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Enerfax Daily NORTH AMERICA'S FREE POWER AND GAS INFORMATION SOURCE Tuesday, June 25 2002 No. 1016 http://www.enerfax.com/ PHYSICAL NATURAL GAS PRICES Gulf/Eastern Region | Agua Dulce | 3.26 | | ANR SE | 3.27 | | Carthage (E.Tex) | 3.26 | | Chicago Citygate | 3.35 | | Columbia Gulf Onshore | 3.31 | | Dominion South Point | 3.61 | | Henry Hub | 3.33 | | Houston Ship Channel | 3.32 | | Katy /Exxon | 3.28 | | NGPL LA Pool | 3.28 | | NGPL - Midcontinent | 3.07 | | NGPL STX | 3.27 | | NGPL TX/OK (E.) | 3.24 | | NNG Demarc. | 3.05 | | Niagara | 3.35 | | PEPL | 3.07 | | Sonat Tier 1 | 3.28 | | TCO IPP Pool | 3.58 | | Tetco ELa | 3.29 | | Tetco M-3 | 3.71 | | Tetco STX | 3.27 | | TGP Zone 0 | 3.26 | | TGP Zone 1 (500 Leg) | 3.29 | | TGT Zone SL | 3.30 | | New York Citygate | 3.81 | | Transco Station 65 | 3.40 | | Transco Zone 6 (NY) | 3.81 | | Trunk E.La | 3.20 | | Western Region | California Border | 3.26 | | El Paso Keystone (Permian) | 3.10 | | El Paso Blanco (San Juan) | 2.83 | | Waha Hub | 3.15 | | Canadian/Rockies Region | Nova/Aeco (C$/gig) | 3.23 | | Dawn Hub/Union | 3.32 | | Northwest Stanfield | 2.26 | | Wyoming Pool | 1.80 | | Opal | 1.81 | | PGT-Malin | 2.72 | | Sumas | 1.99 | Flow Date 6/25 Looking for free daily natural gas basis and oil prices? Click here to subscribe or write enerfaxgold-subscribe@egroups.com. http://www.enerfaxgold.com/ -------------------------------------------------------------- Caminus: Your Competitive Edge in Energy. Exploit the enterprise-wide transaction management power deployed by the big names in gas Caminus Gas, Caminus Pipeline, GasMaster and Nucleus. Call Caminus at (212) 515-3700 or visit the website at http://www.caminus.com/ or CLICK HERE ------------------------------------------------------------- NATURAL GAS FUTURES 12 Month Strip 3.8313 +0.1583 18 Month Strip 3.9287 +0.1483 | Month | High | Low | Close | Change | | JUL | 3.470 | 3.330 | 3.430 | +0.193 | | AUG | 3.520 | 3.220 | 3.480 | +0.186 | | SEP | 3.530 | 3.250 | 3.501 | +0.177 | | OCT | 3.550 | 3.300 | 3.532 | +0.171 | | NOV | 3.850 | 3.595 | 3.827 | +0.166 | | DEC | 4.120 | 3.850 | 4.087 | +0.161 | | JAN | 4.195 | 3.955 | 4.180 | +0.154 | | FEB | 4.150 | 4.070 | 4.120 | +0.147 | | MAR | 4.070 | 3.820 | 4.037 | +0.141 | | APR | 3.955 | 3.930 | 3.927 | +0.136 | | MAY | 3.930 | 3.740 | 3.912 | +0.136 | | JUN | 3.960 | 3.770 | 3.942 | +0.131 | ------------------------------------------------------------- Natural Gas Futures Rally on Short Covering Natural gas for July delivery on the NYMEX jumped almost 6% higher yesterday, $0.193 to $3.43 per MMBtu, boosted by short covering from locals and funds on a surprise of warmer summer forecasts. The August contract gained $0.186 to $3.48 per MMBtu. A short squeeze set in and some traders think the market is heading for $3.60. Options expire for July today, and futures tomorrow. Look for the market to test $3.47 this morning, and perhaps push into the $3.50s. Key options puts are seen at $3.00, now well below the market, and calls at $3.50. Monday, fund buying and locals pushing buy-stops shot the market into key technical resistance levels around $3.47. Paper selling came out of the woodwork. Despite high storage levels, anticipation of increased cooling demand helped fuel the run. With the July contract's range lows at $3.08, there is still room for the market to be sold. Spreads will also dominate the market the closer the contract gets to expiration. Traders have seen a steady decline of open interest over the last week. Open interest has fallen nearly 8% over the last few weeks. Funds held net short positions in the last Commitments of Traders Report from the Commodity Futures Trading Commission. Crude oil prices for the new front August contract rose $0.65 to $26.45 per barrel on high Mideast tensions. Estimated natural gas volume was 125,000 contracts, with about 51,000 spreads. Natural gas for next day delivery across the US and Canada was generally $0.15 - $0.25 higher yesterday. Natural gas for next day delivery at the Henry hub gained $0.16 to 3.33 per MMBtu. ------------------------------------------------------------- RISK MANAGEMENT Across the Energy Enterprise e-Acumen, Inc., is uniquely positioned to help you manage risk and increase value. That's because our analytics, data and applications cover all strategic aspects of the energy enterprise, from short-term forecasting to comprehensive risk analysis and portfolio optimization, to asset valuation and weather risk management. Dedicated to the needs of energy and trading companies in a dynamic and competitive world, our approach combines best-in-class physical fundamentals with industry-leading statistical methodologies. e-Acumen is a