Tipped

XTO Energy Inc. reported record second quarter production Wednesday and tipped its hat to sharply reduced drilling costs while increasing its production growth target for the year.

Sweltering heat and higher cash prices tipped the scales inbulls’ favor again yesterday at the New York Mercantile Exchange asprices snapped back with a one-two combo to easily recoup thealmost nickel decline posted during Tuesday’s Access trading. Thefirst spike occurred at the open as speculators were seen loadingup their long positions for the second morning in a row. After thatinitial surge the market moved mostly sideways until right beforethe close, when a round of market on close (MOC) buy orders liftedthe August contract 2.7 cents to its $2.601 final resting place.For the fifth day in a row, estimated volume topped the 100,000mark at 139,502 contracts.