Message-ID: <13443428.1075840970328.JavaMail.evans@thyme> Date: Tue, 5 Feb 2002 04:55:41 -0800 (PST) From: enerfax1@bellsouth.net To: enerfaxweb@yahoogroups.com Subject: Enerfax Daily's free web version of gas & power prices and info (unknown) Mime-Version: 1.0 Content-Type: text/plain; charset=ANSI_X3.4-1968 Content-Transfer-Encoding: quoted-printable X-From: enerfax1@bellsouth.net@ENRON X-To: Enerfaxweb@yahoogroups.com X-cc: X-bcc: X-Folder: \ExMerge - Lewis, Andrew H.\Deleted Items X-Origin: LEWIS-A X-FileName: andy lewis 6-25-02.PST Enerfax Daily NORTH AMERICA'S FREE POWER AND GAS INFORMATION SOURCE=20 Tuesday, February 5 2002 No. 927 Visit: http://www.enerfax.com to view our web version or for Oil Prices & = News http://www.enerfaxgold.com=20 PHYSICAL NATURAL GAS PRICES =20 Gulf/Eastern Region =20 | Agua Dulce | 2.04 | | ANR SE | 2.12 | | Carthage TG | 2.11 | | Chicago Citygate | 2.17 | | Columbia Gulf Onshore | 2.17 | | Dominion South Point | 2.37 | | Henry Hub | 2.18 | | Houston Ship Channel | 2.16 | | Katy Hub | 2.10 | | NGPL LA Pool | 2.12 | | NGPL - Midcontinent | 2.05 | | NGPL STX | 2.07 | | NGPL TX/OK | 2.09 | | NNG Demarc. | 2.12 | | Niagara | 2.41 | | Sonat Tier 1 | 2.13 | | TCO IPP Pool | 2.28 | | Tetco ELa | 2.13 | | Tetco M-3 | 2.64 | | Tetco STX | 2.07 | | TGP Zone 0 | 2.06 | | TGP Zone 1 (500 Leg) | 2.13 | | TGT Zone SL | 2.16 | | New York Citygate | 2.93 | | Transco Station 65 | 2.21 | | Transco Zone 6 (NY) | 2.92 | | Trunk ELa | 2.11 | | Western Region =20 | California Border | 2.17 | | El Paso Keystone | 2.04 | | El Paso San Juan-Blanco | 2.05 | | Waha Hub | 2.06 | | Canadian/Rockies Region=20 | Nova/Aeco (C$/gig) | 2.84 | | Dawn Hub/Union | 2.28 | | Northwest Stanfield | 2.00 | | Wyoming Pool | 1.90 | | Opal | 1.90 | | PGT-Malin | 2.09 | | Sumas | 1.97 | Flow Date 2/5 ------------------------------------------------------------- NATURAL GAS FUTURES Henry Hub=20 12 Month Strip 2.5016 -0.0140 =20 18 Month Strip 2.6023 -0.0098 =20 | Month | High | Low | Close | Change | | MAR | 2.150 | 2.080 | 2.117 | -0.021 | | APR | 2.215 | 2.150 | 2.184 | -0.014 | | MAY | 2.270 | 2.220 | 2.252 | -0.014 | | JUN | 2.330 | 2.296 | 2.317 | -0.014 | | JUL | 2.400 | 2.365 | 2.377 | -0.014 | | AUG | 2.450 | 2.420 | 2.432 | -0.014 | | SEP | 2.450 | 2.420 | 2.432 | -0.014 | | OCT | 2.475 | 2.440 | 2.459 | -0.011 | | NOV | 2.700 | 2.670 | 2.679 | -0.016 | | DEC | 2.900 | 2.870 | 2.879 | -0.015 | | JAN | 2.980 | 2.960 | 2.969 | -0.012 | | FEB | 2.930 | 2.910 | 2.922 | -0.009 | ------------------------------------------------------------- - RISK MANAGEMENT=20 Across the Energy Enterprise e-Acumen, Inc., is uniquely positioned to help you manage risk and increase= value. That's because our analytics, data and applications cover all strat= egic aspects of the energy enterprise, from short-term forecasting to compr= ehensive risk analysis and portfolio optimization, to asset valuation and w= eather risk management. Dedicated to the needs=20 of energy and trading companies in a dynamic and competitive world, our app= roach combines best-in-class physical fundamentals with industry-leading st= atistical methodologies.