venture-backed company founded in January, 1997. Since then we have listened attentively to the market and assembled a stellar cast of seasoned energy industry professionals and Silicon Valley technologists. Join us as we help the industry continue its path toward liquidity and profitable, risk-managed growth in the exciting years ahead! Click here to find out more about current special offers, or go to http://www.e-acumen.com/ ------------------------------------------------------------- Today's Power Bulletins * Mirant Raises 2nd Quarter Earnings Forecast to at Least $0.35 per Share * Dominion Virginia Power Says 3,700 Workers Represented by International Brotherhood of Electrical Workers Local 50 Rejected Proposed Labor Agreement * NRG Energy Completes $325 Million Financing * Southern Company Energy Solutions and Atlantic Station Partner to Develop Southeast's Largest Central Cooling System * Puget Sound Energy to Relocate Corporate Headquarters to The Summit, Currently Under Construction in Downtown Bellevue, Washington * Vermont Energy Summit to Highlight Demand Response Efforts * Western Governors Meet to Promote Cross-Border Energy Trade * Report from National Academy of Sciences Says US Needs to Protect Nuclear Power Plants and Power Grid Against Future Attacks; May Need to Reorganize Way Government Agencies Work Together * Judge Approves Tripled Severance for Enron Workers ------------------------------------------------------------- At NewEnergy Associates, we are committed to developing superior solutions that help our customers become the forerunners in the evolving energy market. NewEnergy Office, is a suite of solutions addressing competitive business operations, and decisions, represents the ultimate set of business tools that can be implemented independently or as part of a customized, integrated, enterprise-wide system. NewEnergy's offerings have been operating successfully in numerous markets worldwide for more than a quarter of a century. In addition to our suite of solutions, we call upon more than 1,000 years of combined industry consulting experience to assist customers in the analysis of critical business decisions. For more information, visit us at www.NewEnergyAssoc.com or call 770.779.2800. CLICK HERE ------------------------------------------------------------- Insurers Say JP Morgan Misrepresented Enron Loans as Trades JP Morgan Chase engaged in fake energy trades with Enron to boost its income and trading volumes in order to attract more investors to ensure that it could repay loans to the bank, according to court papers. JP Morgan has filed suit against 11 insurers to collect $965 million in surety bonds guaranteeing natural gas and crude oil contracts between Enron and Mahonia Ltd, a subsidiary of JP Morgan. Enron filed for bankruptcy in December and defaulted on the contracts. The insurers claim the trades were actually disguised loans to Enron by JP Morgan and that they would not have guaranteed the transactions if their real intent had been revealed. JP Morgan used Mahonia to buy natural gas from Enron, which it then resold back to the company at a somewhat higher price, the difference essentially being interest on a secret loan by the bank, according to the insurers. JP Morgan strongly refutes the allegations, saying they are an attempt to get out of paying a straightforward claim. The bank pointed out that the contracts contain language stating, 'The obligations of each Surety hereunder are absolute and unconditional irrespective of any circumstance whatsoever.' Apart from the energy contracts in question, Enron owes JP Morgan $1.2 billion in secured and unsecured loans, letters of credit and other financial obligations. It is one of 9 banks being sued by Enron shareholders, who claim the banks intentionally inflated Enron's stock prices to reap billions in profits for themselves. ------------------------------------------------------------- Tomorrow's Market Opportunities Today ENDUR Never again be outpaced by changing markets. Powerful, integrated and efficient, Endur is a 21st century trading, risk management and operations software environment designed for the complex and ever-changing global energy markets. We build the future into every solution we develop today. Openlink It's The Way We Think http://www.olf.com/ CLICK HERE ------------------------------------------------------------- Xcel Shares Fall to 11-Year Low Xcel Energy shares fell for a 5th consecutive day yesterday after it said last week it expects earnings to be reduced by $40 million the rest of this year because regulators denied a rate increase. Xcel shares dropped as low as $13.91, an 11-year low. The shares had fallen 43% in the past year. Xcel says it expected net income would be reduced by $5 million per month for the rest of 2002 after Connecticut regulators denied a rate increase at the company's NRG Energy unit. Xcel had expected a rate increase to take effect May 1st when it issued a forecast for 2002 earnings. The Connecticut Department of Public Utility Control denied the request from NRG to increase customer bills by $0.01 per kWh. ------------------------------------------------------------- Attention Oil Companies: We can provide OCTG requirements. 