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To: The Ox who wrote (73940)	9/20/2000 12:04:53 PM
From: The Ox	Read Replies (2) \| Respond to of 95453

Updated Wed Sep 20 09:14 ET NY Natural Gas Pre-opg: Called flat before AGA storage report By Gelu Sulugiuc, BridgeNews New York--Sept. 20--NYMEX Oct Henry Hub natural gas futures are expected to open unchanged from Tuesday's $5.363 per MMBtu settlement as traders await the release of storage data from the American Gas Association (AGA). The AGA report is expected to show another increase in the year-over-year storage deficit, maintaining fears of tight winter supplies intact. * * * The Oct contract continued its string of new all-time highs, soaring to $5.385 Tuesday amid uncertainty whether a new storm system brewing in the Caribbean Sea could threaten offshore production in the Gulf of Mexico. Overnight, tropical weather activity in the region diminished. Oct finished Access down 0.8c at $5.355. The AGA is expected to report that U.S. natural gas inventories increased by 65-75 billion cubic feet last week, according to a BridgeNews survey of brokers and analysts. The lobbying group will release its data after 1400 ET Wednesday. Last year's comparable injection was 78 bcf, while the five-year average is 72.2 bcf. As of Sept. 8, there were 2,258 bcf in storage, 410 less than last year. "Anything below last year is very bullish," said Salomon Smith Barney analyst Kyle Cooper. "A number in the 60s is pretty well factored in the market, so you need it to keep prices at this level." "The market is still skewed to the upside, but maybe (traders) want to test lower numbers first," a trader said. "They won't do a whole lot with it before the AGA, because they've been notoriously wrong lately" in predicting the storage number. "We may get a pretty good pullback depending on the number this afternoon," he added. Meanwhile, several areas of significant tropical weather activity in the Atlantic Ocean, Caribbean Sea and Gulf of Mexico have either diminished in intensity or changed little in the past 24 hours, according to BridgeNews Global Weather Services. A tropical depression near western Cuba may dissipate later today while a disturbance in the western Gulf of Mexico is unlikely to intensify further. Much cooler weather will affect northern and central parts of the United States Wednesday through Sunday, BridgeNews Global Weather Services said. Supplemental heating will be required in many areas for the first time since last spring. Above-average cooling demands will continue through Friday across western and southern parts of the country. (Story .8671) Henry Hub gas for next day delivery traded around $5.270-$5.290 Wednesday morning compared with 5.190-$5.230, traders said. End UPCOMING: --Oct natural gas futures expire Sept. 28. Options expire Sept. 27. --American Gas Association storage report due out at 1400 ET Wednesday.