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Gold/Mining/Energy : Big Dog's Boom Boom Room

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To: quehubo who wrote (26211)	10/7/2003 8:53:48 PM
From: Ed Ajootian	Read Replies (1) of 206099

DJ. Nymex/Gas Futures -2: Concerns About Winter Persist Tom Driscoll of Lehman Brothers expects the weekly storage report by the federal Energy Information Administration to show a build of 75 billion cubic feet, well above the three year average of 59 billion cubic feet, and expects storage volumes to break through the key 3 trillion cubic foot level in "two or three weeks." With the 30-day and 60-day forecasts both below normal and three of six independent forecasters recently calling for below normal temperatures, there is some sense in the market that hitting the key 3 trillion cubic foot level will provide relatively little assurance that the market is out of the woods. The EIA cautioned in its winter fuels outlook Tuesday that the risk of price spikes is substantial in the case of a severe winter season. The EIA sees winter gas demand falling by 1.1% from last winter and expects domestic production to average 52.8 billion cubic feet per day or about the same level as last winter, according to the outlook. Well-head prices this winter will average $4.30 unless temperatures are colder than normal. A year ago this week the injection level was 42 billion cubic feet and the largest injection on record was in 1996, at 91 billion cubic feet Storage levels are now only 2% below the five year average. The November contract broke through key a technical resistance level at $5.017. Ed Kennedy of Commercial Brokerage Corp sees the next resistance level at $5.36 to $5.38, a price that he expects to be tested soon. The longer-dated futures strip rose in tandem with the front month contract. December contracts rose 22.2 cents to $5.405, and January rose by 21.3 cents to $5.570. Physical gas at the benchmark Henry Hub ended the session in a closing range of $4.60 to $4.79. -By Spencer Jakab, Dow Jones Newswires; 201-938-4377; spencer.jakab@dowjones.com (John Edmiston in Houston contributed to this article.) ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ Kinda looks to me that this country needs more natty storage capacity! If they say 3 TCF ain't enough to be comfortable then the max capacity damn well better be more than 3.2 TCF or whatever.

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