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by Stockwatch Business Reporter

West Texas Intermediate crude for July delivery added $1.83 to $90.03, while Brent for August added $1.65 to $93.10 (all figures in this para U.S.). Western Canadian Select traded at a discount of $16.00 to WTI, down from a discount of $11.80. Natural gas for July added four cents at $3.18. The TSX energy index added 6.67 points to close at 415.86.

Oil prices rose on escalating Middle East hostilities and bearish U.S. supply data. In its latest weekly data release, the U.S. Energy Information (EIA) reported that U.S. commercial crude oil stocks -- which exclude the Strategic Petroleum Reserve (SPR) -- fell by 7.2 million barrels last week, surpassing analysts' predictions of a decrease of four million barrels. Crude in the SPR decreased by 7.9 million barrels to sit at a three-year low of 349.2 million. Including the SPR, U.S. crude inventories have fallen by 79 million barrels since the U.S.-Israel-Iran war began in late February.

Here in Canada, oil and gas executives sounded off on issues of the day at the Global Energy Show in Calgary -- some more cheerfully than others. In the optimists' corner was chief executive officer Luke Schauerte of Woodfibre LNG, which is building an eponymous liquefied natural gas (LNG) facility near Squamish, B.C., backed by Enbridge Inc. (ENB: $78.85) and Singapore's Pacific Energy. Mr. Schauerte told a Reuters interviewer at the conference that Canada's push to brand itself as a trusted energy supplier is working. He pointed to two supply agreements signed in the last couple of weeks by another B.C. LNG project, Ksi Lisims, with European buyers. As for Woodfibre (which signed BP as a customer for all of its 2.1-million-tonne-per-year capacity in 2023), Mr. Schauerte said the facility is 65 per cent complete and on track for start-up next year.

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