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by Stockwatch Business Reporter

West Texas Intermediate crude for October delivery reached an intraday high of $50.50, its first time above $50 in over a month, before settling up 59 cents to $49.89 on the New York Merc (all figures in this para U.S.). Brent for November added 31 cents to $55.47. Western Canadian Select traded at a discount of $12.15 to WTI ($37.74), unchanged. Natural gas for October added one cent to $3.07. The TSX energy index added 2.17 points to close at 180.55.

Another liquefied natural gas (LNG) proposal in British Columbia has sputtered out. Nexen Energy, a subsidiary of China's CNOOC Ltd. (CNU: $144.60), announced this morning that it will no longer be proceeding with a feasibility study on its planned Aurora LNG project, a joint venture with Japan's INPEX. The companies had been planning to build the 24-million-tonne-per-year project, which was forecast to see $28-billion in construction spending and $4.5-billion in annual spending during operations, at a site on Digby Island, west of Prince Rupert. Their proposed timeline would have seen construction begin in 2020 and operations run from 2026 to 2051. This morning, however, they "determined that the current macroeconomic environment does not currently support the partners' vision of a large LNG business at the proposed Digby Island site." Although "disappointed in this outcome," they said they were still committed to the continued development of their gas assets in B.C.'s Horn River basin.

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