Ned,

Regarding the Waha storage, the west desk does not have a strong need for this storage but we are always willing to show a bid based on the current summer/winter spreads and cycling value.  The following assumptions were made to establish our bid:  5% daily injection capacity, 10% daily withdrawal capacity, 1% fuel (injection only), 0.01/MMBtu variable injection and withdrawal fees.  Also an undiscounted  June 01 to January 02 spread of $0.60 existed at the time of this bid.

Bid for a 1 year storage contract beginning June 01 based on above assumptions:  $0.05/ MMBtu/Month ($0.60/Year).  Demand charges only.

I am not sure if this is exactly what you need or not.  Please call or email with comments.

Phillip Allen