Futures and the cash market parted ways Wednesday with the cash market holding on to gains of a few cents at most points and the futures stumbling to a double-digit loss as traders attempt to factor in what looks like another surplus-building inventory report Thursday and a revised weather outlook. At the close March had fallen 10.7 cents to $2.425 and April retreated 8.4 cents to $2.616. March crude oil added $1.06 to $101.80/bbl.
Parted
Articles from Parted
Traders Have $2 Handle in Sight; September Slips 6.7 Cents
September natural gas futures parted ways with a strong crude oil market and settled lower Tuesday as traders cited the inevitability of a $2 handle and economic and weather reports were unsupportive. September futures dropped 6.7 cents to $3.096 and October fell 9.1 cents to $3.464. September crude oil jumped $2.44 to $69.19/bbl.
August 19, 2009
Industry Brief
Diamond Offshore Drilling Inc. said Tuesday that its semisubmersible Ocean Lexington drilling unit, which parted its moorings during Hurricane Lili last week, has been towed back to its original, pre-storm location and is preparing to recommence operations. The company said that a top-side inspection and an underwater examination of the lower hulls has determined that the rig is undamaged. The company reported late last week that Lili detached Ocean Lexington from its moorings and blew the drilling rig 45 miles before it grounded in 35 feet of water offshore Louisiana (see Daily GPI, Oct. 7).
October 9, 2002
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