agree with contango story .   cash to futures pretty bullish but a picture 
where agressive inj now are bearish later.  so curve should flatten.  also 
back of curve (cal2,3) under a lot of pressure now.  customers will be buying 
all the way down and will get fucked just like last year.  contango has been 
under considerable pressure even with the front falling...any rally should 
result in those snapping in to 4.  good scalp in my opinion.
definitely seeing your side on the $5 level.  surprised we havent gotten more 
demand back as we sit at these lower levels.  
off to cabo today for a long weekend.  kind of exhausted at work right now so 
a much needed break.




slafontaine@globalp.com on 03/15/2001 07:50:59 AM
To: John.Arnold@enron.com
cc:  
Subject: Re: utilites?



i wud think apr shud also start to find support from contangos, storage 
players,
ie pretty attractive contangos given the bullsih mkt sentiment, and spec a
little short will eventually roll. i bullspd a little little at 5.5 just for a
scalp. if cash converges which it shud as we fall in px then shud see sprds 
find
support at the 5-6 ct level/month? ?
    other than that-im still bearish-5 bucks not sustainable longer term and
nothing yet telling me otherwise. economy and oil curve also not going to help
ngas. buying 4.00 summer puts
  thanks for comments on utilites-i'll bet they buy all the way down but i 
think
theyll have so much gas coming at em if we stay at these levels the mkt will
ultiamtely force em to back down.
  in ny yest and today-saw the red hot chili peppers last nite , was awsome,
small place about 1000 fans,maybe for a charity. also here for some of those
covert operations we talked about a while back. wkup.