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.
Woes
Articles from Woes
Year-End Financial Reports are a Testament to Industry Woes
The returns are coming in, and it’s safe to say 1998 was a year the energy industry – particularly producers – would like to forget. Not all energy sectors suffered equally, but shareholders in every energy province have something to grouse about judging from earnings releases and analyst reports.
January 25, 1999
Analysts: Price Woes in 1999?…Maybe
Will production declines expected to stem from the recent rashof producer spending cuts (see related story) lend support to gasprices this year? Well that’s just one of several questions on theminds of analysts as they speculate on what the market will grantproducers this year. While there’s not a consensus, the generalmood seems to be pessimistic.
January 11, 1999
Analysts Generally Predict Price Woes for 1999
The recent rash of producer spending cuts (see related story)comes at a time when the message on prices from the analystcommunity is pretty gloomy, too. “There’s not much holding [gasprices] up,” said Thomas J. Woods, Ziff Energy vice president forU.S. Gas Services. Woods said Ziff has been warning its clientsthat current prices are not supportable. “We had put out some earlywarnings in July when prices first frayed, and we said that therewas a very significant possibility that this would go [on].”
January 8, 1999
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