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by Stockwatch Business Reporter

West Texas Intermediate crude for October delivery lost 48 cents to $45.96 on the New York Merc, while Brent for October lost $1.14 to $50.86 (all figures in this para U.S.). Western Canadian Select traded at a discount of $9.90 to WTI ($36.06), unchanged. Natural gas for October lost two cents to $2.94. The TSX energy index lost a fraction to close at 168.17.

Saskatchewan oil producer Spartan Energy Corp. (SPE) edged up three cents to $5.42 on 4.05 million shares. The stock has nearly halved since the start of the year, but is now emerging as a clear favourite among the analysts at Scotia Capital. "Too Attractive to Ignore; We Think the Bears are Plain Wrong," declared Scotia analyst Cameron Bean in a boosterish research note published on Monday after the close. He said he recently met with Spartan's management for a technical presentation on the company's assets. Spartan has a "large oil-weighted prize" in southeast Saskatchewan, according to Mr. Bean, who pegged the company's estimate of its OOIP (original oil in place -- a very general estimate) at two billion barrels. Spartan also estimates that it currently has an inventory of 2,500 drilling locations, up from fewer than 2,200 in May. In addition, said Mr. Bean, the economics of Spartan's plays are "among the best in North America." He concluded that Spartan's stock is a "core holding and our best idea for oil exposure in the small- to mid-cap E&P [exploration and production] space." His price target stayed at $11.25, more than double today's close of $5.42.

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