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Strategies & Market Trends : Commodities - The Coming Bull Market -- Ignore unavailable to you. Want to Upgrade?

To: craig crawford who wrote (539)	7/14/2001 1:20:33 PM
From: craig crawford	Read Replies (1) \| Respond to of 1643

Tuesday July 10, 5:44 pm Eastern Time U.S. firms say no plans yet to cut gas drilling By Andrew Kelly biz.yahoo.com HOUSTON, July 10 (Reuters) - U.S. energy exploration and production companies said Tuesday they had no plans for the time being to ease off drilling for natural gas, despite a big drop in prices this year amid signs supply is running ahead of demand as the nation's economy continues to slow down. ``We are not cutting back at this point on drilling or production,'' said Teresa Wong, a spokeswoman at Anadarko Petroleum Corp. (NYSE:APC - news), which has led a surge in U.S. natural gas drilling over the last 18 months. Apache Corp.(NYSE:APA - news), EOG Resources Inc.(NYSE:EOG - news), Devon Energy Corp.(AMEX:DVN - news) and Burlington Resources Inc. (NYSE:BR - news) also said they were hanging tight, at least for the time being. ........................................................................................................................ HEADING FOR A GAS GLUT? Gas prices fell below $3.50 per thousand cubic feet last month for the first time in over a year and recent hefty increases in weekly gas storage injections have led to predictions the nation may face a gas glut later this year. Analysts have been trimming their gas price forecasts for the next 18 months, which until recently typically stood at $4 to $5, to a range of $3 to $3.50 and many have forecast companies will cut back on gas drilling in response to the drop in prices. Lehman Brothers said in a research report this week it now expects domestic drilling expenditure in the United States to show a year-on-year decline of 5 percent in 2002, having previously forecast an increase of 10 percent.