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Gold/Mining/Energy : Big Dog's Boom Boom Room -- Ignore unavailable to you. Want to Upgrade?

To: Ed Ajootian who wrote (41009)	3/29/2005 7:30:47 PM
From: Ed Ajootian	Respond to of 206359

WORLD WATCH US natural gas traders were apparently caught off guard Tuesday as the prompt-month Nymex April gas futures contract rolled off the board at $7.323/MMBtu, up 32.4¢, on a day expecting more somnolent trading. Afternoon trading saw a tenacious short-covering rally develop as word spread of a bullish report from PIRA Energy Group that July '05 natural gas futures could hit $8.70 unless crude backs down significantly, which few foresee. Traders also note that futures prices could rally higher for the next two weeks, if they follow a pattern established for the past five months. In any case, those with monthly contracts tied to Nymex will be paying much more than they expected for April baseload supplies. The 32¢ jump will cost an additional $9.6 million for every 100 Mcf of natural gas priced on the April settlement. Buyers in the East are being hit harder because bid-week deals in the West generally settle earlier with no link to futures. Alan Lammey in Houston *********************************************************** OK, fine, maybe it was some short-covering after all. The acid test IMO will be what the May contract settles at on Thursday after it has a chance to digest the next EIA #.