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by Stockwatch Business Reporter

West Texas Intermediate crude for August delivery lost $1.15 to $80.76 on the New York Merc, while Brent for September lost $1.12 to $83.73 (all figures in this para U.S.). Western Canadian Select traded at a discount of $12.70 to WTI, down from a discount of $13.50. Natural gas for August added three cents to $2.19. The TSX energy index lost 3.69 points to close at 287.10.

A long-shot legal claim in a two-decade long pipeline saga is drawing to a close. TC Energy Corp. (TRP: $54.60), the company that proposed the controversial Keystone XL pipeline in 2005 and watched it become a political punching bag until dying at the hands of U.S. President Joe Biden in 2021, has lost its bid to recoup $15-billion (U.S.) from the U.S. government. The International Centre for Settlement of Investment Disputes (ICSID) has tossed out the company's argument that the U.S. government breached NAFTA (now USMCA) free-trade obligations.

The decision comes three years after TC Energy submitted the claim. Interestingly, this was not the first time it started down this path. In 2016, after a prior president vetoed the pipeline, TC Energy filed a similar claim -- also for $15-billion (U.S.) -- arguing that the veto was "not based on the merits ... [but rather] was a symbolic gesture." That claim was never tested because a subsequent president revived the pipeline in 2017 and TC Energy dropped the suit. When Mr. Biden revoked the pipeline's permit in 2021, the whole rigmarole started up again. In between those filings, NAFTA was replaced by the USMCA (in 2020), but the replacement had a "sunset" period allowing for legacy NAFTA claims until mid-2023, hence TC Energy's use of that route for a second time.

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