Appeared

Prices declined by major amounts Tuesday as Tropical Storm Alex refused to become a hurricane and appeared determined to make landfall in northeastern Mexico, well clear of the Gulf of Mexico (GOM) production area. Also, heat levels, while still fairly warm in the southern U.S., had receded to some extent since last week.

The controversial provision in the financial regulatory reform legislation that requires major banks to spin off their swap desks appeared to be intact at the end of last week, although pressure was mounting to strip the provision from the bill.

Three failed attempts at conquering $5 appeared to be the limit as the July natural gas futures contract on Wednesday headed in the opposite direction. The prompt-month contract traded in a $4.667 to $4.836 range before closing out the regular session at $4.677, down 13.1 cents from Tuesday’s finish.

Late Wednesday the Senate appeared ready to end a three-day standoff over consideration of a bill encompassing a sweeping reform of the financial regulatory system and move the measure to the floor for debate. Senate Banking Committee ranking Republican Richard Shelby of Alabama conceded that his negotiations with Chairman Chris Dodd, D-CT, aimed at getting concessions in advance had failed and released his fellow Republicans to vote their conscience.

Late Wednesday the Senate appeared ready to end a three-day standoff over consideration of a bill encompassing a sweeping reform of the financial regulatory system and move the measure to the floor for debate. Senate Banking Committee ranking Republican Richard Shelby of Alabama conceded that his negotiations with Chairman Chris Dodd, D-CT, aimed at getting concessions in advance had failed and released his fellow Republicans to vote their conscience.

For the second day in a row Southern California Gas appeared to be about to end a high-linepack OFO, but Thursday afternoon it said the OFO was being extended through at least Friday.

For the second day in a row Southern California Gas appeared to be about to end a high-linepack OFO, but Thursday afternoon it said the OFO was being extended through at least Friday.

It appeared for a while that Southern California Gas was not extending a high-linepack OFO beyond Wednesday, but the utility told shippers that afternoon that the OFO would remain in effect through at least Thursday.

It appeared for a while that Southern California Gas was not extending a high-linepack OFO beyond Wednesday, but the utility told shippers that afternoon that the OFO would remain in effect through at least Thursday.