Last week’s sinking of Transocean Ltd.’s Deepwater Horizon rig following an apparent well blowout went from tragic to worse over the weekend as oil began leaking from the well the rig had been drilling on Mississippi Canyon Block 252 (MC252). Last Friday evening the search for 11 missing crew members was abandoned.
Sinking
Articles from Sinking
Only Three Points (Barely) Escape Further Softening
Low temperatures sinking into the teens, single digits and even below zero Thursday in areas from the Northeast through the Midcontinent/Midwest, Upper Plains, Canada and parts of the Rockies failed to faze either the cash or futures markets Wednesday. Softness remained the order of the day. Physical prices fell at all but three points as conditions were due to stay relatively moderate across the southern tier of states and in much of the western U.S. outside the Rockies.
Only Three Points (Barely) Escape Further Softening
Low temperatures sinking into the teens, single digits and even below zero Thursday in areas from the Northeast through the Midcontinent/Midwest, Upper Plains, Canada and parts of the Rockies failed to faze either the cash or futures markets Wednesday. Softness remained the order of the day. Physical prices fell at all but three points as conditions were due to stay relatively moderate across the southern tier of states and in much of the western U.S. outside the Rockies.
Lower Oil, Gas Prices Leave Black Hills Seeing Red
Rapid City, SD-based Black Hills Corp.’s profits were battered in the fourth quarter by sinking oil and natural gas prices. The company last Tuesday reported a net loss of $98.8 million, or a negative $2.58/share, for the fourth quarter, compared to net income of $23.8 million, or 62 cents/share, for the same period in 2007.
Depressed Oil, Gas Prices Leave Black Hills Seeing Red
Rapid City, SD-based Black Hills Corp.’s profits were battered in the fourth quarter by sinking oil and natural gas prices. The company on Tuesday reported a net loss of $98.8 million, or a negative $2.58/share, for the fourth quarter, compared to net income of $23.8 million, or 62 cents/share, for the same period in 2007.
Northeast Spikes Conspicuous Amid Overall Softness
Even with forecasts of Friday lows in the teens and single digits in the Rockies and northern third of the U.S. and sinking to sub-zero levels in Western Canada and some locations immediately south of the entire Canadian border, prices fell at a large majority of points Thursday. The cash market also felt negative pressure from the previous day’s 13.2-cent decline by January futures.
NatGas Futures Rebound 41 Cents as Crude Nears $130/bbl
After sinking below $11 and giving bears some glimmer of hope, June natural gas futures on Tuesday rebounded to record a high of $11.477 before closing out the regular session at $11.365, up 41.1 cents from Monday’s finish.
Calpine Subjected to Legal Buffeting on Both Coasts; Future Dim
What remains of national independent power plant operator Calpine Corp.’s sinking ship was battered on both coasts Monday, prompting a California-based business columnist familiar with the once-high-flying Silicon Valley-based company to write its business epitaph. Calpine had no immediate reaction to the latest turn of events in the company’s continuing financial struggles; a spokesperson reiterated that no bankruptcy filing had been made yet by the company.
Southern Defends Against $2B Claim by Stockholders, Creditors of Bankrupt Mirant
The “perfect storm” of events, including Enron’s fall and the financial crisis in energy trading, was responsible for sinking Mirant Corp. into bankruptcy, not alleged actions of its former parent, according to a legal brief filed by the Southern Co. in U.S. Bankruptcy Court for the Northern District of Texas.
Prices Yo-Yo on Bearish Storage News, Bullish Technicals
Natural gas futures prices stabilized late Wednesday after sinking to a new two-day low following the AGA announcement that 22 Bcf had been withdrawn from underground storage last week. The January contract settled at $2.719, down 8.4 cents for the session but well above its late-session low of $2.63. Estimated volume was light, as just 67,503 contracts changed hands.