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To: Sarmad Y. Hermiz who wrote (113694)	12/30/2000 12:31:21 PM
From: Victor Lazlo	Read Replies (1) \| Respond to of 164684

I agree re the price. I think the inventories were up moderately at the last report, as they were the previous week. The refineries usually switch from refining heating oil to gasoline production in mid/late February. Be interesting to see if they postpone that at all this time. Some energy traders believe that China has been stockpiliing petroluem, and that they will cut down on that in 2001 and just buy what they need. We'll see. I guess Iraq is a wildcard but not for the long term. Saudi Arabia is the only opec memmber with any remaining untapped production capacity. So if the economy were not slowing down so fast, maybe oil actually would have hit $60/barrel by now ( the high end of GST's worst-case range.) Re nat gas, it seems like everyone and their brother is coming out of the woodwork to state the bullish case for nat gas. That makes me very wary of how much bull run is left in nat gas for now. Reminds me of the unanimous bulllishness on QCOM last year and even on WCOM just a couple of years ago.