Brings

Pioneer Natural Resources Co. announced Monday its 100% owned and operated Falcon field in the western deepwater Gulf of Mexico began producing from two wells at approximately 185 MMcf/d and 650 b/d of condensate on March 15. The Falcon field start-up was the second of five major projects the company expects to bring online by early 2004.

Alleviating overbought conditions, natural gas futures sifted lower Friday as traders took profits ahead of the three-day holiday weekend. By checking down to its $5.44 low for the session, the February contract filled in a key level on the charts. It closed at $5.536, down 10.9 cents for the session. Estimated volume was light in Friday’s abbreviated session.

Buoyed by hot weather and spiking Northeast physical prices, natural gas futures ended higher Tuesday, as commercial traders continued to favor the long side of the market. After touching the $3.00 mark Tuesday afternoon for the first time since Aug. 1, the September contract ebbed slightly to close at $2.975, a 1-cent increase for the session. With 102,854 contracts changing hands, Tuesday’s heavy volume in the gas pit lent credibility to the up-move.

After failing to break below support in each of the past three trading sessions, natural gas futures turned higher Tuesday as traders covered short positions on constructive weather outlooks and ahead of fresh storage data due out Thursday morning. The August contract finished at $2.863, up 7.9 cents for the session but only 0.3 cents above its $2.86 opening trade. At 105,524, estimated volume was heavy for the session.

After failing to break below support in each of the past three trading sessions, natural gas futures turned higher Tuesday as traders covered short positions on constructive weather outlooks and ahead of fresh storage data due out Thursday morning. The August contract finished at $2.863, up 7.9 cents for the session but only 0.3 cents above its $2.86 opening trade. At 105,524, estimated volume was heavy for the session.

The International Brotherhood of Teamsters Local 854 Fund has initiated a class action lawsuit against Williams Companies Inc. and its spun-off communications company, as well as certain key officers and directors, in federal court in Oklahoma for providing false and misleading financial statements and press releases to investors.

The General Accounting Office (GAO) showed Friday that its threats, even those against the White House, are not idle when it filed a long-awaited lawsuit in federal court to obtain administration records associated with the task force that formulated the president’s national energy policy.

The General Accounting Office (GAO) showed Friday that its threats, even those against the White House, are not idle when it filed a long-awaited lawsuit in federal court to obtain administration records associated with the task force that formulated the president’s national energy policy.

Vector Pipeline announced the start-up of the Highland compressor station in southeastern Michigan, which brings the pipeline’s capacity to 1 Bcf/d from about 700 MMcf/d. The Highland station, with two 15,000-HP compressor units, is located in Highland Township, Oakland County, Michigan.