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Politics : High Tolerance Plasticity
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To: jim_p who wrote (6992)8/24/2001 3:42:11 PM
From: Raymond Duray  Read Replies (3) of 23153
 
I wonder if the member was net long or short the market?

LOL! Good one. What I wonder is how some of the counterparties are going to react. It was one of the best head-fakes of the year. Loved the chutzpah, timing it so wonderfully with the weather window. Or, am I just too jaded to see this for an honest mistake? <g>

I'm sure you're right about the AGA being not regulated by the CFTC. However, the member company, via its trading desk most likely is. I couldn't determine from my reading of McGill's published statements or from his interview on ENL that there was only one company that provided bad data that couldn't be corrected in a timely fashion. I'm curious how you got the impression it was only one data provider?

In view of the tremendous dislocations that the spike in NG prices caused last winter, I'm baffled that the AGA would see the current fascination with the underground storage figures to be anything other than sensible on the part of many observers who previously had little to fear in this regard, but now may be basing business decisions on a far more volatile market than previously. The AGA's comments seem curiously naive about the chaos that the volatile pricing of the recent past has caused.

Regards, Ray :)
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