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by Stockwatch Business Reporter

West Texas Intermediate crude for October delivery lost $1.30 to $46.57 on the New York Merc, while Brent for October lost 52 cents to $51.89 (all figures in this para U.S.). Western Canadian Select traded at a discount of $9.90 to WTI ($36.67), up from a discount of $10.30. Natural gas for September added four cents to $2.93. The TSX energy index lost 1.52 points to close at 167.16.

All eyes were on Texas as the southeastern part of the state continued to be battered by tropical storm Harvey, which hit the coast as a Category 4 hurricane on Friday night and is still drenching the region in torrential rain. Although the priority remains safety, there are questions looming about the extent to which the record rainfall could affect the oil and gas industry. Widespread flooding has interrupted refinery operations along the Gulf Coast and, to a lesser extent, halted some production operations in the Texas Eagle Ford. Producers in the Eagle Ford began shutting in some of their operations late last week. EOG Resources, the largest Eagle Ford oil producer, told Reuters on Thursday that it had suspended drilling and shut in production in "certain high-risk areas." ConocoPhillips and BHP Billiton followed suit on Friday. Chesapeake Energy, which suspended its drilling and completion activity and evacuated employees, said it expected that its production "may be affected ... although it is premature to speculate on the extent of the impact." Other companies that have suspended work, evacuated employees or shut in production include Pioneer Natural Resources, Statoil and Marathon Oil.

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