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by Stockwatch Business Reporter

Note: The Energy Summary will be away starting Thursday, July 17. It will return on Monday, July 28.

West Texas Intermediate crude for August delivery added $1.24 to $101.20 on the New York Merc, while Brent for September added 29 cents to $107.17 (all figures in this para U.S.). Western Canadian Select traded at a discount of $23.30 to WTI ($77.90), down from a discount of $22.70. Natural gas for August added 2.2 cents to $4.11. The TSX energy index added 4.34 points to close at 321.44.

Athabasca Oil Corp. (ATH) lost 39 cents to $6.70 on 12.4 million shares, as fears sprang anew that the company is far from receiving a $1.23-billion payment owed by PetroChina. Under the terms of a put option Athabasca exercised in April, PetroChina is obligated to buy the company's interest in the Dover oil sands project, with the proceeds originally expected by June 30. Athabasca closed at $7.66 that day. It has been falling ever since, with one exception: Over the weekend, PetroChina's parent told Bloomberg that the money will arrive soon, sending Athabasca's stock up 23 cents to $7.13 on Monday. Today, however, the market grew nervous when Bloomberg (citing the Beijing-based Caixin media outlet) reported that Zhiming Li, who until recently led PetroChina's operations in Canada, has been arrested. This seems to be part of a corruption probe involving several executives of PetroChina and its parent. It is not clear how the probe will affect the put proceeds.

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