Mike,

This is what some people in  the industry see.

Vince

 -----Original Message-----
From: 	enerfaxdaily@enerfax.com@ENRON [mailto:IMCEANOTES-enerfaxdaily+40enerfax+2Ecom+40ENRON@ENRON.com] 
Sent:	Friday, August 03, 2001 1:19 AM
To:	Kaminski, Vince J
Subject:	[enerfaxdaily] Storm on Track to Disrupt Gulf Production

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Enerfax Daily
NORTH AMERICA'S FREE POWER AND GAS INFORMATION SOURCE
Friday, August 3, 2001 No. 796
Visit our website at: http://www.enerfax.com/  
For Oil Prices & News write enerfaxgold-subscribe@egroups.com 
or go to http://www.enerfaxgold.com/ 

PHYSICAL NATURAL GAS PRICES   
Gulf/Eastern Region     
| Agua Dulce              | 3.09  |
| ANR SE                  | 3.11  |
| Carthage TG             | 3.10  |
| Chicago Citygate        | 3.17  |
| Columbia Gulf Onshore   | 3.12  |
| Dominion South Point    | 3.28  |
| Henry Hub               | 3.15  |
| Houston Ship Channel    | 3.23  |
| Katy Hub                | 3.21  |
| NGPL - Midcontinent     | 3.04  |
| NGPL STX                | 3.09  |
| NGPL TX/OK              | 3.13  |
| Niagara                 | 3.25  |
| Sonat Tier 1            | 3.10  |
| TCO IPP Pool            | 3.30  |
| Tetco ELa               | 3.11  |
| Tetco M-3               | 3.47  |
| Tetco STX               | 3.05  |
| TGP Zone 0              | 3.04  |
| TGP Zone 1              | 3.05  |
| TGT Zone SL             | 3.13  |
| New York Citygate       | 3.50  |
| Transco Station 65      | 3.16  |
| Transco Zone 6 (NY)     | 3.50  |
| Trunk ELa               | 3.11  |
| Western Region          
| California Border       | 3.87  |
| El Paso Permian         | 3.16  |
| El Paso San Juan        | 3.63  |
| Waha Hub                | 3.17  |
| Canadian/Rockies Region 
| Nova/Aeco (in C$/GJ)    | 3.63  |
| Dawn Hub/Union          | 3.19  |
| Northwest Stanfield     | 2.70  |
| Wyoming Pool            | 2.55  |
| Opal/Kern River         | 2.56  |
| PGT-Malin               | 3.34  |
| Sumas                   | 2.52  |
----------------------------------------------
NATURAL GAS FUTURES
Henry Hub
12 Month Strip  3.5333 UP 0.0775        
18 Month Strip  3.6123 UP 0.0690        
| Month | High  |  Low  | Close | Change  |
| SEP   | 3.210 | 3.051 | 3.192 | +0.111  |
| OCT   | 3.250 | 3.115 | 3.232 | +0.107  |
| NOV   | 3.495 | 3.370 | 3.477 | +0.097  |
| DEC   | 3.720 | 3.617 | 3.722 | +0.087  |
| JAN   | 3.820 | 3.720 | 3.822 | +0.087  |
| FEB   | 3.760 | 3.650 | 3.757 | +0.082  |
| MAR   | 3.650 | 3.560 | 3.647 | +0.072  |
| APR   | 3.480 | 3.410 | 3.462 | +0.062  |
| MAY   | 3.470 | 3.427 | 3.465 | +0.058  |
| JUN   | 3.490 | 3.450 | 3.505 | +0.058  |
| JUL   | 3.570 | 3.490 | 3.547 | +0.055  |
| AUG   | 3.570 | 3.510 | 3.572 | +0.055  |
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POWER FUTURES  
| Month |   COB   | Change |   PV    | Change  |
| SEP   |  60.25  | +0.00  |  59.50  |  +0.50  |
| OCT   |  52.00  | +0.00  |  51.00  |  +2.00  |
| NOV   |  49.00  | +0.00  |  42.00  |  +0.00  |
| DEC   |  68.00  | +0.00  |  44.00  |  +0.00  |
| JAN   |  62.00  | -3.00  |  45.00  |  +1.00  |
| FEB   |  53.00  | +1.00  |  43.00  |  +1.00  |
| MAR   |  42.00  | -3.00  |  41.00  |  +1.00  |
| APR   |  40.00  | +0.00  |  38.00  |  +0.00  |
| MAY   |  40.00  | +0.00  |  40.00  |  +2.00  |
| JUN   |  40.00  | +0.00  |  52.00  |  -2.00  |
| JUL   |  67.00  | +1.00  |  70.00  |  +2.00  |
| AUG   |  67.00  | +1.00  |  70.00  |  +2.00  |
| Month | Entergy | Change | Cinergy | Change  |
| SEP   |  31.25  | +0.65  |  28.35  |  -0.15  |
| OCT   |  29.70  | +0.20  |  28.00  |  +0.25  |
| NOV   |  29.70  | +0.20  |  27.35  |  -0.15  |
| DEC   |  29.70  | +0.20  |  29.45  |  -0.05  |
| JAN   |  32.50  | +0.50  |  32.00  |  +0.25  |
| FEB   |  32.50  | +0.50  |  32.00  |  +0.25  |
| MAR   |  31.70  | +0.20  |  31.00  |  +0.50  |
| APR   |  31.70  | +0.20  |  31.00  |  +0.50  |
