After a fairly lazy Monday in the markets, energy traders on Tuesday witnessed a shake-up as economic concerns in the United States spurred a significant liquidation in the liquids and natural gas futures. Despite storm uncertainty swirling in the Atlantic, August natural gas put in a low of $11.376 before closing at $11.477, down 48.2 cents from Monday’s finish.
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The first of several proposals was introduced last Tuesday in the California Assembly to reform the increasingly crowded group of agencies dealing with energy. The bill would make the state regulatory commission “more responsive to public need” by putting time limits on how long the panel can put off making decisions on key issues that arise in not only energy, but also water, transportation and telecommunications. Decisions would be required within 90 days of a proposed decision being issued.
Lacking strong leadership for the fourth day in a row thenatural gas futures market continued to limp lazily sidewaysFriday. But unlike the modest gains that were posted Tuesday,Wednesday and Thursday, prices drifted lower to close out the week,possibly setting the market up for more losses today. The Julycontract finished 3.7-cents lower at $2.258.