This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.

Here is a sample of this item:

by Stockwatch Business Reporter

West Texas Intermediate crude for August delivery, the benchmark in North America, added eight cents to $100.91 on the New York Merc, while Brent for August, the benchmark in Europe, added 32 cents to $106.98 (all figures in this para U.S.). Western Canadian Select, Canada's heavy oil benchmark, traded at a discount of $23 to WTI ($77.91), up from a discount of $23.75. Natural gas for August, the international benchmark, added 0.1 cent to $4.14. The TSX energy index added 3.24 points to close at 323.01.

Athabasca Oil Corp. (ATH) added 23 cents to $7.10 on 10.6 million shares. The company had been falling all month and closed at $6.87 on Friday, its lowest level since January, on worries that a $1.32-billion payout from PetroChina might be reduced. Athabasca recently exercised a put option requiring PetroChina to buy 40 per cent of the Dover oil sands project. Proceeds were expected by June 30, but when that date came and went, the market feared that PetroChina might try to renegotiate the deal. It did something similar in 2010, when it agreed to acquire half of EnCana Corp.'s (ECA: $23.55) Cutbank Ridge assets in British Columbia, then backed out a few months later. Fortunately for Athabasca, it looks like PetroChina still wants Dover (or perhaps cannot get out of the contract as easily). Bloomberg reported on Saturday that the money will arrive soon. "The teams from both parties are working hard," said Chen Shudong, incoming director of the Canadian unit of China National Petroleum, PetroChina's parent. "No party means to delay or change against the JV agreement." It is still not clear when the money will arrive, but the market seems reassured that it is indeed coming.

The remainder is available to Stockwatch subscribers.
Sign-up for a FREE 30-day Stockwatch subscription and SEE NO ADS