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by Stockwatch Business Reporter

West Texas Intermediate crude for September delivery added 43 cents to $49.59 on the New York Merc, while Brent for October added 58 cents to $52.36 (all figures in this para U.S.). Western Canadian Select traded at a discount of $10.20 to WTI ($39.39), unchanged. Natural gas for September lost one cent to $2.81. The TSX energy index added 1.05 points to close at 177.50.

Today was a sad day in the oil patch as Rick George, the former chief executive officer of Suncor Energy Inc. (SU: $41.15) and the man credited with doing more than anyone else to turn Alberta's oil sands into an economic colossus, died of a form of leukemia. He was 67. Nearly three decades ago, at the age of 40, he joined Suncor, which at the time was known as "the unluckiest oil company in Canada," as one national newspaper described it. The oil sands sector was still in its infancy and Suncor was struggling with high costs amid crude prices of just $20 (U.S.) a barrel. Mr. George took Suncor public in 1992, with a market cap of about $1-billion. By the time he retired in mid-2012, the oil sands industry was a powerhouse and Suncor was worth over $50-billion. Mr. George stayed busy in retirement, joining the private Osum Oil Sands as chairman in late 2012 and joining Obsidian Energy Ltd. (OBE: $1.46) as chairman in mid-2013. He remained an oil sands optimist to the end. Less than three weeks ago, on July 14, he predicted to the Financial Post that the oil sands will be producing "for another 300 to 500 years." His family released a statement today to mourn his death and commemorate his "love, humour, vision, integrity and infectious positivity."

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