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To: Broken_Clock who wrote (16227)	3/23/1998 10:02:00 PM
From: The Perfect Hedge	Read Replies (1) \| Respond to of 95453

Ez boys,don't shoot the meesenger..GD

To: Broken_Clock who wrote (16227)	3/23/1998 10:36:00 PM
From: Lucretius	Read Replies (1) \| Respond to of 95453

Pap, more wood for the UNT burning fire........ Monday March 23, 5:33 pm Eastern Time NYMEX natgas still up late, some hit new highs NEW YORK, March 23 (Reuters) - NYMEX Hub natgas futures remained higher late Monday in fairly active trade, with more technical buying and firmer physical prices driving some months to new contract highs, industry sources said. At 1415 EST, April was still up by 6.2 cents at $2.405 per million British thermal units after trading today between $2.326 and $2.42. May was 7.7 cents higher at $2.445 after climbing to a new high of $2.46. Other months remained up 2.3 to 7.6 cents, with most of the front 12 setting new benchmarks. ''Technically, it certainly looked bullish after last Wednesday, and we're getting more follow through today, but I think cash buyers are a little reluctant up here. I don't think futures have the legs to go much higher,'' said one Midwest trader, noting funds got long last week after April's close Wednesday above key resistance at $2.205. While April may see more utility gas buying interest to protect coal stocks, traders noted cash prices were lagging futures with only five days to expiration, a possible sign the market was getting toppy. In addition, they noted balmy weather forecasts later this week also could slow demand. Forecasts this week call for a gradual warming trend for most of the nation, with Midwest temperatures expected to climb to as much as 20 degrees F above normal by Friday and the East ranging from several to 15 degrees above. Texas can expect temperatures 10-20 degrees above normal for the week. Chart traders agreed the technical picture turned more bullish Wednesday after April's close above key resistance. Next resistance was still pegged at $2.43, with better selling likely at the contract high of $2.46. Interim support was now seen at $2.29 and then in the $2.20 area, with major support still pegged at the recent low and double bottom at $2.105. Further buying was expected at $2.06 and $2.00. In the cash Monday, Gulf Coast swing quotes firmed three to four cents to the mid-to-high $2.20s. Midcon pipes gained a penny or two to the low-$2.20s. Chicago city gate gas was up slightly to the mid-to-high $2.30s, while New York jumped five to 10 cents to the mid-to-high $2.50s. NYMEX said an estimated 61,228 Hub contracts traded at 1340 EST. Hub open interest on March 20 rose 6,122 contracts to 211,907. NYMEX April natgas futures expire Friday, March 27.