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by Stockwatch Business Reporter

U.S. markets were closed for Independence Day. West Texas Intermediate crude for August delivery lost 54 cents to $56.80 in electronic trading on the New York Merc, while Brent for September lost 52 cents to $63.30 (all figures in this para U.S.). Western Canadian Select traded at a discount of $13.15 to WTI, up from a discount of $13.20. Natural gas for August lost two cents to $2.27. The TSX energy index added a fraction to close at 139.07.

Mike Rose's B.C. and Alberta gas producer, Tourmaline Oil Corp. (TOU), added 38 cents to $16.34 on 427,300 shares, after firming up its share buyback plans. It announced last month that it would apply to buy back up to 5 per cent of its 272 million shares as "another tool to enhance total long-term shareholder returns." Today it received approval to start the buyback program, for a maximum of 13.6 million shares, starting July 8. It also repeated its "another tool" line, as if to emphasize its other attempts to attract shareholders, including its quarterly dividend (which was hiked to 12 cents from 10 cents in May, for a yield of 2.9 per cent) and its recently unveiled five-year plan (intended to boost both production and free cash flow). Despite all this, Tourmaline's stock has fallen toward $16 from over $22 in the last three months, and from its mid-2014 high of $59.25.

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