Tumbles

Due to high drilling costs and pack ice delays, Calgary-based Canadian Superior Energy Inc. said that despite encountering gas pay in multiple zones on its Mariner I-85 well, it has temporarily halted drilling on the deepwater prospect because of pack ice and potential cost overruns.

Due to high drilling costs and pack ice delays, Calgary-based Canadian Superior Energy Inc. said that despite encountering gas pay in multiple zones on its Mariner I-85 well, it has temporarily halted drilling on the deepwater prospect because of pack ice and potential cost overruns.

After spiking to a new high for the week in the moments following the release of a larger-than-anticipated 85 Bcf storage withdrawal, the natural gas futures market went lower in the late morning and afternoon Thursday as sellers liquidated positions ahead of an expected weekend weather warm-up. April crested at $5.62 at 11:15, up 34 cents from Wednesday’s settle, but then tumbled back down to $5.17 by the middle of the afternoon. It closed at $5.306, up 2.8 cents for the session.

Drilling and oilfield services firm Nabors Industries Ltd. said the continuing depressed drilling market and low margins in part led to a 75% drop in its net income in the third quarter to $26.9 million, or 18 cents/diluted share, from $108.2 million or 68 cents/diluted share in 3Q2001.

Drilling and oilfield services firm Nabors Industries Ltd. said the continuing depressed drilling market and low margins in part led to a 75% drop in its net income in the third quarter to $26.9 million, or 18 cents/diluted share, from $108.2 million or 68 cents/diluted share in 3Q2001.

Last week may prove memorable for what it wasn’t, as much as for what it was, when it came to energy companies and the New York Stock Exchange. It was a miserable week, all in all, with the only bright edges seen on Friday, when the shares of most of the merchants and utilities saw a little daylight. Wary investors may have hedged their bets a little, because energy stocks were lower overall than they’ve been in years.

Last week may prove memorable for what it wasn’t, as much as for what it was, when it came to energy companies and the New York Stock Exchange. It was a miserable week, all in all, with the only bright edges seen on Friday, when the shares of most of the merchants and utilities saw a little daylight. Wary investors may have hedged their bets a little, because energy stocks were lower overall than they’ve been in years.

Most of what was lost in spot market pricing on Monday wasrather quietly regained yesterday, as storage buying started tokick back in and the weather situation in the Gulf of Mexico onceagain looked ominous, with the possibility of another tropicalstorm or two developing.

Fueled by a late sell-off, natural gas futures continued lowerlast Wednesday and put the finishing touches on a December futurescontract which slipped a whopping $1.06 or one-third of its valuesince becoming the spot contract a month ago. With no fresh news todigest, the market defaulted to the same old negative price outlookformed around above-normal temperatures and plentiful gas supplies.After hitting a black hole of buying below $2.21 shortly after noonWednesday, the December contract free-fell 6.9-cents to expire at$2.12 in abbreviated pre-holiday trading.