=20 e-Acumen is a venture-backed company founded in January, 1997. Since then w= e have listened attentively to the market and assembled a stellar cast of s= easoned energy industry professionals and Silicon Valley technologists. Joi= n us as we help the industry continue its path toward liquidity and profita= ble, risk-managed growth in the exciting years ahead! Click here to find out more about current special offers, or go to http://= www.e-acumen.com=20 ------------------------------------------------------------- Natural Gas Futures End Choppy Day Down=20 Natural gas for March delivery on the NYMEX ended down $0.021 yesterday at = $2.117 per MMBtu. The April contract slipped $0.014 to $2.184 per MMBtu. Th= e market opened lower, but bounced off $2.08. However, it could not get hig= her than $2.15, and failed to trigger anticipated buy stops above $2.17. Ev= ery rally is hit with a wave of selling. Look for the market to open lower = again this morning. The AGA reports last weeks storage information tomorrow= afternoon. Expect a withdrawal of about 120 Bcf 130 Bcf. Last week, 111 B= cf was withdrawn leaving 2.294 Tcf in storage. The nations storage faciliti= es are still 70% full compared to 38% full a year ago. Natural gas for next= day delivery across the US and Canada was generally flat to plus or minus = $0.05 yesterday. Physical prices jumped higher in the Northeast. Utilities = reportedly nominated base-loads for every day for February, intending to us= e the spot market only as weather dictates. Cash prices held as much as $0.= 08 $0.09! above the NYMEX. Natural gas for next day delivery at the Henry = hub ended flat at $2.18 per MMBtu. ------------------------------------------------------------- Exploit the enterprise-wide transaction management power deployed by the big names in gas. NUCLEUS Software ZAINET Gasmaster The most comprehensive, totally-integrated natural gas information system available today. Ask about out limited-time offer competitive upgrade program. CAMINUS Your Competitive Edge in Energy. Call Caminus at (212)515-3700 or visit the website at http://www.caminus.co= m=20 ------------------------------------------------------------- Today's Power Bulletins * Otter Tail Says 4th Quarter Operating Income Up 21% * AEP Hires Schroder Salomon Smith Barney and ABN Amro for UK and Australia= Sales * PricewaterhouseCoopers Says Enron Europe Has Billions of Dollars of Liabi= lities * JP Morgan Chase Advises Investors to Ooverweight Calpine Bonds=20 * AFL-CIO Asks SEC to Bar Enron Directors from Boards * Chairman of Russian Giant Unified Energy Systems Seeks Linking Grid with = Europe * Sempra Energy Trading Completes Acquisition of Enron Metals Limited for= =20 $145 Million in Cash * Bush Administration Proposes 19% Increase in Spending for Salmon Recovery= in the Northwest * Alliant Energy Resources Completes Exchange Offer for $300 Million of 7% = Senior Notes Due 2011=20 ------------------------------------------------------------- DO YOU JUST SEE TREES? WE SEE A FOREST!=20 See the forest with NewEnergy MarketPower by efficiently obtaining informat= ion for critical market-based investment decisions and mitigate your risk. Use MarketPower to determine the effects of transmission congestion, fuel c= osts, generator availability and load growth on market prices to better exe= cute your company's strategic direction. Designed specifically for today's energy industry, MarketPower is accurate = and easy-to-use, so you can plan for tomorrow...today! New Ideas...New Solutions...NewEnergy.=20 For a free 30-day trial visit us at http://www.NewEnergyAssoc.com/justdownl= oadit or call us at 770 779 2957 for more information ------------------------------------------------------------- WSJ Says Enron Officials Knew About Chewco Partnership=20 Top Enron executives, including Chairman Lay and former CEO Jeffrey Skillin= g, knew about the controversial partnerships, according to the Wall Street = Journal, citing minutes from a November 5, 1997 meeting. Former CFO Andrew = Fastow and several board members including external director Herbert Winoku= r Jr were also at the meeting that