i think the velocity of the down move will be much less severe from here.  still dont think this is equilibrium.  need to see aga coming in lower than expectations for a couple weeks signaling that we've moved down the demand curve.  think a lot of spec shorts are looking to take profits as we get close to the psychological 400 target.  market needs producer selling to get us through there.  have seen some as williams is starting to hedge barrett : hence the weakness in the back of the curve recently.  still going lower but it will be a tougher move from here.


From:	Jennifer Fraser/ENRON@enronXgate on 05/09/2001 02:12 PM
To:	John Arnold/HOU/ECT@ECT
cc:	 
Subject:	reminder -pira dinner sund may 13 th 7.45 pm st regis

what do you think now?
see you sunday