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Pipe For Sale 22,000' 9 5/8" 53.5 HCQ-125 Rg-3 LSS ERW BTC 6,000' 8 5/8" 32.0 C-90 with TK-7 Hydril CS 17,000' 7" 38 Q-125 TCA Seamless Rg-3 Hydril 563 Please go to http://www.enerfaxdaily.com/page34.html to view more available pipe http://www.enerfaxdaily.com/pge34.html Or write pipe@enerfax.com pipe@enerfax.com ------------------------------------------------------------- PHYSICAL POWER PRICES | | High | Low | Average | | | $/MWh | $/MWh | $/MWh | | Cinergy | 44.00 | 38.75 | 41.35 | | ECAR | 49.00 | 30.00 | 44.30 | | ERCOT(SC) | 28.25 | 28.00 | 28.20 | | Entergy | 42.00 | 33.00 | 39.25 | | TVA | 54.90 | 36.40 | 47.05 | | ComEd | 44.00 | 42.25 | 42.95 | | Nepool | 46.00 | 44.50 | 45.40 | | PJM West | 59.00 | 49.55 | 57.25 | | Main | 50.00 | 42.00 | 45.00 | | MAPP | 48.00 | 42.00 | 45.00 | | Palo Verde | 46.50 | 39.00 | 42.00 | | Mid C | 13.75 | 9.80 | 12.35 | | COB | 24.25 | 23.50 | 23.90 | | 4 Corners | 46.75 | 43.00 | 44.45 | | Mead | 48.50 | 43.75 | 46.15 | | NP 15 | 35.00 | 31.50 | 32.60 | | SP 15 | 42.50 | 36.00 | 39.20 | Power Delivered 6/25 ------------------------------------------------------------- Todays Gas Bulletins * S&P Says Canada's NEB Declination of TransCanada PipeLines' Application to Have Cost of Capital Based on 7.5% After-Tax Weighted Average Will Not Affect Ratings or Outlook * Spain's Enagas IPO Priced at 6.50 Euros per Share; Demand for 10 Times Shares on Offer * Northern Border Partners Maintains 2002 Guidance * National Fuel Gas Writes Off $15 Million Investment in Independence Pipeline Company * Two Dominion Employees Elected to Standards Board * Kern River Gas Transmission Company Secures $875 Million in Expansion Financing * Tengasco to Hold Annual Shareholders Meeting June 27th * Southern Natural Gas Announces Completion of 1st Phase of South System Expansion I Project * Magnum Hunter Announces New Gulf of Mexico Discoveries; Significant Increase in Total Company Production * Sponsors Abandon Independence and SupplyLink Natural Gas Pipelines Project ------------------------------------------------------------- Look No Further. @Energy(R) Manage all your energy risks. Build and Price deals. Value physical assets (generation, storage, etc.) Report and reduce your energy risks. FEA Financial Engineering Associates, Inc. http://www.fea.com/ CLICK HERE ------------------------------------------------------------- PHYSICAL POWER PRICES (Cont) | | High | Low | Average | | | $/MWh | $/MWh | $/MWh | | NY Zone A | 49.50 | 49.00 | 49.25 | | NY Zone G | 59.50 | 59.00 | 59.25 | | NY Zone J | 77.50 | 77.00 | 77.25 | | Fla-Ga Bdr | 44.95 | 28.00 | 35.75 | | FRCC | 44.95 | 28.00 | 37.35 | | Va Power | 57.00 | 42.00 | 49.50 | | VACAR | 43.00 | 42.00 | 42.50 | | SERC | 57.00 | 25.00 | 41.40 | | SPP | 45.00 | 33.00 | 42.15 | | Houston | 35.50 | 34.50 | 35.00 | Power Delivered 6/25 ------------------------------------------------------------- Texas Power Markets Report Get your hands on the most current information available on Texas Power Markets-Restructuring/Competitionand. To order please call 800-809-8289 or go to http://www.skippingstone.com/texas.htm or for more information write texasreport@enerfax.com A Comprehensive Report Detailing Recent Developments in the Texas Power Marketplace. Get all the facts about the restructured Texas Power Markets in a clear and comprehensive 130+ page report. Legislative Summary Economic and Market Analyses Up-to-date Market Rules POLR Decisions and Opportunities Wholesale Market DescriptionInfrastructure Considerations ERCOT RulesReview of the Pilot Program Participation RequirementsMarket Participant AnalysisPrice to Beat AnalysisKey Contacts InformationAnd Much More! All For $995 . You Will Receive: Over 130 color pages of clear, concise information shipped as a PDF (electronic copy) upon processing your on line order. You can either use your credit card for immediate delivery, or complete the on line order form and pay by check. Your report will be shipped to you upon receipt of your check. ------------------------------------------------------------- Canadian Bank Sued by Dutch Bank Over Enron Related Debt Royal Bank of Canada is considering its options for fighting a lawsuit by Dutch bank Rabobank over a disputed Enron