| MAY   |  34.50  | -0.25  |  33.75  |  -0.25  |
| JUN   |  44.50  | -0.75  |  44.25  |  -0.50  |
| JUL   |  58.25  | -1.25  |  58.50  |  -1.50  |
| AUG   |  58.25  | -1.25  |  58.50  |  -1.50  |
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POWER FUTURES  
| Month |  PJM  | Change  |
| SEP   | 31.30 |  +0.20  |
| OCT   | 30.15 |  +0.00  |
| NOV   | 28.70 |  +0.00  |
| DEC   | 31.85 |  +0.00  |
| JAN   | 35.70 |  -0.30  |
| FEB   | 35.70 |  -0.30  |
| MAR   | 32.80 |  -0.30  |
| APR   | 32.80 |  -0.30  |
| MAY   | 34.70 |  -0.30  |
| JUN   | 44.70 |  +0.20  |
| JUL   | 59.50 |  -1.50  |
| AUG   | 59.50 |  -1.50  |
-------------------------------------------------------------

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---------------------------------------------------
NATURAL GAS OPTIONS            
       | Closing | Days | Implied ATM  |
| Month |  Price  | Left |  Volatility  |
| SEP   |  3.192  |  27  |    70.18%    |
| OCT   |  3.232  |  55  |    72.55%    |
| NOV   |  3.477  |  86  |    67.23%    |
| DEC   |  3.722  | 118  |    63.86%    |
-----------------------------------------------------
PHYSICAL POWER PRICES
|            | High  |  Low  | Average  |
|            | $/MWh | $/MWh |  $/MWh   |
| Cinergy    | 49.00 | 44.00 |  46.30   |
| ECAR       | 52.50 | 45.55 |  48.45   |
| ERCOT      | 80.00 | 65.00 |  70.45   |
| Entergy    | 46.00 | 44.00 |  44.55   |
| TVA        | 50.70 | 48.10 |  49.80   |
| ComEd      | 53.00 | 43.00 |  46.65   |
| PJM West   | 70.00 | 61.50 |  64.70   |
| Main       | 53.50 | 45.50 |  48.85   |
| MAPP       | 53.50 | 45.50 |  48.85   |
| Palo Verde | 54.50 | 49.00 |  51.45   |
| Mid C      | 55.00 | 49.00 |  52.10   |
| COB        | 55.00 | 50.00 |  51.25   |
| 4 Corners  | 52.00 | 50.00 |  51.00   |
| Mead       | 50.00 | 47.00 |  48.50   |
| NP 15      | 53.00 | 44.00 |  46.35   |
| SP 15      | 51.00 | 44.50 |  45.95   |
| APX-Cal    |  n/a  |  n/a  |   n/a    |
-------------------------------------------------
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--------------------------------------------------------
Today's Power Bulletins
* Appeals Court Upholds Surface Transportation Board in Case Involving Coal Movements to Indianapolis Power & Light's Stout Station
* California Pitches $12.5 Billion Power Bond to Wary Investors
* S&P Cuts AES Gener Ratings from 'BBB' to 'BBB-'
* Brazil's Poor Northeast May Get Electricity Blackouts
* California May Challenge FERC Power Refund Decision Soon, Before Conclusion of Case
* American Corn Growers Association Survey Finds Overwhelming Support for Wind Power Development Among Farmers
* Calpine Begins Construction of 115 MW Peaking Facility in Polk County, Florida
* Electric Fuel Completes Electric Transit Bus Performance Testing
* APX Launches Only Independent Scheduling Service and Physical Power Market in ERCOT with 9 Major Customers
* Western Electricity Prices Fall with Reduced Weekend Demand
* Northeast Spot Power Prices Continue Higher with Heat and Outage
* Mid-Continent Spot Power Prices Drop on Weather and Transmission Woes
* Southeast Power Prices Mixed Amid Texas Heat and Humidity
-------------------------------------------------------
Cypress Natural Gas, LLC
"Citygate Gas Marketing Experts" for the mid-Atlantic Region
Cypress Natural Gas, LLC specializes in the delivery to the VNG, BG&E, WGL,CGV, PECO, Col. of Maryland Citygates. We  market citygate supply to large commercial and  industrial accounts, as well as, wholesale marketing to marketers with limited regional experience. For more information, please
call Richard W. Gechter, Jr. at (757) 496-2100
--------------------------------------------------------
Today's Gas Bulletins
* Peoples Energy to Implement Voluntary Early Retirement Program
* Fitch Cuts Peoples Energy Senior Unsecured Debt Ratings from 'AA-' to 'A+'; Outlook Stable
