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by Stockwatch Business Reporter

West Texas Intermediate crude for September delivery lost 56 cents to $49.03 on the New York Merc, while Brent for October lost 35 cents to $52.01 (all figures in this para U.S.). Western Canadian Select traded at a discount of $10.20 to WTI ($38.83), unchanged. Natural gas for September lost one cent to $2.80. The TSX energy index lost 2.12 points to close at 175.38.

Alberta Montney producer Seven Generations Energy Ltd. (VII) dove decisively below $20 for the first time in 16 months, plunging $3.61 to $16.90 on 10.1 million shares. This is on top of the $2.15 it lost over the previous four trading days, for a total decline of 25 per cent in just a week. Some of the pessimism may reflect last week's decision by Petronas to cancel its $36-billion liquefied natural gas (LNG) project on the coast of British Columbia. The decision came as a blow to proponents of the B.C. LNG industry and thus to the industry's would-be suppliers, namely Montney gas producers such as Seven Generations. BMO Capital Markets analyst Randy Ollenberger wrote in a research note last week that companies such as Seven Generations and Painted Pony Energy Ltd. (PONY: $4.05) will continue to face low gas prices given that, without LNG, "Western Canadian gas will largely remain captive to the oversupplied North American market."

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