related transaction. Royal Bank lent $517 million to an Enron affiliated trust in late 2000. The bank then hedged against a default on the loan by negotiating a total-return swap with Rabobank. A total-return swap is a derivative frequently used by big multinational banks to hedge credit risks. Rabobank contends that 3 investment bankers for Royal Bank knew about Enron's possible susceptibility to default. The investment bankers were forced to resign from Royal in November for not divulging the extent of their connection to Enron when they were hired. While working at UK investment bank, Greenwich Natwest, the 3 bankers had structured one of Enron's limited partnerships, which was part of Enron's complicated off-balance sheet partnerships that eventually led to its collapse. Until the lawsuit was filed, Royal Bank said that Rabobank had fulfilled its contractual obligations related to the deal. Royal Bank also said it expects to receive full and final payment from Rabobank on June 28th. If payment is not forthcoming, Royal Bank said it may file a countersuit against Rabobank. ------------------------------------------------------------- Skipping Stone's Energy Transaction Software Report is a benchmark analysis of the different transaction packages available for the energy market This report contains 228 pages of charts, graphs and vendor-supplied information on 28 vendors. Side by side comparison of over 350 data points produced by Skipping Stone. For information or to order this pdf report for $995, Please call 800-809-8289 or write software@enerfax.com ------------------------------------------------------------- Williams to Cut Trading Staff Williams plans to lay off about 130 trading floor staffers, or 16% of the total. The news sent Williams shares down 8.4% to $6.53, a 9-year. Williams joins Dynegy, El Paso and others in cutting its sales following the collapse of Enron. Williams also fired 11 employees at its European trading operation, based in London. The company had about 800 people in its trading group, including 100 traders. Williams is still determining how many traders it will let go as part of this move. It said last week it would sell off assets in Memphis, Tennessee, and Alaska to shore up its balance sheet. On June 10th, Williams lowered its earnings outlook and said it would cut jobs as part of a wide-ranging restructuring of its trading business. It also said it would cut risk management spending by a third, to $1 billion, to improve its balance sheet in the face of increased scrutiny by investors and credit agencies. Moody's cut its credit rating to just one notch above junk status a couple weeks ago. ------------------------------------------------------------- R. W. Beck is an engineering and management consulting firm serving utilities, developers, financiers and governments worldwide. Founded in 1942, we help our clients face energy market challenges by providing: Portfolio Analysis to improve diversification and risk-adjusted performance of energy assets. Risk Control to help reduce the probability of losses. Asset Valuation to understand the market value and risk characteristics of physical and financial energy assets. Training to improve your ability to identify and manage tactical and strategic risks. Please visit our web site at http://www.rwbeck.com CLICK HERE ------------------------------------------------------------- Senate Environment Committee Demand White House Documents The Senate Environment Committee will vote on Thursday whether to subpoena the White House for documents about its decision to reduce air pollution rules for older coal-fired power plants. Democrats and Environmental groups have criticized the Bush administration's decision utilities and refineries more leeway in repairing and expanding the plants without costly upgrading. The Senate Environment Committee is seeking EPA records on interagency discussions and meetings with outside interest groups on development of the new air pollution regulations. If subpoenas are issued, it would be the 2nd time this year that a Senate Committee has ordered the Administration to turn over energy related documents. Last month, the Senate Governmental Affairs committee subpoenaed White House records of its links with Enron and Kenneth Lay. The EPA gave the committee 700 pages of documents last month, but committee staff members said most of the pages were blank and that the rest were unusable. Also on Thursday, the Senate Environment Committee will vote on a proposal to place limits on power plant emissions far beyond those recommended by the Administration earlier this year. The draft bill would sharply limit emissions of nitrogen oxides, sulfur dioxide and mercury by 2008. It also includes mandatory limits on