Calling the decision “profoundly disappointing,” Nova Scotia Premier John Hamm promised to defend his province’s position that it owns most of the Laurentian sub-basin, an undersea area south of the Grand Banks that may hold huge reserves of oil and natural gas. An arbitration panel rejected Nova Scotia’s contention that its marine boundary with Newfoundland was established 37 years ago.
Articles from Disappointing
Natural gas futures continued lower yesterday as follow-throughselling on the heels of Friday’s disappointing close conspired withweaker cash market prices. Perhaps more bearish than its 11.9 centdecline, however, was the fact that August gapped below key channelsupport at $3.80 on the open. Traders agree that while breaking andsettling below support is bearish, gapping through can be acrushing blow for a market.
Despite a disappointing storage report and continuedabove-normal temperatures across the country, natural gas futuresbubbled higher yesterday as technical traders found good value inprices near the bottom end of the recent trading range. And byadvancing 6.2 cents to settle at $1.837, the March contract notonly washed clean Wednesday’s declines but also positioned itselfback in the middle of the $1.725-925 trading range. Estimatedvolume was a somewhat lackluster 61,716 contracts.