* Canada Provincial Premiers Agree on Energy
* Offshore Workers Evacuated as Storm Hits Gulf of Mexico
* Anadarko President Sees Natural Gas Prices Rising Above $4 per MMBtu If Economy Improves
* NYMEX to Launch 2 Brent Options Contracts
* Canada Opposed US Plans to Drill in Arctic National Wildlife Refuge
* AFL-CIO Calls for Shareholder Vote on Amerada Hess's Acquisition of Triton
--------------------------------------------------------
Natural Gas Futures Jump on News of Tropical Storm Barry 
    Natural gas futures for September delivery on the NYMEX gained 3.6% yesterday, up $0.111 to $3.192 per MMBtu on hot weather across much of the nation and the approach of a tropical storm in the Gulf of Mexico off the coast of Florida. The October contract rose $0.107 to $3.232 per MMBtu. Tropical Storm Barry is expected to strengthen today and move into the north-central Gulf of Mexico. Some weather forecasts expect that the storm will turn into a hurricane, and the growing likelihood that workers will soon have to be taken off Gulf of Mexico natural gas platforms has put traders on alert. But, despite the storm risk, there was only limited short-covering and volume was fairly light. However, strength in crude and products as well as Tropical Storm Barry encouraged buying by both trade, commercial accounts and the locals. Fundamentally, the market is still bearish, but that could change quickly if the storm does impact production. Sell stops were triggered as prices moved through the $3.20 level late in the session, bringing the market off its highs. On Wednesday, the market dropped over $0.20 following the release of AGA report data showing an injection of 77 Bcf last week. Hot weather is forecast for much of the nation early next week, with the West Coast returning to hot weather next week. Natural gas for next day delivery across the US and Canada was generally $0.10 to $0.15 per MMBtu lower yesterday, except out West where spot price climbed. Natural gas for next day delivery at the Henry hub lost $0.17 to $3.15 per MMBtu. Look for cash prices to jump higher today.
-------------------------------------------------------

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To receive more information or a free demonstration, we invite you to contact us at 713-266-7771 or visit our web site at http://risk.sungard.com/ENERGY 
--------------------------------------------------------
Storm on Track to Disrupt Gulf Production
    Tropical Storm Barry formed off Florida's Gulf coast on yesterday and could become a hurricane today as it churns its way through the oil and natural gas fields of the Gulf of Mexico this weekend. The storm is most likely to make landfall on Sunday in Louisiana. Companies with offshore production have already taken steps to protect workers by moving them onshore until the storm passes but they added that they had not yet suspended any production. The National Hurricane Center forecasters predicts that Barry would move slowly to the northwest, taking it through the main producing areas of the central Gulf with a 55% chance that it would attain hurricane strength as it heads toward New Orleans. Chevron has evacuated 700 workers from offshore platforms as a precaution against the storm and will make further evacuations today. The Gulf of Mexico provides about one quarter of nation's production of both natural gas and crude oil; about 13 Bcf of natural gas per day and 1.4 million barrels of oil. 
--------------------------------------------------------
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To subscribe or for more information, please call toll free Ron Ford in Houston at 1-888-736-5780 e-mail to: rford@ziffenergy  or Bill Gwozd in Calgary at 1-800-853-6252 
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Visit our website at http://www.ziffenergy.com/  to preview our marketing brochure.
