Sunk

Except for continued major recoveries by Rockies points from the sub-dollar depths to which they had sunk Monday, there was little price movement in the cash market Wednesday. Rockies gains ranged from about 70 cents to more than $1.50, with only Kern River not realizing an increase of a dollar or more. Elsewhere flat numbers were common and very few points moved either up or down by more than a dime.

After claiming last week that Hurricane Lili had sunk one of its rigs in the Gulf of Mexico, Rowan Companies Inc. said last week that a closer look revealed that the Rowan-Houston was involved in a “collision” resulting in the rig sinking. The company said the investigation is ongoing.

After claiming last week that Hurricane Lili had sunk one of its rigs in the Gulf of Mexico, Rowan Companies Inc. said Monday that a closer look reveals that the Rowan-Houston was involved in a “collision” resulting in the rig sinking. The company said the investigation is ongoing.

In yet another in the string of topsy-turvy trading sessions, natural gas futures sunk lower Monday, as traders took profits following Friday’s advance and liquidated positions ahead of the year-end close. The selling was most concentrated just before the 1 p.m. EST closing bell, demoting the February 2002 contract to its lowest point since April 1999. At $2.570, February was down 20.4 cents for the session and just off its 32 month low at $2.545.

Ending its streak of up-days at four, natural gas futures sunk lower Friday, as lagging cash market prices prompted traders to take profits ahead of the weekend. After stalling at $5.48 for the second day in a row, the May contract spiraled lower to close at $5.388, a 3.4-cent loss for the day.