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Enron Mail |
Daily Market Commentary ATTENTION . . . ATTENTION . . . ATTENTION . . . Beginning December 3 the Daily Briefs will be available only with a subscription to GasTrader Newsletter. With GasTrader Newsletter and the Daily Briefs not only will the short term outlook from the floor of the New York Mercantile Exchange be available, but the longer term outlook complete with no nonsense trading recommendations will be covered as well. Check out the website for a SAMPLE NEWSLETTER, sign up for a FREE 5 WEEK TRIAL SUBSCRIPTION at GasTrader.net or reply to this e-mail if interested in a special discount. . . . . .
November 19, 2001 STRONG CASH, LACK OF OFFERS BUOY FUTURES . . . Natural gas futures surged higher in busy trading Monday on the New York Mercantile Exchange. Prices opened lower but staged a stunning 27 cent rally from their lows to score triple digit gains. Strength in the Midwest cash market, and trader apprehension of selling against impending cold weather kept the bulls in control. Short term traders see a broad trading range with prices currently near the top of that range. . . At the close of trading the December futures jumped $.154 to $2.791 per MMBtu, and the January added $.146 to $2.996 per MMBtu. . . In the cash market buying by Midwest utilities kept Chicago city-gate prices surging. Prices finished in the $2.50 range up from Friday's close in the $1.90's. . . "There were very few offers and prices just kept moving on up. There were stops above the market, and the cash market took off and that kept the futures moving higher," said Bill Highland, trader with E.D.&F. Man, New York. . . "There is cold weather expected in the upper half of the United States; that was part of today's rally, but I don't know how long it's going to last." . . "We're still hearing a build for this week on the AGA's, and that's got some traders spooked. I'm expecting a range of $2.90 to $2.60 for the rest of the year," he said. . . "I read the floor traders as being short. Even though we had this move higher today I think some traders actually went home short. I'm looking for a slightly higher open tomorrow (depending on Access), but December would be a sale anywhere from $2.83 to $2.87," 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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