Although yesterday afternoon was filled with bearish weather andfutures market news, an early morning futures screen rally combinedwith large price jumps in the Northeast to lead most points on thesurvey to increases of a few cents to more than a nickel.
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SPR To Be Filled With Royalty Oil
Energy Secretary Bill Richardson last week announced the Clintonadministration will allow producers with offshore federal leases topay part of their royalties with oil for a limited time rather thanwith cash. With this action, DOE would draw down the oil oversupplythat has been depressing prices and provide some relief, if onlytemporarily, to small oil and gas producers. Richardson indicatedthe department will announce further initiatives this week to boostlagging oil and gas production in the United States.
February 16, 1999
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