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by Stockwatch Business Reporter

West Texas Intermediate crude for July delivery lost $5.21 to $88.68, while Brent for July lost $5.29 to $94.29, tumbling after Iran's state TV said it has seen a draft deal to end the U.S.-Iran war and reopen the Strait of Hormuz. (all figures in this para U.S.). Western Canadian Select traded at a discount of $13.10 to WTI, up from a discount of $15.70. Natural gas for June added 14 cents to $3.04. The TSX energy index lost 10.01 points to close at 414.79.

Canada's Ksi Lisims LNG and Germany's SEFE have signed a heads of agreement for a long-term LNG (liquefied natural gas) supply deal, announced the Canadian government and the German utility. Energy Minister Tim Hodgson held a press conference in Vancouver to unveil the deal, which he hailed as an "exciting and important milestone" for Canada's energy future. The project -- a proposed 12-million-tonne-per-day floating LNG terminal near Prince Rupert -- is being fast-tracked through the federal Major Projects Office. Mr. Hodgson said a final investment decision by its proponents is expected "in a matter of months," after which construction should begin "shortly."

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