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by Stockwatch Business Reporter

West Texas Intermediate crude for November delivery added $1.66 to $69.83 on the New York Merc, while Brent for December added $1.86 to $73.56 (all figures in this para U.S.). Western Canadian Select traded at a discount of $14.90 to WTI, down from a discount of $13.20. Natural gas for November lost three cents to $2.89. The TSX energy index added 8.94 points to close at 272.21.

Oil prices started the quarter with a pop, rising on escalating conflict in the Middle East, as Iran launched a sizable missile attack on Israel. The geopolitical tensions (which threaten regional oil supplies) offset another batch of bearish economic data from China. Traders also have their eye on an OPEC+ ministerial meeting tomorrow to review market conditions (though no changes are expected to the group's plan to begin unwinding production cuts in December).

Here in Canada, oil sands producer MEG Energy Corp. (MEG) added 96 cents to $26.37 on 5.14 million shares, rising on a tide of oil prices and self-applause. "We have achieved our long-stated $600-million (U.S.) debt target," cheered president and chief executive officer Darlene Gates. She added that this "significant milestone in our multiyear capital allocation strategy [is] positioning us to substantially increase returns to our shareholders." In other words, while MEG had previously been setting aside 50 per cent of its free cash flow for dividends and share buybacks, the achievement of the debt target is now triggering an increase to 100 per cent.

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