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by Stockwatch Business Reporter

West Texas Intermediate crude for September delivery added $2.50 to $69.21 on the New York Merc, while Brent for September added $2.47 to $72.51 (all figures in this para U.S.). Western Canadian Select traded at a discount of $12.80 to WTI, up from a discount of $16.00. Natural gas for August added nine cents to $3.08. The TSX energy index added 2.78 points to close at 279.57.

Oil sands producer Cenovus Energy Inc. (CVE) added 29 cents to $20.90 on 15.9 million shares. It has won a nod of approval from credit rating agency Fitch Ratings, whose analysts have reaffirmed the company's investment-grade rating of BBB and "stable" outlook. They pointed to its large status with nearly 820,000 barrels a day of production, its "robust" credit metrics with relatively low debt, and its "conservative financial policy" that nonetheless leaves room for dividends and share buybacks. Even its downstream (refining) business got a lovely mention, despite prolonged challenges that have played a large role in the stock's drop from nearly $30 a year ago. The analysts foresee "cost and efficiency improvements" that "should improve" downstream performance over the rest of the year.

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