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Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: Jon Cave who wrote (80681)	12/4/2000 11:53:41 AM
From: excardog	Read Replies (1) \| Respond to of 95453

Dec. 4-MAR-- By Robert Gibbons, BridgeNews New York--Dec. 4--NYMEX natural gas futures were halted at 1027 ET Monday when the Jan and Feb contracts were "limit-up" for five minutes, according to brokers. No one from NYMEX could immediately be made available to confirm. Trading will resume at 1127 ET, according to brokers. Jan traded up to its 75- cent limit, or 11.24%, to a new all-time high of $7.423 per MM/Btu. Feb traded up 75c, or 11.48%, to $7.283. * * * Brokers said the next limit on the front-month contracts would be $1.50 when trading resumes. Cold weather, expectations for Arctic air entering the U.S. from Canada and U.S. natural gas storage well below last year's levels combined to spike prices, first in overnight Access trading and then in Monday's morning session. Brokers contacted after the halt were looking for profit takers to be hovering around when trading resumes. "We've gone up pretty far and fast," said one broker. "We look for it to stall (after trading resumes)." "I'd take 'em now," said a trader, citing cold weather, strong wind chill and high power demand supporting the market. "Power prices in the Ohio Valley were way up." Henry Hub next-day natural gas supply was trading at 10c below the NYMEX price, up substantially from Friday's numbers, according to trading sources. End