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by Stockwatch Business Reporter

West Texas Intermediate crude for June delivery lost $1.67 to $69.06 on the New York Merc, while Brent for June lost $1.32 to $74.85 (all figures in this para U.S.). Western Canadian Select traded at a discount of $16.05 to WTI ($53.01), unchanged. Natural gas for June lost one cent to $2.73. The TSX energy index gained a fraction to close at 199.35.

Canadian Natural Resources Ltd. (CNQ) lost 87 cents to $44.43 on 10.53 million shares after its 7.9-per-cent shareholder, Royal Dutch Shell, sold its entire position of 97.56 million shares in a $3.3-billion (U.S.) bought deal with Goldman Sachs, RBC Capital Markets, Scotiabank and TD Securities. According to a document filed today with the U.S. Securities and Exchange Commission, Shell sold the position yesterday at $33.90 (U.S.) a share. Today on the New York Stock Exchange, Canadian Natural lost 84 U.S. cents to $34.27 (U.S.).

Shell acquired the position last year when it sold its oil sands assets to Canadian Natural. Shell will use the $3.3-billion (U.S.) proceeds to pay down its net debt, which was $66.1-billion (U.S.) at the end of the first quarter. As for Canadian Natural, it has not said anything. It produced 1.12 million barrels of oil equivalent a day in the first quarter, mostly in Western Canada. It also has projects in the North Sea and offshore Africa. In the past year, its stock has traded up and down and up again, between $35 and $47.

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