Pressured

Lower domestic natural gas prices and the impact of a weak U.S. dollar pressured Chevron Corp. in 2Q2009, the company said in an interim quarterly earnings report late Thursday.

Pressured by Maine manufacturers, labor unions and energy developers, Maine Gov. John Baldacci Friday signed into law legislation that places a moratorium on a controversial plan for an energy corridor to move electricity and natural gas between New Brunswick, Canada and New England. Baldacci inked the bill only hours after the state legislature passed it.

Pressured by Maine manufacturers, labor unions and energy developers, Maine Gov. John Baldacci Friday signed into law legislation that places a moratorium on a controversial plan for an energy corridor to move electricity and natural gas between New Brunswick, Canada and New England. Baldacci inked the bill only hours after the state legislature passed it.

Prices continued to fall at most points Wednesday in trading for flows during the first two days of 2009. The cash market overall was pressured lower by moderating weather trends in some areas, Tuesday’s 22.5-cent drop by February futures in their debut as front-month contract and the holiday impact of less gas demand.

As sources had predicted, the cash market fell at most points Friday, pressured lower by warming trends in the Midwest, Midcontinent and South and by the January futures drop of 8.8 cents a day earlier. The usual weekend decline of industrial demand also was a factor in the overall softness.

Pressured by the uncertainty of whether Congress would pass the $700 billion loan package for Wall Street, the U.S. energy sector took a dive on Friday as commodity prices spiraled lower. Some energy companies may have trouble securing loans in the short term, but overall, the sector should survive, energy analysts said.

Pressured by the uncertainty of whether Congress would pass the $700 billion loan package for Wall Street, the U.S. energy sector took a dive on Friday as commodity prices spiraled lower. Some energy companies may have trouble securing loans in the short term, but overall, the sector should survive, energy analysts said.

Most of the cash market dropped again Thursday, pressured lower by Wednesday’s third straight day of futures weakness and unable to rebound despite increases of cooling load in some areas.

Pressured by the previous day’s 19.2-cent drop by July futures and with modest cooling load growth in parts of the Midwest and Northeast being offset to some degree by falling high temperatures in much of the South, cash prices softened at most locations Wednesday. More moderate weather forecasts for the end of June and early July also contributed to the overall bearishness in the physical market.