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To: Douglas V. Fant who wrote (48360)	7/22/1999 5:18:00 PM
From: Crimson Ghost	Read Replies (3) \| Respond to of 95453

Early OSX selloff reversed for second day in a row. With crude back above $20 on access and the overall market probably set for at least a modest bounce, a decent OSX rally looks like good bet tomorrow.

To: Douglas V. Fant who wrote (48360)	7/23/1999 1:52:00 PM
From: BigBull	Read Replies (1) \| Respond to of 95453

Holey Moley Very Smart OIL Guy! NG up 4% today alone. NG may not wait till Xmas to do $3. When all the industry guys ask if you have any NG to spare, what do you tell them? <GGGGGGGGG> On second thought, don't answer that question! Bloomberg Energy Fri, 23 Jul 1999, 1:42pm EDT 7/23 12:50 N.Y. Natural Gas at 8-Month High as Heat Boosts Demand From Utilities By Josh P. Hamilton Natural Gas Rises to Eight-Month High on Increased Power Demand New York, July 23 (Bloomberg) -- Natural gas rose 4 percent to an eight-month high on speculation that utilities will burn more of the fuel to generate power as hot weather in parts of the U.S. boosts air conditioning use. High humidity and temperatures into the mid 90s Fahrenheit are expected again today from Chicago to New York. Cooling demand is expected to be more than 60 percent higher than normal in the Midwest during the next seven days, according to Weather Derivatives, a Belton, Missouri-based forecasting firm. ''With heat expected to move into Northeast again over the weekend and remain in the mid-continent area, demand is high,'' said George Ellis, a trader at Paribas Energy Futures in New York. Also, many speculators had sold contracts betting prices would fall and are having to buy them back to limit losses, he said. Natural gas for August delivery at the Henry Hub in Louisiana rose as much as 9.5 cents to $2.49 per million British thermal units on the New York Mercantile Exchange, the highest intraday price since Nov. 13. Prices have risen 14 percent this week and are 26 percent higher than a year ago. Cash prices aren't keeping pace with futures, so the rally may be losing steam, Ellis said. Spot gas recently was trading at the Henry Hub at $2.41 per million Btu bid and $2.45 ask. If temperatures fail to reach the 90s on Monday, futures prices could retreat to the upper $2.30s, he said. -------------------------------------------------------------------------------- © Copyright 1999, Bloomberg L.P. All Rights Reserved.