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Enron Mail |
From Kelly Holman
_______________________ A. Market Updates U.S. Markets ? US equity and futures markets expected to reopen tomorrow according to SEC Chairman Harvey Pitt. ? The Group of Seven (G-7) major countries are in talks on emergency policy coordination to prevent further turbulence in global financial markets following the terror attacks against the United States. No official word yet on coordinated intervention. Greenspan still in Switzerland. ? 1PM CDT expected release AGA and IEA weekly data. Europe ? ECB Meeting tomorrow-possible coordinated interest rate reduction with US, Japan. Oil Markets ? Bearish factors continue to carry trading: suspension of commercial air travel and possible mass cancellations once resumed; Falloff in energy demand due to shut businesses; Possible decline in equity markets and renewed fears over recession Canada ? Toronto Stock Exchange likely to reopen tomorrow, following US lead. B. Transportation/Infrastructure Updates Gas/Power Infrastructure o Tight security persists; no other updates. Refineries/Crude/Products ? Tosco refinery in Linden NJ still closed. ? Force Majeure likely to be declared by major crude product receivers in US ports; ? Louisiana Offshore Oil Port operations suspended pending security inspections. Expected to reopen today with operations largely unaffected. ? Jet fuel- monitoring military stockpiling. Dedicated refineries in the Middle East to support US forces in region. Disruption to travel bearish effects for jet fuel. Air Travel ? Aviation experts are speculating that the system of getting the country's air transportation system fully restarted may take a week to finish. Officials cautioned it could be several days before flights are allowed to resume as normal in order to institute tougher security measures. o All airlines have to account for all their aircraft. o Some of the airstrips that accepted jetliners may not have the refueling capacity to relaunch the planes. o Some of the crew members that are stranded with their planes may not be able to finish their flights under federal rules outlining the number of hours they can work in a 24-hour period (of course, this will be a moot point in a few more hours). o However, some airlines, including Southwest and America West, have announced plans to resume flights at noon today. Maritime Transportation Conditions ? Port decisions on re-opening being made at regional, not national level. Major ports escorting all tanker vessels one-by-one into port with heavy inspections. ? US Coast Guard maintains restrictions on all West Coast ports. ? Valdez, Alaska closed until further notice. Honolulu, Portland open. Rail Traffic ? Union Pacific - running normally ? Burlington Northern Santa Fe - no information ? CSX - suspended freight into and out of Boston, NY and Washington yesterday; remainder of network operating under very controlled circumstances and at reduced speeds. 17 CSX TransFLo terminals have also been closed. ? Norfolk Southern - operations are normal this morning, except for the North Jersey Shared Asset Area, where operations remain suspended. Border Crossings ? No updates Political Update o Secretary of State Powell says we "need to treat this like an act of war." o National editorials place strong calls for military retaliation. Bush to speak at 945am CDT; Mineta delayed.
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