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Gold/Mining/Energy : OEL.V Osprey Energy Limited -- Ignore unavailable to you. Want to Upgrade?

To: mappingworld who wrote (219)	5/13/2000 6:06:00 PM
From: The Osprey	Read Replies (1) \| Respond to of 1134

Here is an interesting article from Bloomberg News:By Mark Shenk c.2000 Bloomberg News New York, May 11 (Bloomberg) ? Natural gas rose for a fourth day, reaching a 2 1/2-year high, as a forecast for hotter-than-normal weather in the southern U.S. signaled higher demand for gas to generate electricity for air conditioning. The high temperatures will be felt from New Mexico to Florida next week, with especially hot weather in Texas and Oklahoma, according to a National Weather Service six-to-10-day forecast released after trading yesterday. The heat will increase the use of gas-fired power plants and may erode inventories that are down 25 percent from a year ago, traders said. "The heat out there has got the market moving," said Sam Weaver, a gas trader at GSC Energy Corp. in Atlanta. The concern that supplies are low helped the rally, he said. Natural gas for June delivery rose 3.5 cents, or 1.1 percent, to $3.352 per million British thermal units on the New York Mercantile Exchange, the highest closing price since November 1997. It was the second straight 2 1/2-year high. Prices are up 44 percent this year. Rising demand comes amid expectations that U.S. inventories are growing more slowly than they should to make up for the deficit from a year ago. Utilities normally stock up this time of year to meet higher electricity demand in the summer and home heating demand when the weather turns cold in the fall. Inventories rose 5.5 percent to 1.117 trillion cubic feet in the week ended May 5, the American Gas Association said in a weekly report yesterday. "There will be further tightening in the market," said Christopher Eades, a natural gas analyst at Warburg Dillon Read in New York. "We see a significant number of new power plants burning natural gas being built," and supply is not keeping pace, he said. Several gas-fired power plants are expected to begin operating in the next few months, further straining inventories. They include plants run by San Jose, California-based Calpine Corp. and Atlanta-based Southern Corp. Manufacturers and utilities are switching to gas in part because of high oil prices, traders said. Crude oil is up 61 percent over the past year compared with a 50 percent rise for natural gas. The Osprey