Deficits

Wall Street is running scared, and its concern over who is going to pay for the massive federal budget deficits extends to the energy industry.

The November aftermarket closed out Tuesday much as it spent virtually all of the month — with spot prices at dollar-plus deficits to first-of-month indexes at nearly all points (Questar and NIT [NOVA Inventory Transfer] were the exceptions). The spread of winter-like weather had most points on the rise, although flat to lower numbers were scattered here and there.

California will have to make multi-billion dollar cuts in its budget — starting now, the governor said after meeting with the state legislative leaders on a conference call Thursday.