Tundra is the operator of a pipeline system in Saskatchewan that carries crude produced by Crescent Point and several others. The system has multiple parts, one of which is known as the Westspur line. In a 48-page complaint, which was discussed in more detail in the June 26 and July 4 Energy Summaries, Crescent Point alleged that Tundra has been using "incomplete and inadequate" operating methods, particularly with regard to the equalization process (a common industry mechanism whereby different qualities of crude are blended together and the value received by shippers is adjusted accordingly). Crescent Point alleged that Tundra has changed the process "unjustly," resulting in (among other things) a $1.1-million revenue loss to Crescent Point between March and April alone. Crescent Point also expressed concern that Tundra has been moving butane on the Westspur line even though butane exceeds the vapour pressure limit established by the Westspur rules. Furthermore, Crescent Point raised the possibility that Tundra's affiliates may now have market-sensitive information about shippers' production and development plans. (At the time of the complaint, Tundra was owned by Tundra Oil & Gas, the largest oil producer in Manitoba. Tundra Oil is in turn owned by James Richardson & Sons Ltd.)

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