Pressing

ConocoPhillips, the largest oil and natural gas producer on Alaska’s North Slope, has dropped out of the chief lobbying group that has been pressing Congress to open the coastal plain of the Arctic National Wildlife Refuge (ANWR) to oil and gas drilling.

ConocoPhillips, the largest oil and natural gas producer on Alaska’s North Slope, has dropped out of the chief lobbying group that has been pressing Congress to open the coastal plain of the Arctic National Wildlife Refuge (ANWR) to oil and gas drilling.

After pressing lower at the open, natural gas futures rebounded modestly Tuesday as traders played it safe amid a changeable fundamental and technical landscape. However, even the late buying surge was not enough to propel prices above Monday’s close, leaving the January contract with its second-straight losing session. The prompt month closed at $2.563, down 7.1 cents. Estimated volume of 110,574 was extremely high considering the relatively small price move and the absence of market-maker Enron. Historically, natural gas averages a volume of about 75,000 contracts, and 100,000-plus volume days are usually only seen during the last three days before a contract expires.

Duke Energy and Williams Gas Pipeline are “pressing very hard”to wrap up their purchase of the proposed Gulfstream Natural GasSystem project, a 743-mile natural gas pipeline planned forFlorida, from The Coastal Corp. by the end of this week, accordingto a source close to the negotiations.

Energy Secretary Bill Richardson has indicated he is “guardedlyoptimistic” about the status of the electric utility industry’spreparedness efforts to deal with computer-related glitches thatmay arise with the arrival of the new millennium.