To: SliderOnTheBlack who wrote (55533 ) 11/29/1999 1:27:00 PM From: SliderOnTheBlack Respond to of 95453
RE: <weather changes & the coming Nat Gas rally> ... a gift horse buying opp for the E&P's into this blow off and pre-the next 2 weeks API's imho: From Doomberg: Natural Gas Rises From Seven-Month Low as Cold Boosts Demand New York, Nov. 29 (Bloomberg) -- Natural gas rose almost 4 percent, rebounding from a seven-month low, as colder weather moved into the U.S. Midwest, improving demand for the heating fuel. The cold front in the Upper Midwest was expected to reach the Northeast in coming days, dropping temperatures into the teens and 20s Fahrenheit. Natural gas prices had plunged amid unseasonably warm weather in the regions. Warmer weather is expected to return next week, forecasters said. ``The cold has definitely helped the market higher today,' said Mark Easterbrook, a natural gas analyst at Dain Rauscher Wessels in Dallas. ``I don't think it'll change the six- to 10- day outlook that much.' Natural gas for January delivery at the Henry Hub in Louisiana rose as much as 9 cents, or 3.9 percent, to $2.42 per million British thermal units on the New York Mercantile Exchange. The December contract fell to a seven-month low of $2.12 in its last day of trading on Wednesday. While natural gas prices have fallen 20 percent this month, they still are 20 percent higher than a year ago. The exchange closed early Wednesday and was shut Thursday and Friday for the Thanksgiving holiday. The National Weather Service on Friday forecast above- to much-above-normal temperatures for the eastern half of the U.S. from Dec. 2 through Dec. 6. A new six- to 10-day forecast will be issued shortly before the end of trading today. PS Nathan: re; PXD ... I'd say back to $10 within weeks here; $12 shortly after Q4 reporting and $13-15 by March-April imho.