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by Stockwatch Business Reporter

West Texas Intermediate crude for September delivery lost 21 cents to $42.92 on the New York Merc, while Brent for September added 16 cents to $44.87 (all figures in this para U.S.). Western Canadian Select traded at a discount of $14.65 to WTI ($28.42), up from a discount of $14.70. Natural gas for August lost 3.5 cents to $2.712. The TSX energy index lost 7.20 points to close at 187.11.

Li Ka-shing's Husky Energy Inc. (HSE) lost 26 cents to $15.63 on 1.54 million shares, giving back some of the 47 cents it added on Friday after releasing its second quarter financials, which continued to be clouded by news of a pipeline spill on Thursday into the North Saskatchewan River. Several communities use this river as a source of drinking water. Husky's management said during a conference call on Friday that "around 200 cubic metres [to] 250 cubic metres" -- approximately 1,300 to 1,600 barrels -- of heavy oil and diluent had been spilled. The company took "immediate action" to stop the spill and began cleanup and water-monitoring activities. At the time of the conference call, no water advisories had been issued, said Husky. Over the weekend, however, provincial authorities said the spill is still threatening the drinking water of many riverside communities. During a conference call with reporters on Sunday, provincial officials said the oil had passed the village of Maymont, over 100 kilometres downstream from the initial spill site. Farther along the river, the City of North Battleford has shut its supply intake and switched to using groundwater, although the groundwater supply is limited and the city will be exploring alternative sources. Meanwhile, the City of Prince Albert is building a temporary pipeline of up to 30 kilometres to draw water from a different river. "It [the pipeline] won't work in winter in Saskatchewan, I can guarantee you that," warned Sam Ferris, a provincial water agency official (quoted in Reuters). Just how long it will take to resolve the issue remains unclear, as neither the province nor Husky provided a timeline. Husky did say that cleanup at the site of the leak is finished, and officials said that at least 40 per cent of the leaked volumes have been recovered.

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