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by Stockwatch Business Reporter

West Texas Intermediate crude for December delivery lost 48 cents to $55.06 on the New York Merc, while Brent for December lost 98 cents to $60.61 (all figures in this para U.S.). Western Canadian Select traded at a discount of $18.70 to WTI, down from a discount of $16.75. Natural gas for December added nine cents to $2.69. The TSX energy index lost 1.76 points to close at 125.48.

Li Ka-shing's Husky Energy Inc. (HSE) lost 23 cents to $9.20 on 2.1 million shares. After dipping below $9 last Thursday following the release of its third quarter financials, the stock has had some success regaining ground, but an air of pessimism persists. This morning, GMP analyst Michael Dunn downgraded his rating on the stock to "reduce" (or sell) from "hold," with a price target of just $8, well below today's close of $9.20. It was only five months ago that Mr. Dunn rated Husky a "buy" with a price target of $17. Husky was trading at around $12.50 at the time and had just held an investor day in Toronto to outline a new five-year plan complete with lower spending and higher cash flow. In last week's financials, chief executive officer Rob Peabody declared the five-year plan to be fully on track and patted Husky on the back for achieving "all of the milestones" it had set for the third quarter. Investors, and Mr. Dunn, remained unimpressed.

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