discussed Enron's partnership Chewco, na= med for the Star Wars character Chewbacca. Chewco, which was supposed to be= completely independent, but was run and partly owned by Enron executive Mi= chael Kopper, who also attended the meeting. Federal investigators and priv= ate litigants are trying to find out who knew what about Chewco and when. A= n attorney for Winokur says the executive committee was told that Chewco wa= s a special-purpose vehicle not affiliated with the company. The board neve= r waived the conflict-of-interest policy for Kopper nor was the board told = that Kopper was involved with Chewco.=20 ------------------------------------------------------------- FAST. FLEXIBLE. PROVEN. The AURORA(TM) electric market model helps you deal with the challenges and= risks of today's energy marketplace. Exceptionally fast and easy to learn, AURORA(TM) reflects fundamental marke= t drivers and gives power marketers, resource developers and portfolio mana= gers a better way to manage against market uncertainty and price volatility= .=20 AURORA delivers - ?=09Price forecasts - hourly, daily, weekly, monthly, yearly ?=09On-peak, off-peak pricing ?=09Resource valuation and net power costs ?=09Portfolio analyses ?=09Capacity expansion analyses ?=09Effects of emissions ?=09And much more . . . AURORA's comprehensive databases cover all electricity markets throughout t= he U.S. and Canada. The model also handles storage, congestion pricing, and= offers detailed reporting and data export capabilities. It can be used as = a stand-alone tool or be integrated with your other business tools. Visit us at http://ww.epis.com or call (503) 722-2023. EPIS, Inc. Market Information Solutions for the Electric Power Marketplace ------------------------------------------------------------- Natural Gas NYMEX Volume 02MAR 28,386 02APR 6,782 02MAY 2,853 02JUN 1,156 02JLY 1,787 02AUG 1,270 02SEP 1,360 02OCT 2,160 02NOV 1,238 02DEC 1,213 03JAN 1,710 03FEB 1,558 03MAR 130 03APR 57 03MAY 36 03JUN 179 03JLY 54 03AUG 827 03SEP 203 03OCT 62 03NOV 125 03DEC 84 04JAN 19 04FEB 52 ------------------------------------------------------------- GET REAL about energy risk management with KWI In today's fast moving energy markets you need to be able to manage risk in= real time. That means knowing before you hit a risk problem, not afterwards when it ma= y be too late to prevent big losses spreading right through your enterprise= . With kW3000(tm), our multi-commodity, integrated front to back office softw= are, you can monitor your Profit At Risk(tm), counterparty risk and mark-to= -market all in real time. Keep alert to risk. Do it in real time. Call KWI -Americas: +1-281-681-3301= / Europe: +44 (0) 20-7386-2700 / Asia Pacific: +61(0) 2-9976-6111http://ww= w.kwi.com=20 -------------------------------------------------------------- Lay Breaks Date with Congress After Report Issued Enron attempted to systematically manipulate its financial results and dece= ive shareholders as top executives made personal gains of millions of dolla= rs, according to William Powers, dean of the University of Texas Law School= in testimony to be delivered before Congress yesterday. There was also fai= lures in the performance of Enron's outside advisors. And there was a funda= mental default of leadership and management, starting with former CEO Ken L= ay and reaching to the board and senior managers. As Congress begins a week= of hearings, the House Financial Services capital markets subcommittee als= o heard from SEC Chairman Harvey Pitt. Powers joined the Enron board to inv= estigate events leading up to the company filing for bankruptcy on December= 2nd. He