--------------------------------------------------------
House Bill Addresses Energy Bond Status
    The House of Representatives has passed a wide-ranging energy bill that includes measures to permit tax-exempt bond financed public power utilities more access to deregulated power markets. Public utilities which are located in competitive markets would no longer be bound by existing tax law strictly limiting private use of facilities financed with tax-exempt bonds. However, they can continue to issue tax exempt financing for a limited amount of generation to serve their own load, but not for service outside their local area. Private and public utilities say they are satisfied with the bill, nut private utilities are disappointed that the bill left out a provision eliminating taxes on contributions in aid of construction. The bill includes measures that allow public power systems to join RTOs in order to improve the national transmission grid, without endangering outstanding bonds. The bill also makes an exception for prepaid natural gas contracts, which would apply only if at least 85% of the purchased volumes were for use by governmental utilities in the state where the bond issuer was located. 
--------------------------------------------------------
 PNW 2001:
Current Realities, Future Expectations
Pacific Northwest Gas Strategies Conference
October 2,2001 Portland,Oregon (at the Hilton Portland)
Hear Commissioner Wilson Condon, State of Alaska, describe how Alaska gas supply will energize the Pacific Northwest supply portfolio. And let Joe Marushack, VP, ANS Gas Commercialization for Phillips Alaska, tell you about
the plans to make these supplies a reality.
Get additional gas supply updates from Art Eastly, President & CEO, Canadian Forest Oil Ltd. (NWT) and Lanny Outlaw, President & CEO, Western Gas Resources (Rockies).
Our keynote speaker on transportation will be Michael Stewart, Executive VP,Westcoast Gas Pipeline. Also discussing pipeline expansions will be: Peter Lund, PG&E Transmission, NW; Kirk Morgan, Williams Gas Pipeline West; Donald Zinko, Colorado Interstate Gas; and Randy Jespersen, BC Gas Utility Ltd.
You'll also have an opportunity to hear the latest on Questar's new salt cavern storage facility - available to the PNW - from Questar's Gary Schmitt.
Find out views on future demand growth in the PNW from keynote speaker Dick Reiten, Chairman & CEO, NW Natural. Hear how the Bonneville Power Administration plans to reconnect with its supply contracts from Acting Administrator & CEO, Steve Wright. Also hear what Paula Pyron, Executive Director, NW Industrial Gas Users, has to say about her constituents' needs.
For more information please visit:
http://www.ziffenergyconferences.com
call 1-800-853-6252,
or email us at gasconference@ziffenergy.com 
----------------------------------------------------------
Natural Gas NYMEX Volume
01SEP   37,090
01OCT    7,538
01NOV    4,934
01DEC    3,257
02JAN    2,672
02FEB    1,499
02MAR    1,922 
02APR    2,341  
02MAY      791
02JUN      140
02JLY       75
02AUG      126
02SEP      152
02OCT       24
02NOV       35
02DEC      205
03JAN       40
03FEB       58
03MAR       38
03APR       19
03MAY       12
03JUN       10
03JLY       10
03AUG    2,024
--------------------------------------------------------
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El Paso Chairman to Testify Again 
    El Paso Chairman, President and CEO William Wise will testify for a second time Monday in FERC's investigation into alleged manipulation of California's energy market. The California PUC claims that El Paso unfairly awarded 1.2 Bcf per day of firm capacity to its affiliate, El Paso Merchant Energy. Before the start of testimony, the FERC ALJ said that an April 2000 memorandum sent between Wise and another  official relates the minute details of everything that is happening in the company, showing that Mr. Wise was well aware of everything. That seems to run contrary to Wise's testimony at the previous May  hearing, where testified he did not micromanage the affairs of El Paso's subsidiaries. The California PUC testified that El Paso awarded the capacity in question by skewing the rules of an open season, saying it biased the open season in favor of the 'total package' bid. If a single bid for all of the capacity exceeded $37.5 million, then individual bids could only succeed if they exceeded the value of the total package bid to El Paso.  Therefore, even if they submitted partial package bids at reasonably high rates, their success was totally dependent upon the other partial package bids by other shippers. A total of 24 shippers submitted partial bids, and none of them were awarded any capacity, the PUC said. But El Paso disputed those claims, saying that it made the minimum economic criteria before the open season, thus giving no one an advantage. 
