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To: Richard D who wrote (51923)	9/27/1999 1:14:00 PM
From: Think4Yourself	Read Replies (1) \| Respond to of 95453

NG futures strip all green. December now $3.15 Same for Heating oil and Gasoline. Crude down slightly.

To: Richard D who wrote (51923)	9/27/1999 1:23:00 PM
From: double-plus-good	Respond to of 95453

wow, the volume in mosty energy stocks is the most anemic i have seen it in a very long time. absolutely dead in the water. one telling indicator of the schizophrenic nature of recent trade can be seen in the trading of PETD. if you buy the logic that the sell-off in the independent producers (gas sensitive ones especially) derives from a lack of confidence in the price of gas going forward, then what logic is there in PETD below the price it was when it announced that it had hedged nearly 100% of winter gas sales at 3 bucks. if we are meant to buy the logic that sufficient and perhaps excessive gas is going to be coming to market to drive prices down below 2.25 then PETD should be a real horse and trading near 6. my guess is that with the prices locked in they should be trading at 6 no matter how you slice it. while i think that the PETD management may have been able to secure better prices, they are still locked in at prices well above what the bears are calling for and what has been one of the purported reasons for the sell-off. sorry, i'm not a taker. this is plain old schizophrenia in my book. patience is called for and opportunism as well. pick your ponies and your prices; this sell-off is without a foundation. ++good

To: Richard D who wrote (51923)	9/28/1999 1:07:00 AM
From: Douglas V. Fant	Read Replies (2) \| Respond to of 95453

RichardD., A crusty old facilities engineer recommended that we buy PTEN at $2/share about 13 months ago- sorry that I did not follow that idea! Yes oil broke out on the upside above its October 1997 peak of $23.15/bbl wti about two weeks ago. Well as to natural gas something happened two weeks ago that people may have missed. A couple of weeks ago weather was mild/cool pretty much across the US, so natural gas usage was low. Simultaneously NG prices slumped back into the $2.49/mcf range. Well if you are a consumer, that was the prime time to buy NG and put it into storage in preparation for winter heating season. So NG in storage should have really spiked the following week. Yet AGA Numbers the next week only showed an increase in storage of 70 bcf of NG- slightly over one day's usage (55bcf/day) on an average day in North America. I play now and then on a hockey team that has a number of people are in the energy/OS industries including gas-related companies like Duke Energy, Enron, CMS. We discussed this issue tonight at practice and collectively concluded (just four feeble minds in the industry, mind you now) that the minimal spike in NG storage figures from two weeks ago when demand was minimal confirms that deliverability is pretty weak in North America right now. So NG demand is there, yet deliverability has faded, and not enough rigs are currently running either onshore or offshore to maintain current production/deliverability....