emissions of carbon dioxide, a heat-trapping gas linked to global warming. The White House opposes mandatory carbon dioxide limits. ------------------------------------------------------------ 5th Annual Electric Market Forecasting Conference, Sept. 12 & 13, 2002 Portland, OR USA, Skamania Lodge (45 minutes East of Portland International Airport) Navigating Future Energy Markets presentations on emerging resource development options, transmission considerations, fuel strategies and approaches to managing uncertainty in volatile energy markets. Speakers from General Electric Power Systems, Gas Technology Institute, NREL, UBS Warburg, Coral Energy, FPL Energy, Williams Energy Marketing and Trade, Siemens Power Transmission & Distribution, TransAlta, and Capstone Global Energy and more. Sponsored by EPIS, Inc., developers of the AURORA electric market model.For more information, go to http://www.epis.com/epis_events/events.htm or call 503-722-2023. CLICK HERE ------------------------------------------------------------- Dynegy Plans to Raise $2 Billion to Preserve Credit Rating Dynegy plans to raise about $2 billion to maintain its investment grade credit rating and restore investor confidence. The restructuring measures include a 50% dividend cut, the spin-off of its UK natural gas storage business and the partial sale of its stake in Northern Natural Gas pipeline, which it acquired from Enron as part of their ill-fated deal. Dynegy also expects 2nd quarter earnings per share to be about the breakeven point. The company said that its 2002 profit forecast no longer applies, and it will issue a new earnings forecast in late July. Dynegy was expected to earn $0.21 per share in the 2nd quarter and $1.35 in 2002, according to the average estimates of analysts. The company said it expects to take a $450 million pretax charge in the 2nd quarter, $300 million in expenses from its communications unit and $150 million in severance related costs and other expenses. Fitch cut Dynegy''s debt to a 'BB+', the highest level of junk, yesterday. Moody's and S&P, both of which currently give the company an investment grade rating, are also considering downgrades. Dynegy says it would be able to meet its obligations, even if its credit were downgraded by one or more services. Dynegy said the dividend cut would provide $56 million in savings. Over the last 2 years, Dynegy has paid a quarterly dividend of $0.075 per share. Dynegy's partners in the Catlin venture have agreed to remove a $270 million trigger, and it will repay or refinance bank credit in a joint venture with NRG Energy, which will eliminate a $31 million trigger, the company said. Dynegy plans include the sale of up to $400 million in mortgage bonds in its Illinois Power utility and the sale of various other assets to raise another $200 million. The company plans to sell shares in Dynegy Energy Partners, a new company that will own and operate a portion of its natural gas liquids business. It also plans to sell 50% of the 16,600-mile Northern Natural Gas pipeline and expects to save $50 million per year from workforce reductions and spending cuts. In addition, the company will attempt to make its financial results more transparent by including more details about its earnings from regulated businesses and from energy trading. ------------------------------------------------------------- Nymex Natural Gas Option Volatility Supplied by "The Daily Hedger" http://www.linkcounter.com/go.php?linkid=217700 Futures Implied Month Settlement Days Left Volatility Jul $3.430 Exp Tues 66.7% Aug $3.480 31 52.6% Sep $3.501 63 51.8% Oct $3.532 92 51,5% Nov $3.827 122 52.1% Dec $4.087 153 51.2% Jan $4.180 184 52.2% Feb $4.120 217 52.0% Mar $4.037 245 47.9% Apr $3.927 274 40.9% ------------------------------------------------------------- Enron's Trading Partners Denied Separate Creditors Committee The bankruptcy judge handling Enron's case has denied a petition by some of the company's former trading partners for their own committee. Enron owes its former trading partners about $1 billion. But the judge says that the current creditors committee adequately represents the interests of the trading partners, saying their proposed committee would create further discord, litigation and delay. The judge said that the 13-member creditors committee, which includes Duke and Williams, fairly represents the major groups that are owed money by Enron. According to the judge, the former trading partners have not cited a single instance where the ability of the creditors' committee to function has been impaired. The former trading partners are creditors of Enron North America, which generated 90% of the revenue before it collapsed. Court papers indicate that Enron North America has adequate