H-man - If you want to hear the bull story here it is.  Cera loves this market and is preaching among other things Jun to Apr generation demand is going to be up 5B/d.  Just click on the link below.

 -----Original Message-----
From: 	webmaster@cera.com@ENRON [mailto:IMCEANOTES-webmaster+40cera+2Ecom+40ENRON@ENRON.com] 
Sent:	Wednesday, May 16, 2001 9:00 PM
To:	insights@cera.com
Subject:	STRONG SPRING INJECTIONS BRING PRICES DOWN - CERA Monthly Briefing


Title: Monthly Gas Briefing: A Late Spring Break
URL: http://www20.cera.com/eprofile?u=35&m=2392



Year-over-year storage numbers have benefited from record April injections. Continued fuel switching, a weakened economy, and favorable weather have contributed to a softening market, so that natural gas has been pricing below distillate. It is still too early, however, to declare summer over, and CERA believes that prices will remain high enough to keep end users off gas.

* Under normal weather, April injections have put inventories on pace to reach 2,820 Bcf by the end of October, 121 Bcf above last October.

* As summer power demand ramps up, CERA expects prices to move upward in June, averaging $4.90 for the month.

* The market remains vulnerable to price volatility, as summer power load increases could cause significant price run-ups.

**end**

E-mail Category: Monthly Briefing
CERA Knowledge Area(s): North American Gas,

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