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by Stockwatch Business Reporter
West Texas Intermediate crude for November delivery added 81 cents to $50.79 on the New York Merc, while Brent for December added $1.20 to $57 (all figures in this para U.S.). Western Canadian Select traded at a discount of $11.30 to WTI ($39.49), unchanged. Natural gas for November lost two cents to $2.92. The TSX energy index added 1.38 points to close at 189.73.
Another blow fell on the Alberta oil patch this morning, as TransCanada Corp. (TRP: $61.55) announced the disheartening decision to abandon its proposed Energy East pipeline, citing a "careful review of changed circumstances." The cancellation of the $15.7-billion project comes barely six weeks after the National Energy Board (NEB) announced that it would broaden its review of the project to include upstream and downstream emissions. TransCanada initially responded by requesting a 30-day suspension of the review to assess the "significant" (and, in many observers' eyes, redundant and overreaching) changes to the regulatory process. The suspension would have ended this Sunday. Now, TransCanada is simply calling off the project altogether.
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