funds to repay its creditors. It lists assets of $13.7 billion and debts of $8.8 billion. Creditors of Enron NA are attempting to separate themselves from the creditors of Enron Corp, which are owed $100 billion, to prevent consolidation of all Enron unit bankruptcies into one large case. If the cases are consolidated, the trading partners and other creditors of Enron North America would see their monetary compensation diluted. ------------------------------------------------------------- Progas Storage and Services, Inc. Progas can custom build gas storage in the Upper Midwest. ? Design to your specifications ? Close to your markets ? Unregulated storage ? Lower transportation fees ? Lower storage rates Progas is now accepting proposals and orders for years 2002-2007 for approxamately 5 bcf of storage on Midwestern system serving Indiana, Illinois, and 3 bcf on Texas Gas Transmission system serving Tennessee, northern Kentucky, Indiana, and Ohio. Additional potential storage filds beding acquired at this time on Midwestern, anhandle Eastern and A & R (Coastal) systems serving the Upper Midwest. Inquiries from potential partners, investment bankers, and brokers welcome. Progas Storage and Services, Inc. 8610 South Highway 277 Abilene, TX 79606 Phone: 915-698-3699 Fax: 915-698-2859 Email: gastorage@aol.com ------------------------------------------------------------- ANALYST SEES MAJOR LOW EARLY 2003 For market technicians who combine the study of the seasonality of natural gas prices with cycle analysis, the early part of 2003 may be a major turning point in the direction of prices. "Our data shows the time cycles pointing lower into the first quarter of 2003," says Walter Zimmerman, Vice President with United Energy, New York. Zimmerman is an advocate of combining the intricacies of Elliott Wave analysis with the seasonal and cyclic characteristics of natural gas prices to make both short and long term forecasts. One of the most intense and often difficult to understand analytical approaches is the us of matching preconceived price patterns to that of current price behavior to see when trends in prices may begin or end. Elliott Wave analysis is just such a technique. The general rule is that an Elliott pattern requires five waves to be completed, three in the primary direction and two counter to the main trend. Thus if natural gas prices have completed a five wave pattern, then the current trend, either up or down, should be over. Typically prices are never exactly at the precise beginning or end of a five wave pattern and analysts often refer to price moves as being one of the five waves. "We think there has been an initial leg down from $3.875 to $3.05 and now the market is correcting that move (higher)," says Zimmerman. Seasonality is also important and is often more easily understood that the vagaries of Elliott Wave analysis. "The seasonality of this market is that prices typically peak in May and bottom in January. There tends to be a correction in between those two points where there is a bottom in September and a rally into November. "Longer term we are very, very, bullish. We think that the $1.76 is a major multi year low (September 2001), and all my longer term time cycle analyses point up to 2005 to 2006. A hedger would want to hedge out to the end of the year, but that's about it. In January 2003 all the cycles turn up at the same time." Check out FREE trial subscription to GasTrader Newsletter at: GasTrader.net ------------------------------------------------------------- FINANCIAL SUMMARY The TSE 300 dropped 9.50 points to 7129.93 The CRB Index added 3.42 points to 207.01 The US Dollar increased 0.12 points to 108.31 The Dow advanced 28.03 points to 9281.82 The S&P 500 gained 3.58 points to 992.72 The Nasdaq was up 19.38 points to 1460.34 August NYMEX Crude Oil rose 0.65 to 26.47 Canadian-US Exchange fell 0.0062 to 1.5168 ------------------------------------------------------------- Lotus, AOL, Yahoo, Excite, Readers-subscribe by writing to:enerfax-subscribe@egroups.com Pure text , Lotus Readers join-Enerfaxtext@relay.netatlantic.com Outlook users view the web in your email join-enerfaxdaily@relay.netatlantic.com ------------------------------------------------------------- To view past issues of Enerfax Daily -Sign up for free at Divines Sagewave at http://www.sagewave.com/D2/autolog/common/log.asp?KEY=enerfax or write enerfax@enerfax.com for past issues directions --- You are currently subscribed to enerfaxtext as: chris.germany@enron.com To unsubscribe click on the link below: http://relay.netatlantic.com/cgi-bin/unsubscribe.pl?id=14817067X <a href="http://relay.netatlantic.com/cgi-bin/unsubscribe.pl?id=14817067X"< Click Here </a<
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