The Energy Information Administration dropped a pre-holidaydowner into U.S. festivities last Wednesday, reporting 1998 U.S.crude oil and natural gas reserve additions chased lower pricesdeep into the minus column.
Articles from Thanksgiving
Maybe it was because it was Thanksgiving, but FERC was in a veryunderstanding mood last week. It agreed Natural Gas Pipeline Co.of America (NGPL) had failed to justify the need for a proposedtariff change that would hold a “party tendering gas” liable forpipeline facility damages that are caused by lower-quality gasentering NGPL’s system. The Commission, however, didn’t reject theproposal.
Nymex bears got their Thanksgiving feast a few days earlyyesterday when they were greeted with a hearty helping ofprice-negative fundamental and technical news. And even before theopening bell sounded that sentiment was evident in the price levelas over the counter deals traded at a dime below Friday’s close.After opening at $2.34, the December contract tumbled lower to newlife-of-contract-lows before settling at $2.197, down a whopping23.7 cents or 8% for the day. Heavy estimated volume of 120,326served to punctuate the price move.