has issued a 218-page report that found Enron fattened its profits= by almost $1 billion through a web of financial partnerships used to hide = losses, while top managers made millions of dollars they should never have = received. ! He laid some of the blame for on Lay and of Jeffrey Skilling. P= owers said former ex-Enron CFO Andrew Fastow made at least $30 million, whi= le former senior executive Michael Kopper made at least $10 million through= their involvement in off-the-books partnerships. Enrons board of directors= failed in its duty to provide leadership and oversight and in the end, the= tragedy could and should have been avoided, Powers said. After the report = was released, Lay canceled plans to testify before a Senate committee and b= efore the capital markets subcommittee.=20 ------------------------------------------------------------- ENERGY. @ENERGY(r), FEA's Complete Suite of Energy Products, BUILT FOR THE FUTURE. *Manage all your energy risks. *Build and Price deals. *Value physical assets (generation, storage, etc.) *Report and reduce your energy risks FEA FINANCIAL ENGINEERING ASSOCIATES Inc.www.fea.com/?cId=3D18=20 Jennifer Cogley Marketing Department Financial Engineering Associates 2201 Dwight Way Berkeley, CA 94704www.fea.com =20 mailto:jennifer.cogley@fea.com=20 T. +1 510-549-8702x209 F. +1 510-548-0332=20 ------------------------------------------------------------- PHYSICAL POWER PRICES | | High | Low | Average | | | $/MWh | $/MWh | $/MWh | | Cinergy | 24.00 | 20.15 | 21.90 | | ECAR | 23.00 | 19.00 | 20.40 | | ERCOT | 21.00 | 18.50 | 19.10 | | Entergy | 21.05 | 20.00 | 20.50 | | TVA | 24.00 | 21.00 | 22.55 | | ComEd | 23.50 | 21.50 | 22.60 | | Nepool | 30.80 | 29.80 | 30.15 | | PJM West | 22.75 | 21.75 | 22.00 | | Main | 23.25 | 20.00 | 22.15 | | MAPP | 23.75 | 20.25 | 22.30 | | Palo Verde | 24.00 | 23.00 | 23.75 | | Mid C | 21.00 | 19.00 | 19.60 | | COB | 24.00 | 22.00 | 22.60 | | 4 Corners | 24.25 | 23.25 | 23.90 | | Mead | 25.75 | 24.00 | 24.95 | | NP 15 | 25.25 | 23.50 | 24.25 | | SP 15 | 25.25 | 23.50 | 24.45 | ------------------------------------------------------------- AEP May Sell Some Foreign Assets=20 American Electric Power may sell Seeboard, which serves 2 million power and= natural gas users in the UK, and CitiPower, an Australian retail and distr= ibution unit, to lower debt as it switches its focus to wholesale markets a= nd away from household power supply. Like Reliant and Mirant, AEP is sellin= g foreign assets to protect its credit ratings. Enrons bankruptcy has cause= d many energy companies to slash capital spending and sell assets to lower = debt. AEP has $2.6 billion in debt maturing in the next 2 years. Seeboard i= s valued at about $2.1 billion and CitiPower at as much as $760 million. AE= P, which acquired Seeboard in a $10 billion buyout of C&SW, said will consi= der all potential options for Seeboard. AEPs 4th quarter earnings fell 41% = due to mild weather. It is selling common stock and convertible preferred s= hares to raise cash and shore up its balance sheet. Last year, AEP sold Yor= kshire Power in the UK and purchased 2 power stations. AEP has also been ex= panding it! s energy trading business after Enrons collapse. It bought Enro= n's Scandinavian businesses and hired 22 coal traders from Enron. Seeboard = is likely to fetch a good price since it is the only supply business for sa= le in the UK. E.ON, Electricite de France and Scottish & Southern Energy ha= ve been named as likely bidders for Seeboard. CitiPowers sale will probably= happen in the 3rd quarter, according to AEP. Possible buyers could be Aust= ralian Gas Light, United