News that newly upgraded Hurricane Wilma was now expected to shift course eastward toward lower Florida after entering the Gulf of Mexico (GOM), instead of menacing the offshore production area as believed the day before, had reached cash traders by the time they got down to business Tuesday morning. So they ignored Monday’s screen spike of nearly 70 cents, and instead sent prices lower at all points Tuesday.
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Articles from Estimation
Monday Rallies Continue, But Size of Gains Recedes
In a now-familiar pattern, prices rebounded at nearly all points Monday by amounts ranging from about a nickel to half a dollar or so. Although cold weather forecasts weren’t able to keep quotes from falling Friday, enough moderate heating load is lingering early this week that along with the return of industrial demand from its usual weekend slump, sellers found no shortage of ready buyers.
October 19, 2004
El Paso Finds Some Employees Used ‘Unsupportable Methods’ Resulting in Overbooking
Certain employees of El Paso Corp. used “unsupportable methods” over a four-year period, which resulted in a 41% overbooking of oil and natural gas reserves, according to an independent review released last week. No current or former employees were named in a statement by the company.
August 16, 2004
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