Senate Republicans appear to have tempered their opposition to the nomination of Gina McCarthy to head the Environmental Protection Agency (EPA) and a vote appears imminent.
Tempered
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Traders Dismiss Tuesday Gains, See Low $3s
January natural gas managed a tempered gain Tuesday on stout volume, but traders were not dissuaded that the current downtrend was over and looked for a test in the low $3s. At the close January had risen 2.5 cents to $3.279 and February had gained 2.7 cents to $3.321. January crude gained a hefty $2.37 to $100.14/bbl.
‘Buyer’s Market’ for Gas in Southwest, Utility Exec Says
With a growing diversity of sources, robust supplies and recession-tempered demand, Southwest Gas Corp. is in a strong position to serve its 1.8 million customers spread around Nevada, Arizona and a sliver of the eastern part of Southern California. The only question plaguing Bill Moody, Southwest’s vice president for gas resources, is how long can the good life last?
North American E&Ps Lift Onshore Spending
Exploration and production (E&P) spending in the United States is still on track to jump by double digits from a year ago, tempered by less spending in the Gulf of Mexico (GOM) in the last half of the year because of the deepwater drilling moratorium, two energy analysts said separately last week.
Barclays: Drilling Moratorium to Impact U.S. Offshore Spending
Exploration and production (E&P) spending in the United States is still on track to jump by double digits from a year ago, tempered by less spending in the Gulf of Mexico (GOM) in the last half of the year, said Barclays Capital Wednesday.
Tempered by Bearish Storage Expectations, Gas Futures Follow Crude Higher
Buoyed by another price hike in the nearby crude oil market, the natural gas futures market continued its run higher Wednesday to notch a new two-month high. However, concerns that Thursday’s storage report will be a wet blanket for the market were enough to temper the bulls enthusiasm and the April contract only managed a 3.4-cent advance to close at $5.722. At 57,623, estimated volume was relatively weak, confirming the idea that traders chose to remain on the sidelines during the trading session.
Gulf Growth to be Tempered by Prices, Depletions
Despite advances in drilling technology that tripled the waterdepth record for gas and oil production to 5,376 feet in 1997,near-term gas production may suffer because of low 1998 gas pricesdue in part to the crude oil price collapse.