Oblivious

California continued to sizzle through last week, but some wereoblivious. The word “energy,” let alone a policy statement on thesubject, was nearly impossible to find at the Democratic NationalConvention in Los Angeles. A media aide for the Democrats put in acomputerized search under the word “energy” in the party’s platformcommittee report on the convention Internet web site and drewblanks Monday, the opening day of the political show.

California continued to sizzle through the week, but some wereoblivious. The word “energy,” let alone a policy statement on thesubject, was nearly impossible to find at the Democratic NationalConvention in Los Angeles this week. A media aide for the Democratsput in a computerized search under the word “energy” in the party’splatform committee report on the convention Internet web site anddrew blanks Monday, the opening day of the political show.

The cash market has plenty of fundamentals to deal with goinginto the Christmas weekend. But despite widespread freezing weatherand a profusion of actual and/or potential pipeline OFOs (question:does a Strained Operating Condition mean CIG has a hernia?), priceswere unusually bearish Wednesday in light of what many wouldconsider bullish conditions. Most declines were in the neighborhoodof a dime, although some Western points that had been flying highearlier in the week were measuring their losses in terms ofdollars.