Broke

The cash market broke out of a lengthy pattern of volatile price movement for the most part Wednesday. Except for plunges of 60 cents to nearly two dollars in the Northeast, the rest of the market tended to range from slightly softer to 20 cents higher. A majority of the gains were less than a dime.

ExxonMobil Corp. broke earnings records for the first quarter, more than tripling income from a year ago on higher commodity prices and accounting changes. However, its oil equivalent and liquids production were flat, while natural gas production increased slightly.

A comeback by Canadian natural gas exporters shows signs of accelerating fast, sharply reversing a decline in 2002 that broke a 14-year winning streak of consecutive annual record sales to the United States.

A comeback by Canadian natural gas exporters shows signs of accelerating fast, sharply reversing a decline in 2002 that broke a 14-year winning streak of consecutive annual record sales to the United States.

Reversing the old saying, “if it ain’t broke, don’t fix it,” Ben Schlesinger of Benjamin Schlesinger and Associates said last week that unfortunately the energy market is broken and desperately needs to be fixed soon.

Reversing the old saying, “if it ain’t broke, don’t fix it,” Ben Schlesinger of Benjamin Schlesinger and Associates said that unfortunately the energy market is broken and desperately needs to be fixed soon.

NS Premier John Hamm said the bids show again the depth of industry’s interest in Nova Scotia. “Two bids broke all previous records and, in total, the nine bids represent a 50% increase in interest in just one round,” he said. “It represents a strong vote of confidence in Nova Scotia and our decision to focus on getting more exploration under way to determine our potential.”

After spending the first two weeks of July in a mini uptrend, natural gas futures broke beneath major support last week, as traders continued to factor in the blistering pace of storage refills and normal- to below-normal temperatures. The August contract was hit with heavy selling Monday, and then again Wednesday through Thursday, pressuring prices to new 14-month lows and dashing bulls’ hopes that a bottom had been achieved. August moved mostly sideways on Friday to close at $2.955, up a modest 1.6-cent for the day but down a whopping 29.5 for the week.

Gulfstream Natural Gas System, LLC broke ground last Thursday on its $1.6 billion, 753-mile pipeline under the Gulf of Mexico from Mississippi and Alabama to Florida. The target for completion is June, 2002.