Energy and Origin Energy. AEP bought the retail an= d distribution company for $1.1 billion in 1998. =20 ------------------------------------------------------------- OPEN SEASON SG Resources Mississippi, L.L.C., a wholly owned subsidiary of SGR Holdings= , L.L.C., is conducting an open season for firm storage services at its new= high-deliverability, salt cavern, natural gas storage facility, known as t= he Southern Pines Energy Center. The open season will begin at 9:00 a.m. CD= T on February 4, 2002, and will continue until 5:00 p.m. CDT on March 4, 20= 02. The project is located at the border of Mississippi and Alabama with ac= cess to the major pipelines serving the Mid-Atlantic and the Southeastern U= nited States. The facility is ideally located to serve as a transportation = and storage hub for shippers on any one of nine major pipelines that will b= e interconnected directly or indirectly to the project. Information on the = facility and the Open Season is available on our web site at http:= //www.sgr-holdings.com =20 or contact us at 713-914-8188. ------------------------------------------------------------- Todays Gas Bulletins * Ken Lay Quits Enron Board as Congress Investigates * Maritimes Seeks FERC Approval of $250 Million Pipeline Expansion Into Nor= theast * World Natural Gas Producers Discuss Joint Ventures at Algeria Meeting=20 * Three Hearings Scheduled for Today; One Involves Enron Board Member Willi= am Powers Who Will Testify Before House Energy and Commerce Committee's Ove= rsight Subcommittee * Dynegy Says It Did Not Cause Enrons Bankruptcy; Says Enron Has Only Itsel= f to Blame * Internal Enron Report Could Aid Prosecutors * Justice Department Says Enron Special Counsel Not Needed * Raymond James and Associates Boosts Natural Gas Price Estimate for 2nd Ha= lf of Year in Anticipation of Robust Demand Recovery * Enbridge Buys Texas Natural Gas Gathering and Processing Assets from Sulf= ur River Gathering for $178 Million * Williams Communications Posts Loss; Banks Warn of Default * Ex-Enron CEO Skilling Still Plans to Testify ------------------------------------------------------------ Ziff Energy Group presents Gas Storage 2002 Redefining the Fundamentals: Is Gas Still in the Storage Game? Power Drives Storage Will the recession affect plant and storage development? Will record high volumes in storage further depress gas prices? Is it possible to mitigate storage risk while dealing with year-round price volatility? Plus Two Important Workshops Calpine Corporation Hear what the Power Generator wants from the storage industry Bruce Bernard Learn from the expert how to mitigate storage price risk in the 2002 gas marketplace February 6 & 7 Houston Four Season Hotel 1300 Lamar Street Register Today for this Important Conference Call 1-800-853-6252 Email: gasconference@ziffenergy.com=20 Visit: http://www.ziffenergyconferences.com=20 ------------------------------------------------------------- Williams May Sell Midwest Oil Products Pipeline Williams may sell its 8,000-mile Midwest oil products pipeline and storage = depots for between $500 million and $1.5 billion, to help defray costs from= possible exposure to $2.4 billion from Williams Communications. Last week,= Williams postponed the release of 4th quarter results to review costs asso= ciated with Williams Communications Group, which was spun off in April. Wil= liams said that those costs will be included in the 4th quarter earnings re= port. Williams Energy Partners which is 60% owned by Williams has been ment= ioned as a likely buyer for the pipeline. Williams has sold securities and = cut capital spending to shore up its balance