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by Stockwatch Business Reporter

West Texas Intermediate crude for June delivery added $1.96 to $59.09 on the New York Merc, while Brent for July added $1.92 to $62.15 (all figures in this para U.S.). Western Canadian Select traded at a discount of $14.30 to WTI, down from a discount of $11.20. Natural gas for June lost nine cents to $3.46. The TSX energy index added 2.70 points to close at 239.33.

After hitting four-year lows yesterday, oil prices -- and many Canadian energy stocks -- bounced today as shoppers hunted for bargains. The industry has long had a saying that the best cure for low oil prices is low oil prices. To that end, there are already signs that price weakness is sapping supply strength in a global oil powerhouse: the very heart of the U.S. shale industry. "We are at a tipping point for U.S. oil production at current commodity prices," warned Diamondback Energy Inc. (U.FANG: $131.98), the largest pure-play operator in the Permian basin (where about half of U.S. oil is produced). It went on to predict that "U.S. onshore oil production has peaked and will begin to decline this quarter."

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