Just two weeks after unveiling plans to build a pipeline totransport Alaskan North Slope gas to the Lower 48, BP has teamed upwith Chevron Corp. and Burlington Resources Inc. to produce gas inthe Canadian Arctic. Although no timetable was released, thecompanies said this week they will spend “considerable resources”to build a production base in the Mackenzie Delta.
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Technical Failure Puts Bears in Control
After gapping lower at the open, natural gas futures followed aslippery downward slope yesterday as traders liquidated positionsamid bearish technicals and ahead of warming temperatures expectedlater this week. In contrast to light selling seen last week,yesterday’s weakness manifested itself across the entire strip ofcontracts, led by the May contract which tumbled 7.6 cents to$2.744. Comparatively, the prompt contract eased 7.1 cents to$2.714 and the 12-month strip gave back 5.4 cents to $2.867.Trading was active, with an estimated 63,810 contracts changinghands.
Futures End the Year on a Slippery Slope
After managing minor gains Tuesday and Wednesday, February gasfutures were unable to hold ground and slipped into the holidayweekend at $2.329, down 6.5 cents for the day and nearly back wherethey started the week. Both fundamental and technical indicatorsshowed continued downward momentum on Thursday.
Prices Down in Incremental, Bidweek Trading
The slippery slope on which cash prices started sliding earlierthis week got steeper Thursday. As on Wednesday, the softness wasbeing felt in both the late-February incremental and March bidweekmarkets.