What it's trading  what I think it's really worth 
apr oct   540    500 
nov mar 547    375
cal 2  491    400
cal 3   460    325

Obviously most bearish the further out you go.  However, the game right now 
is not sell and hold...although it will be soon.  The game is where will it 
be tomorrow and next week and next month.  The market is structurally short 
term gas thanks to our friends from california.  where ca is buying power, 
williams and calpine and dynegy dont care of the gas costs 450 or 475 or 500 
or 525.  irrelevant.  so term is not going down in the short term unless the 
front comes into the 400's and scares some producers to start hedging or we 
or el paso can find fixed price lng to the tune of 250,000 a day for 10 years.



From: Jennifer Fraser/ENRON@enronXgate on 03/06/2001 10:37 AM
To: John Arnold/HOU/ECT@ECT
cc:  
Subject: 

what are your thoughts on

ap-oct
nov-mar
02
03


price levels and outlooks
 thanks
Jen Fraser
713-853-4759