sheet amid heavier scrutiny by= credit rating agencies following Enrons bankruptcy. Williams 7.5% coupon b= onds maturing in 2031 were down about $44 to $879 per $1,000 face value fro= m $923 last week, with the spread above US Treasuries climbing to 330 basis= points from 285. None of the rating agencies has downgraded Williams debt = yet, but S! ?has says it may lower Williams ratings because of concern abou= t the company's finances. S?rates Williams BBB+, Moody's rates it Baa2 and = Fitch rates it as BBB, all investment grade. Williams is aiming complete th= e Midwest pipeline sale by the end of the 2nd quarter. Net income for Willi= ams Energy Partners more climbed to $21.7 million from $3 million a year ag= o. It also raised quarterly payment to unit holders by 12% to $0.59. The p= ossible purchase of the Midwest pipeline could be financed through a combin= ation of debt and equity, Williams Energy Partners said. The partnership ha= s $140 million in private debt. Williams said its 4th quarter loss had wide= ned and its banks have warned that the it may be in default of their credit= agreements. Williams stock dropped 13.9% yesterday, down 2.64 to 16.36.=20 ------------------------------------------------------------- R. W. Beck is an engineering and management consulting firm serving utiliti= es, developers, financiers and governments worldwide. Founded in 1942, we = help our clients face energy market challenges by providing: Portfolio Analysis to improve diversification and risk-adjusted performance= of energy assets. Risk Control to help reduce the probability of losses. Asset Valuation to understand the market value and risk characteristics of = physical and financial energy assets. Training to improve your ability to identify and manage tactical and strate= gic risks.=20 Please visit our web site at http://www.rwbeck.com=20 ------------------------------------------------------------- POWER FUTURES =20 | Month | COB | Change | PV | Change | | MAR | 19.25 | +0.00 | 21.35 | +0.10 | | APR | 19.75 | +0.00 | 22.25 | -0.25 | | MAY | 19.50 | +0.00 | 23.75 | -0.75 | | JUN | 20.00 | +0.00 | 26.75 | -0.75 | | JUL | 26.50 | +0.00 | 37.25 | -0.25 | | AUG | 38.00 | +0.00 | 42.50 | +0.00 | | SEP | 26.00 | +0.00 | 33.00 | +0.50 | | OCT | 24.00 | +0.00 | 28.00 | -1.00 | | NOV | 24.50 | +0.00 | 27.00 | -0.50 | | DEC | 26.00 | +0.00 | 27.50 | -1.00 | | JAN | 30.00 | +0.00 | 28.25 | -0.25 | | FEB | 27.50 | +0.00 | 28.00 | +0.25 | | Month | Entergy | Change | Cinergy | Change | | MAR | 19.80 | -0.20 | 20.90 | -0.40 | | APR | 19.80 | -0.20 | 21.25 | -0.25 | | MAY | 22.25 | -0.25 | 24.50 | +0.00 | | JUN | 27.10 | +0.00 | 29.75 | -0.05 | | JUL | 34.60 | -0.05 | 38.00 | -0.40 | | AUG | 35.25 | +0.60 | 38.00 | -0.40 | | SEP | 31.65 | +0.00 | 22.85 | -0.25 | | OCT | 22.00 | +0.05 | 22.90 | -0.10 | | NOV | 22.00 | +0.05 | 22.90 | -0.10 | | DEC | 22.00 | +0.05 | 22.90 | -0.10 | | JAN | 24.15 | -0.10 | 25.50 | -0.50 | | FEB | 24.15 | -0.10 | 25.50 | -0.50 | ------------------------------------------------------------- Power Futures =20 | Month | PJM | Change | | MAR | 24.70 | -0.40 | | APR | 25.20 | +0.10 | | MAY | 28.25 | -0.30 | | JUN | 34.75 | -0.50 | | JUL | 46.10 | -0.25 | | AUG | 27.05 | +0.00 | | SEP | 27.05 | -0.05 | | OCT | 26.05 | -0.05 | | NOV | 26.05 | -0.05 | | DEC | 26.05 | -0.05 | | JAN | 30.25 | +0.00 | | FEB | 30.25 | +0.00 | ------------------------------------------------------------- Nymex Natural Gas Option Volatility=09=09 Supplied by "The Daily Hedger"=09=09=09=09=09 Futures=09 Implied Month=09Settlement=09Days Left Volatility Mar=09 $2.117=09 21=09 67.7% Apr=09 $2.184=09 49=09 57.7% May=09 $2.252=09 80=09 51.4% Jun=09 $2.317=09 113=09 47.3% Jul=09 $2.377=09 141=09 53.4% Aug=09 $2.432=09 172=09 48.8% Sep=09 $2.432=09 204=09 49.0% Oct=09 $2.459=09 233=09 54.9% Nov=09 $2.679=09 266=09 46.9% Dec=09 $2.879=09 294=09 57.6% ------------------------------------------------------------- 7th Annual THE LDC FORUM * WINTER OF 2002=20 April 18-19, 2002 - Boston, Massachusetts=20 SAVE $100 - ACT NOW! (offer expires 2-15-02) CONFERENCE HIGHLIGHTS INCLUDE: Meet with over 500 gas buyers and sellers at the largest LDC Forum ever! S= pecial sessions include detailed discussions on The Post-Enron Marketplace,= Volatile Gas Prices, Minimizing Risk, New Projects in the Northeast, Suppl= y Issues and more.. FOR ATTENDEES LIST, go to: http://www.interchange-energy.com/Boston/Attende= es.htm=20 FOR AGENDA, go to: http://www.interchange-energy.com/Boston/Agenda.htm=20 TO REGISTER, go to: http://www.interchange-energy.com/Boston/Register.htm= =20 VISIT OUR WEBSITE at: http://www.interchange-energy.com =20 THE LDC FORUM SERIES: Boston - April 18-19, 2002 http://www.interchange-energy.com/Boston/Home.= htm=20 Atlanta - June 10-12, 2002 http://www.interchange-energy.com/Atlanta/Home.= htm=20 Chicago - September 9-11, 2002 http://www.interchange-energy.com/Chicago= /Home.htm=20 OR CALL Jerry Ribnick at 763-545-1515 The LDC Forum * Winter of 2002 CORPORATE SPONSORS AEP Energy Services * Aquila * Caminus * Columbia Gas Transmission * Conoco= Gas and Power * Dominion Transmission * Duke Energy * El Paso Merchant Ene= rgy * EnergyUSA-TPC Corporation * Entergy-Koch Trading, LP * Greyhawk Gas= Storage Company, LLC * Iroquois Gas Transmission System LP * Lukens Energy= Group * Northwinds Pipeline * PG?National Energy Group * Reliant Energy * = Shell Trading (Coral Energy) * Tennessee Gas Pipeline * TransCanada PipeLin= es * TXU Energy Trading * Union Gas * Williams Gas Pipeline ---------------------------------------------------------------------------= ----------------------------------------------- Lay Makes Himself Scarce A congressional committee trying to serve a subpoena on former Enron Chairm= an Ken Lay can not seem to locate him. His personal attorney does not know = where he is and would not accept the subpoena. The House of Representatives= Financial Services Committee finds the whole situation quiet puzzling. Lay= 's attorney says he is ill and has no idea where Lay is. Lay resigned from = Enrons board yesterday as two congressional committees vowed to force him t= o come before them to testify or take the 5th Amendment. He had been schedu= led to appear before a House Financial Services subcommittee, but backed ou= t over the weekend. It had hoped to compel him to appear today. Lay had als= o been scheduled to appear before a Senate committee, but canceled that dat= e also.=20 ------------------------------------------------------------- Progas Storage and Services, Inc. Progas can custom build gas storage in the Upper Midwest. ? Design to your specifications ? Close to your markets ? Unregulated storage ? Lower transportation fees ? Lower storage rates Progas is now accepting proposals and orders for years 2002-2007 for approx= amately 5 bcf of storage on Midwestern system serving Indiana, Illinois, an= d 3 bcf on Texas Gas Transmission system serving Tennessee, northern Kentuc= ky, Indiana, and Ohio. Additional potential storage filds beding acquired = at this time on Midwestern, anhandle Eastern and A & R (Coastal) systems se= rving the Upper Midwest. Inquiries from potential partners, investment bank= ers, and brokers welcome. Progas Storage and Services, Inc. 8610 South Highway 277 Abilene, TX 79606 Phone: 