Thank you for sending this.  If only you sent it a couple hours earlier.   
Just kidding.  T Boone must have heard this because he sold everything 
today.   9000 contracts.
John


   
	
	
	From:  Jennifer Fraser                           09/28/2000 03:35 PM
	

To: John Arnold/HOU/ECT@ECT
cc:  
Subject: PIRA Annual Seminar Preview

Hey JA:
I was at PIRA today and got a preview of their presenation on Oct 11-12 for  
their client seminars.
(Greg Shuttlesworth)
Summary:
They have turned a little bearish becuase
They believe that distillates will cap gas ( get some to graph HO, CL, NY 
No.6 1% and TZ6 Index  and NX3) the picture is very convincing
Supply is increasing at a faster pace (1Bcf/d more in Q4 and expect 
incremental 2 BCF/d next summer)
Canadian production is increasing
Deep water GOm is increasing
Lastly, Shallow water GOM is also improving after years of decline

Demand
modest in 01/02
more efficient gas turbine
economic moderation

Near term
Yes it looks a little ugly this winter
Possibility of shocks in the shoulder ( low storage and early summer heat in 
Apr-May 01)

Call me or write if you call for more details. I am also faxing you their 
fuel substitution slide---- it looks at up to 5 BCF/d being put back into the 
supply chain.


Thanks
JF