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by Stockwatch Business Reporter
West Texas Intermediate crude for July delivery added 23 cents to $53.48 on the New York Merc, while Brent for August added 69 cents to $61.97 (all figures in this para U.S.). Western Canadian Select traded at a discount of $13.19 to WTI, up from a discount of $15.15. Natural gas for July added one cent to $2.42. The TSX energy index added a fraction to close at 141.05.
The oil patch looked on unhappily as Enbridge Inc.'s (ENB: $47.88) Line 3 replacement/expansion project suffered another potential delay. A Minnesota court ruled yesterday that the project's environmental impact statement, despite its 3,000-page length, was inadequate, and that the state's Public Utilities Commission (PUC) acted in a manner that was "arbitrary, capricious and unsupported by physical evidence" when it gave its approval last year. The main point of contention was the court's finding that the environmental study did not adequately address how a spill from the pipeline would affect Lake Superior and its watershed. (Line 3 runs over 1,000 miles from Alberta to Wisconsin, crossing through the heart of Minnesota's lake country. The line was built in the 1960s and Enbridge wants to upgrade it for safety reasons, while also doubling its capacity to 760,000 barrels a day.)
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