--------------------------------------------------------
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-------------------------------------------------------
Ladyfern Discovery May Yield Tcf of Natural Gas 
   Canadian Natural Resources is the latest to drill in what is being touted as one of the richest natural gas discoveries in Canada. The Ladyfern area, located in an isolated section of northeastern British Columbia, is estimated to contain up to 1 Tcf. Murphy Oil and Apache jointly drilled the first discovery well in the region a year ago, which is about 60 miles northeast of the oil hub, Fort St. John, BC. Acreage in the Ladyfern region has sold for 17 times the median paid for acreage in other parts of BC. It is likely second in size to the 1.8 Tcf Caroline, Alberta field in terms of Canadian onshore discoveries. Production is estimated at 480 MMcf per day. Canadian Natural is now producing 55 MMcf per day from one well, which is restricted by pipeline capacity. It expects to be producing 200 MMcf per day by the end of the year. Alberta Energy's output is about 170 MMcf per day. 
-----------------------------------------------------
Enerfax Job Center & News
New Openings include:
* Pipeline Compliance Specialist
* Software Sales
* Jr/Sr Derivative/Risk Analyst
Visit http://www.enernetenergy/  for these and more new job listings. 
--------------------------------------------------------
* Principal Sales Executive - Viking Gas Transmission, A Subsidiary of Xcel Energy 
This position is located in St. Paul, Minnesota and is responsible for the development and implementation of all gas transportation sales activities, customer contacts, customer service and increasing market share.
Accountable for annually increasing transportation revenue and improving company profitability. Provide technical support to scheduling, operations and engineering staff.
Undergraduate degree in Business or Engineering. Master's Degree in Business preferred. Minimum of five (5) years experience in natural gas or wholesale electric industry with a minimum of two (2) years of experience dealing directly with interstate natural gas pipelines and services. Experience as a lead negotiator. Significant travel required.
Please mail, fax or email, referring to posting EM-MN-0006 by August 6,2001
to:
Xcel Energy
Staffing, Floor 2
414 Nicollet Mall
Minneapolis, MN
Fax - 612-330-7935
Email - Patrick.C.Hocke@xcelenergy.com
--------------------------------------------------------
Conflict of Interest Charged in California
    One California energy official has a stock portfolio full of big energy firms, while holds a million dollars in Enron stock. Even the governor's chief spokesman has $12,000 invested in Calpine. Consumer groups and Republicans are claiming conflict of interest among top Democratic officials charged with helping California out of its energy crisis. But the governor says it is a politically inspired witch hunt aimed at smearing his administration by implying something is illegal. Whatever, but it is still another pie in the face the governor whose political viability seems to be fading almost as fast as his friend, Gary Condit. Charges of conflict of interest surfaced last month as the Secretary of State called for a probe of consultants negotiating long-term energy deals designed to protect California from price swings on the spot market. The governor fired five consultants last weekend after belatedly asking them to file required economic disclosure statements. Journalists have been busy digging up financial details on a bunch of Davis appointees that create the impression personal greed was driving California's official energy policy. In one case, the chairman of the California Energy Commission owned as much as $510,000 in energy company stock at one point last year, it was reported. 
--------------------------------------------------------
                Progas Storage Services, Inc
Was recently organized to offer specialized natural gas storage services to marketers and end users servicing the upper Midwest and Northeast market regions along the major transmission systems in Indiana, Illinois, Kentucky, and Michigan. PGSMI has 10 bcf of potential working capacity which will offer service along TXG, ANR, Midwestern, and is currently evaluating for purchase another 21 bcf of potential working capacity which can be serviced by these and other systems in the region. PGSMI also explores for natural gas in the Gulf Coast region through a wholly owned subsidiary. Progas intends to go public through a route of private industry offerings, and an IPO or registration. For more information on services or the company mail to: gastorage@aol.com or for AOL mail to gastorage@aol.com ; web site currently under construction at: http://www.progas.net/wip .
The company's executive and administrative office is located in Abilene, Texas with storage operations in Owensboro, KY and exploration operations in Corpus Christi, TX.
Progas Storage Services, Inc  
8610 S. Hwy 277
Abilene, TX 79606
Ph 915 698 3699
Fx 915 698 2859
--------------------------------------------------------
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--------------------------------------------------------
FINANCIAL SUMMARY
The TSE 300 rose 14.82 points to 7756.19
The CRB Index decreased 0.21 points to 201.07
The US Dollar declined 0.25 points to 116.25
The Dow gained 41.17 points to 10551.18
The S&P 500 climbed 4.82 points to 1220.75
The Nasdaq was up 19.00 points to 2087.38
September NYMEX Crude Oil rose 0.94 to 27.71
Canadian-US Exchange gained .0054 to 1.5412
------------------------------------------------------
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