Short Covering Rally Buoys Futures

Follow-through on the heels of last Friday’s positive tradingsession prompted some mild short covering which bolstered futuresfor the second Monday in a row. The September contract was thebiggest mover, posting a 6.2 cent gain to settle at 1.895 on theday.

August 11, 1998

Field Services Leads El Paso Units in 2Q

Positive contributions from gathering, processing andinternational activities helped boost El Paso Energy’s secondquarter earnings to $0.45/share, an increase of 22% from $0.37 in2Q97. Earnings before interest and taxes increased to $149 millionfrom $139 million in the year ago quarter.

July 28, 1998

Short-Covering Boosts Nymex into Weekend

The July contract closed out the week on a positive note aslight short-covering and position squaring bolstered the market6.5-cents to settle at $2.035 on Friday. July was not the only bigwinner, with nearby August also coming to life. August was up 7.3cents bringing the 12-month strip to $2.329.

June 15, 1998

Downturn in Doubt as Bulls Regroup

Bulls have had very little if anything positive to talk aboutlately with respect to gas prices at the New York MercantileExchange. Mild June temps, a healthy storage level, and amplesupply have weighed on the market since the current downtrend beganon April 9th. So it comes as no surprise that upon the release ofthe less-than-expected 86 Bcf AGA storage injection, bulls sawtheir first opportunity in a while to push the market higher. Thefirst thrust was registered in Wednesday night’s ACCESS session.Then, after opening higher yesterday, the contract traded in a neat5-cent trading range settling at $1.970, up 4 cents for the day.

June 12, 1998
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