915-698-3699 Fax: 915-698-2859 Email: gastorage@aol.com=20 ------------------------------------------------------------- TRADERS DEBATE SHORT SIDE OF MARKET Although Monday's price action on the New York Mercantile Exchange is perha= ps best described as lackadaisical, some traders see inspiration to take th= e short side of the market where others are focusing on a longer term trend= higher. "When the March contract expired (January 29), it got as low as $= 1.97 and developed a modest countertrend higher. As long as the market was = able to continue trading above the previous day's low, that advance worked = well," noted Dean Hazelcorn, trader with Coquest, Dallas. "Today looks lik= e a sell signal. The high of the March contract did not exceed Friday's hig= h and today's low was lower. That sets up a trade down to $1.97. I look for= a slow deteriorating front end of the board," he noted. "I'm back in a be= arish mode, and I think we're headed below $2.00. I believe that there is a= 99% probability the market will work lower, but it may take 3 months to do= it," he cautioned. Other traders are more optimistic. "Longer ter! m I'm= bullish," says John Beaver, President Private Futures Group, Oklahoma City= . "It's more difficult to be bullish on the front of the board, but lookin= g at the charts it suggests that prices may be set to rise. There's a gap = on the weekly chart between $2.17 and $2.20 on the weekly chart (week endin= g January 18, and January 25). and if prices could fill that gap, it would = be a positive sign that prices were set to move higher," he said. A gap is= a pattern on the price charts followed by market technicians. The idea is = that the gap may act as a barrier to (in this case) further price advances.= Once the gap is "filled", however, a potential limitation to price advance= s has been removed and prices would be empowered to move higher. "I don't = have any interest in being short the market at the $2.00 level. I don't wan= t to be in a trade that may only make 10 or 15 cents and have to worry abou= t it," he said. "If you are a commercial trader are you going to get short= at $1.85! ? What is your board of directors going to say?"=20 More observations and market forecasts in GasTrader Newsletter. Go to Subsc= ribe to GasTrader.net to sign up for FREE five week trial. ------------------------------------------------------------- FINANCIAL SUMMARY The TSE 300 dropped 99.44 points to 7591.07 The CRB Index dipped 0.21 points to 189.30 The US Dollar decreased 0.88 points to 118.91 The Dow declined 220.10 points to 9687.09 The S?500 lost 27.76 points to 1094.44 The Nasdaq was down 55.71 points to 1855.53 March NYMEX Crude Oil fell 0.31 to 20.07 Canadian-US Exchange rose 0.0008 to 1.5915 ------------------------------------------------------------- Pure Text, Lotus, AOL, Yahoo, Excite, Readers-subscribe by writing to:enerf= ax-subscribe@egroups.com=20 Outlook Email Readers-subscribe to webmail by writing to: mailto:join-EnerfaxDaily@relay.netatlantic.com=20 ------------------------------------------------------------- To view past issues of Enerfax Daily -Sign up for free at Divines Sagewave= at http://www.sagewave.com/D2/autolog/common/log.asp?KEY=3Denerfax=20 ------------------------------------------------------------- Please welcome our advertisers by visiting these websites.http://www.e-acum= en.com http://www.kwi.com/ http://www.fea.com/ http://www.caminus.com/ http= ://www.progas.net/wip http://www.ziffenergyconferences.com/ http://www.epis= .com http://www.rwbeck.com http://www.NewEnergyAssoc.com =20 Your use of Yahoo! Groups is subject to the Yahoo! Terms of Service .