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Strategies & Market Trends : Three Amigos Stock Thread -- Ignore unavailable to you. Want to Upgrade?

To: JoeinIowa who wrote (22334)	11/22/2000 5:41:48 PM
From: JoeinIowa	Read Replies (2) \| Respond to of 29382

Gas News Wed, 22 Nov 2000, 3:21pm EST 11/22 14:56 Natural Gas Rises as Cold Weather Seen Reducing U.S. Supplies By Bradley Keoun New York, Nov. 22 (Bloomberg) -- Natural gas rose more than 2 percent to its third straight record on expectations that cold weather last week led to a second straight weekly decline in inventories of the nation's leading heating fuel. Heating demand in the U.S. was 34 percent above normal last week, according to the National Weather Service. Analysts surveyed by Bloomberg expected an industry report set for release after trading to show U.S. inventories declined by 67 billion cubic feet, or 2.4 percent. ``You're going to walk in Monday morning looking for an exceptionally larger draw'' in next week's report because this week is colder than last week, said George Speicher, an energy trader with Fimat USA Inc. in Houston. Natural gas for December delivery rose 16.9 cents, or 2.6 percent, to $6.577 per million British thermal units on the New York Mercantile Exchange. Prices reached $6.62 during the session, the highest price in 10 years of trading on the Nymex. Prices have been at or close to records for the past two weeks and have declined in only two of 16 sessions this month. The session ended early today and the exchange will be closed tomorrow and Friday for the Thanksgiving holiday. After the market closed, a report from the American Gas Association showed that U.S. natural gas inventories last week fell by 94 billion cubic feet, or 3.4 percent, to 2.648 trillion cubic feet. That was almost double the average decline for the same week in the five previous years of 52 billion cubic feet. The drop widened the year-on-year deficit in gas inventories to 12 percent from 9.1 percent reported last week. Prices have almost tripled in the past year and climbed 46 percent this month on concern that inventories are too low to avoid spot shortages of gas this winter. ``I don't know if they're going to have enough gas to make it through the winter,'' said George Gaspar, managing director of petroleum research at Robert W. Baird & Co. in Milwaukee. Today's AGA report may boost prices further when trading resumes on Monday, Gaspar said. A decline in next week's report would further widen the year-on-year inventory deficit because warm weather allowed inventories to increase by 5 billion cubic feet during the corresponding week last year, he said. -------------------------------------------------------------------------------- © Copyright 2000, Bloomberg L.P. All Rights Reserved.