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by Stockwatch Business Reporter

West Texas Intermediate crude for September delivery lost $2.88 to $86.53 on the New York Merc, while Brent for October lost $2.76 to $92.34 (all figures in this para U.S.). Western Canadian Select traded at a discount of $19.66 to WTI, unchanged. Natural gas for September added 60 cents to $9.33. The TSX energy index lost 2.83 points to close at 226.84.

Canadian LNG (liquefied natural gas) projects got a fresh set of champions today. Ahead of a planned visit to Canada next week by German government officials, a group of German and Canadian business groups released a joint statement this morning calling for their governments to "strengthen economic and political co-operation and defend our shared values," including on energy matters. They specifically urged co-operation in "speeding up the deployment of Canadian LNG export facilities, [so that] Canada can help keep European industry running and households warm."

The statement -- signed by the Business Council of Canada, the Canadian Chamber of Commerce, the Canadian German Chamber of Industry and Commerce, and the Transatlantic Business Initiative -- also addressed trade and investment, mineral resources, hydrogen, semiconductors, and more. Yet energy played a prominent role, given Europe's pressing need to wean itself off Russian gas. "[Europe must] increase its imports of energy products, especially LNG, from other suppliers," emphasized the groups. They proclaimed themselves "ready to do their part in helping to overcome these challenges."

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