Rising

Friday’s launch of the February aftermarket was almost evenly divided between rising and falling points, but gains moderately outnumbered the losses. Frigid weather will be returning early this week in some areas, and Friday’s cash market had extra support from the previous day’s increase of 15.6 cents by March futures.

The manufacture of synthetic gas is rising on the Alberta government’s priority list of industrial research projects as, not least, a productive way to dispose of an environmental byproduct of the oilsands.

The manufacture of synthetic gas is rising on the Alberta government’s priority list of industrial research projects as, not least, a productive way to dispose of an environmental byproduct of the oilsands.

Domestic oil and natural gas drilling continued its surge in 2008, rising 19% in the fourth quarter and 15% for the year, with gas-targeted drilling accounting for slightly more than half of all activity, the American Petroleum Institute (API) said last Tuesday. But it warned that drilling activity is beginning to show signs of a slowdown.

Apache Corp. enters the new year with rising production, cash on its balance sheet and access to credit markets “at very acceptable rates,” CEO G. Steven Farris said last Wednesday as he warned that less well positioned companies could be up for grabs given the tight market for credit.

Apache Corp. enters the new year with rising production, cash on its balance sheet and access to credit markets “at very acceptable rates,” CEO G. Steven Farris said Wednesday as he warned that less well positioned companies could be up for grabs given the tight market for credit.

Domestic oil and natural gas drilling continued its surge in 2008, rising 19% in the fourth quarter and 15% for the year, with gas-targeted drilling accounting for slightly more than half of all activity, the American Petroleum Institute (API) said Tuesday. But it warned that drilling activity is beginning to show signs of a slowdown.

The cash market was approximately evenly split between rising and falling points Monday, but multi-dollar plunges at Northeast citygates definitively tilted the overall balance toward the bearish side. Blizzard-like conditions were forecast to continue in the Midwest, but the Northeast, South and much of the West would be relatively moderate for a day or two before the Northeast and Southeast begin to feel the pinch of severe winter weather.

Expectations of rising temperatures in the western half of the South, Midcontinent and Rockies combined with the previous day’s 8.9-cent drop by February futures to push prices lower in most of the cash market Wednesday. At least one source, however, thought there would be enough returning cold weather in the eastern U.S. and Canada by Friday to generate an overall rally Thursday.