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Enron Mail |
Daily Market Commentary October 24, 2001
AGA REPORT IGNITES PRICES. . . Natural gas futures pogo sticked higher in active inventory report driven trading Wednesday on the New York Mercantile Exchange. The weekly inventory report released by the AGA showed a build of only 25 BCF, well short of industry expectations of 40 to 50 BCF and traders bid prices up. Significant producer selling was noted and traders expect a higher open tomorrow. . . At the close, the November futures soared $.300 to $2.981 per MMBtu. The December contract jumped $.236 to $3.171 per MMBtu. . . "Expectations were for a 50 build on the AGA's, and that generated a short covering rally," said a New York floor trader. . . "Locals were putting on long positions throughout the day and that brought prices up to $2.70, and once the report came out prices surged higher." . . "There was also a lot of producer selling December and January contracts. Technically the market looks great, and funds and managed accounts who follow strictly technicals are long," he said. . . "On the post close prices were still strong. November was 8 bid at 9, and I look for a strong open tomorrow," he said. For the most complete information available subscribe to GasTrader at http://gastrader.net Bill Burson 120 Summit Blvd. Englewood, Colorado 80110 Tel (303) 761-7470 * Fax (303) 761-8662 (To be removed from this list send email to burson@gastrader.net)
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