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by Stockwatch Business Reporter

West Texas Intermediate crude for June delivery lost $1.53 to $61.62 on the New York Merc, while Brent for July lost $1.56 to $64.53 (all figures in this para U.S.). Western Canadian Select traded at a discount of $11.30 to WTI, up from a discount of $11.80. Natural gas for June lost 13 cents to $3.36. The TSX energy index lost 3.50 points to close at 258.26.

Oil prices slipped as traders weighed the odds of a U.S.-Iran nuclear deal, which could lead to a loosening of restrictions on Iranian oil exports (in turn boosting global supplies). During a visit to Qatar, U.S. President Donald Trump said the two sides have "sort of" agreed on terms and are "getting close to maybe doing a deal."

Here in Canada, Adam Waterous's Strathcona Resources Ltd. (SCR) added $3.79 to $30.92 on a heavier-than-usual 213,200 shares. Shareholders -- those who were able to snap up some of the tightly held stock, whose 79.6-per-cent ownership by the Waterous Energy Fund makes it highly illiquid -- applauded a trio of asset sales that will bring in a total of $2.84-billion. The sales will see Strathcona exit the Montney and become a pure-play heavy oil company focused on its Cold Lake and Lloydminster thermal assets. The Montney assets, which are in the Kakwa, Grande Prairie and Groundbirch areas (the first two in Alberta and the third in British Columbia), collectively contributed 72,000 of the 183,000 barrels of oil equivalent a day that Strathcona produced in 2024.

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