That is very possible because Calpine was selling 02 and 03 natty early yesterday.

 -----Original Message-----
From: 	Herndon, Rogers  
Sent:	Friday, July 20, 2001 9:23 AM
To:	Presto, Kevin M.
Subject:	Back end natty activity

Kevin-

Some of this back end activity may be the buyers of the Calpine retail supply.  Calpine probably sold their length earlier this week or last as they closed these deals and the new buyers (Shell, Reliant, etc) may just be stepping in for some.

RH