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Enron Mail |
---------------------- Forwarded by Carla Hoffman/PDX/ECT on 12/07/2000 09:33
AM --------------------------- Enron Capital & Trade Resources Corp. From: "Pergher, Gunther" <Gunther.Pergher@dowjones.com< 12/07/2000 09:15 AM To: undisclosed-recipients:; cc: Subject: DJ Locals Seen 'Yelling' At Nymex Board Members Touring Pits 16:38 GMT 7 December 2000 DJ Locals Seen 'Yelling' At Nymex Board Members Touring Pits HOUSTON (Dow Jones)--Locals were seen openly haranguing New York Mercantile Exchange board and committee members in the pits at mid-morning Thursday during a suspension of trading, traders in the pits told Dow Jones Newswires. "They're yelling at board members, they're freaking out," an oil and gas pit trader said. "They're not happy - they're losing money." The trader, who also trades in the natural gas pit, said pit participants are concerned that ACCESS trading on low volume has run the price of natural gas up so much. But, he said, when the market reopens at 11:30 a.m. Thursday after an hour of suspended trade, expect the market to fall "decidedly lower." The market subsequently reopened at $8.35, down 13 cents. Locals, he said, want the Nymex to set $1.50 up and down limits and stay with them, he said. The market has initiated inital price limits of $1, expanding to $2, but that decision by the Nymex board late Tuesday still has to be approved by the Commodity Futures Trading Commission. A Nymex spokeswoman expects that decision to come soon. ACCESS trading had pushed the market to $9.235 per million British thermal units, up 75 cents from the $8.485/MMBtu settlement. The market then fell 75 cents back to the settlement price, and the Nymex suspended trading for an hour. "That is really crazy," a Midwest trader said. The market shut trading at 10:30:06 a.m. EST Thursday (1530 GMT), according to a Nymex spokeswoman. It will resume at 11:30 a.m.,. she said, with 75-cents down limits in effect. On Enron Online, the January contract was trading at $8.35-$8.41/MMBtu, a Houston trader said, oscillating between $8.47-$8.53 at 11:25 a.m. EST (1625 GMT). Physical gas at the Henry Hub is trading around $8.21-$8.28, and swing swaps for the rest of the month is at $8.70-$8.88, he said. - By John Edmiston, Dow Jones Newswires; 713-547-9209; john.edmiston@dowjones.com (END) Dow Jones Newswires 07-12-00 1638GMT Copyright © 2000, Dow Jones & Company Inc G_nther A. Pergher Senior Analyst Dow Jones & Company Inc. Tel. 609.520.7067 Fax. 609.452.3531 The information transmitted is intended only for the person or entity to which it is addressed and may contain confidential and/or privileged material. Any review, retransmission, dissemination or other use of, or taking of any action in reliance upon, this information by persons or entities other than the intended recipient is prohibited. If you received this in error, please contact the sender and delete the material from any computer.
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