Prices continued to drift lower at nearly all points Thursday, but the rate of decline slowed. Whereas double-digit drops had ruled the market Wednesday, most of Thursday’s softening was by less than a dime. Minuscule losses of only 2-3 cents were scattered through several market areas, and Northwest’s domestic and Sumas points managed to stay flat and eke out a small gain respectively.
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The screen slowed this week’s headlong plunge considerably Tuesday, but cash prices continued a meltdown of major proportions as winter weather support remains missing in action for the most part. Quotes fell by more than half a dollar across the board, with most declines exceeding 65 cents and a few points in the Northeast and Midcontinent/Midwest recording drops of a dollar or more.
Softening continued in the cash market Tuesday, but the rate of decline slowed down considerably. Only a couple of points fell by more than a dime, while most of the others dropped a little more than a nickel or less. Scattered points, mostly in the Rockies, were flat to marginally higher.
The swing market maintained an upward track Wednesday, butmomentum slowed with increases of a dime or less at most points.Sources reported little change from Tuesday in October numbers asemphasis began shifting more toward bidweek.
The thunderstorm formerly known as Hurricane Gordon moved toofar east too fast then slowed too much too soon to have much impacton the key U.S. oil and gas production areas off the Gulf ofMexico. By Monday afternoon, the evacuated offshore workers hadbeen returned to their rigs and power lost in Florida communitieshad been restored.
The bullishness that had been a feature of the cash market sincemidweek slowed down considerably Friday. Most eastern points rangedfrom flat to about a nickel higher, while several Northeastcitygates joined the Rockies and Southern California border insmall declines.
Admitting that the company’s “investment phase” has slowed earnings growth for the past 18 months, BP Amoco Plc’s CEO Sir John Browne last week predicted investors will see a 10%/year return on investment for the next three years, fueled by a 13% increase in capital spending, slashed costs and increased productivity.
Admitting that the company’s “investment phase” has slowedearnings growth for the past 18 months, BP Amoco Plc’s CEO Sir JohnBrowne yesterday predicted investors will see a 10%/year return oninvestment for the next three years, fueled by a 13% increase incapital spending, slashed costs and increased productivity.