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Politics : High Tolerance Plasticity -- Ignore unavailable to you. Want to Upgrade?

To: Warpfactor who wrote (2139)	3/21/2001 3:13:59 PM
From: excardog	Respond to of 23153

Warp Read a futures trader that thinks the mark to market upcoming at the end of the month will be a non event. His opinion is all kinds of fishy stuff goes on behind the scenes , bribes etc. Who knows. Some gas stuff (read the last quote) DJ AGA Report Of 23 Bcf Draw Bearish For Natural Gas Mkt CALGARY (Dow Jones)--The American Gas Association reported a draw of 23 billion cubic feet from storage for the week ended March 16, deemed bearish by traders. Wednesday's report shows an injection of 3 Bcf in the producing region, at 24% full; a pull of 31 Bcf in the consuming region east, at 17% full. An injection of 5 Bcf draw was reported in consuming region west, with storage at 30% full. The total draw was below market expectations of 35 Bcf to 50 Bcf and saw the April futures contract tumble as a result. Trading for the April futures contract dropped 18 cents within minutes of the report's release at 2 p.m. EST (1900 GMT) and continued sliding as traders considered the impact of a low draw. At 2:03 p.m. EST (1903 GMT), the April contract was trading around $5.08-$5.10/MMBtu, down 18.7 cents. May fell 18.1 cents to $5.16/MMBtu. "When you have a net overall injection reported, it really shows what we're capable of doing that we didn't do last year, and that was going in early," said a Houston trader. Over the last five years, the draw for the corresponding week has averaged 65 Bcf, according to AGA figures. For the last three years, the average pull has been 76 Bcf. Last year, 62 Bcf was pulled from storage. Also, the April contract was trading around $2.75-$2.80/MMBtu at that time. For the week of March 16, the AGA said there was 688 Bcf of working gas in storage. Storage is 21% full. "If we didn't have California, that'd be a sweet number," said one trader.