After watching the market free-fall 7.1 cents to kick off theweek, bulls dug in their heels Tuesday at Nymex. While they weren’table to recoup much of Monday’s declines, they did prevent anyfurther losses. As a result, the futures market was stagnantyesterday, with the July contract limited to an extremely tight3-cent trading range before settling up 0.1 at $2.238.
Watching
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Chesapeake Playing Price Waiting Game
With its stock price languishing around a dollar, ChesapeakeEnergy is watching the depressed gas and oil market from atop a$900 million mountain of debt. The view, according to CEO Aubrey K.McClendon, is one of opportunity. “We think our company has one ofthe best upside stories for natural gas prices down the road.”
Williams-Transco Unveils Plan to Enter Florida
Tired of watching Florida Gas Transmission (FGT) have all thefun, Williams-Transco announced its plans to construct anunderwater pipeline and storm the rich Florida market from thecoast. Named the Buccaneer Pipeline (possibly after Tampa Bay’sfootball team), its first open season will be held shortly afterJan. 1, Williams said today.