Wagon

Seeming to hitch its wagon to petroleum futures once again, June natural gas followed both crude’s plunge in the morning and its climb in the afternoon. With a hint of irony, June natural gas ended up settling 5.2 cents lower on the day at $6.748, the same price at which May natural gas futures expired a day earlier.

Once again hitching their wagon to crude oil futures, April natural gas futures on Wednesday probed lower, reaching a session low of $7.09 before settling at $7.138, down 11 cents on the day. While the decline was significant, it failed to test $7.05, which is considered to be the lower boundary of the market’s current trading range.

Independent producer Magnum Hunter Resources Inc. has jumped on the wagon for what it hopes will be a long ride for higher natural gas and oil prices, by increasing its capital expenditure budget for 2003 by $10 million, to $125 million from $115 million. Most of the increased capital will be spent in the first quarter.

Independent producer Magnum Hunter Resources Inc. has jumped on the wagon for what it hopes will be a long ride for higher natural gas and oil prices, by increasing its capital expenditure budget for 2003 by $10 million, to $125 million from $115 million. Most of the increased capital will be spent in the first quarter.