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by Stockwatch Business Reporter

West Texas Intermediate crude for June delivery lost $2.81 to $109.59 on the New York Merc, while Brent for July lost $2.82 to $109.11 (all figures in this para U.S.). Western Canadian Select traded at a discount of $14.00 to WTI, unchanged. Natural gas for June added seven cents to $8.37. The TSX energy index lost 4.55 points to close at 250.59.

Here in Canada, oil sands giant Suncor Energy Inc. (SU) lost 52 cents to $48.60 on 14.1 million shares. It may soon find itself in the crosshairs of another activist hedge fund. Third Point LLC, a New York hedge fund led by billionaire investor Daniel Loeb, has acquired 3.5 million of Suncor's 1.4 billion shares, according to a Reuters article about Third Point's latest EDGAR filing. The filing comes mere days after Mr. Loeb published a letter to Third Point's investors on May 9 and vaguely referenced "interesting opportunities in energy and other cyclical stocks."

It also comes mere weeks after a different activist hedge fund, Paul Singer's Elliott Investment Management, disclosed a 3.4-per-cent interest in Suncor on April 28 and immediately began agitating for change. Among other things, Elliott wants Suncor to shake up its board, conduct an "objective review" of its management (seen as a shot against chief executive officer Mark Little) and sell its chain of Petro-Canada gas stations. Suncor responded blandly that it would "carefully assess [Elliott's] recommendations ... [and] better understand its perspective."

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