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Financial accounting worries and a wave of bad news from several energy companies added to the negative pressure in the larger stock market early Wednesday before investor sentiment took a turn for the better in the late afternoon.

Natural gas prices continued to defy gravity Tuesday, as traders added to their long positions in the hope that cold weather outlooks will be validated next week by plummeting mercury readings. The bulls did not have it easy, however, as they were forced to battle back from an early foray into negative territory on the day. Buy stops helped their cause, as prices began to rebound and by noon EST, bulls had notched a fresh one-week high at $2.87. The December contract closed just off that level at $2.852, up 6.1 cents for the session.

Natural gas futures rallied convincingly through much of the trading session Monday, as traders proved they remain unwilling to bet against winter weather eventually taking its toll on price levels. After holding support in the $2.50-52 area for the third session in a row, the December contract shot higher to notch its highest level in more than a week at $2.815. The prompt month finished just off that level at $2.791, up 15.4 cents for the session.

With the prospect for record supplies in storage and an added almost 400 MMcf/d capacity increase in the south, California’s natural gas prospects are distinctly upbeat this summer, compared with a year ago, according to the California Energy Commission’s chief natural gas expert watching the industry in the West.

With the prospect for record supplies in storage and an added almost 400 MMcf/d capacity increase in the south, California’s natural gas prospects are distinctly upbeat this summer, compared with a year ago, according to the California Energy Commission’s chief natural gas expert watching the industry in the West.

Since the “near-term problems” involving the California power market and added funding for low-income energy assistance seem to have become less pressing, Chairman Jeff Bingaman (D-NM) announced last week that the Senate Energy and Natural Resources Committee will move up its consideration of comprehensive legislation that will address long-term energy issues.

Mitchell Energy & Development Corp. has added 580 Bcfe to its gas and oil reserves, and now is almost 2.1 Tcfe or 38% higher in reserves than at the beginning of this year. The largest single increase, 210 Bcfe, resulted from a successful step-out drilling in its largest development area, the North Texas Barnett Shale.

Mitchell Energy & Development Corp. has added 580 Bcfe to its gas and oil reserves, and now is almost 2.1 Tcfe or 38% higher in reserves than at the beginning of this year. The largest single increase, 210 Bcfe, resulted from a successful step-out drilling in its largest development area, the North Texas Barnett Shale.

PSEG Global announced Wednesday that it has added George P. Schaefer, 50, to the company as senior vice president of finance and treasurer. Schaefer will focus on corporate and structured financing, financial planning, and asset and risk management. In addition, PSEG Global said he will assume responsibility for the asset management of the company’s investment in Texas Independent Energy (TIE), a joint venture established to develop, construct, own, and operate electric generation facilities in Texas. Schaefer formerly worked as an executive for Enron Corp. where he led a team in the structuring, negotiation and closing of electric generation and energy-related transactions. PSEG Global develops, owns and operates electric generation and distribution facilities in the U.S. and select international markets.