Yesterday's overproduction numbers have lent a bearish tone to things this
morning. Cold weather is too little, too late as we'll get back to above normal
temps by tomorrow. Heat spreads suffered mightily yesterday,as did cracks, as
product fixed two weeks ago will find a home over here again. Some think Feb/Mar
has more bearish potential than Jan/Feb, I don't think so but I also don't think
you ride that horse too long. Hope you all appreciate my down-home metaphor.
With recent movement, you now have to wonder if there's any justification for
any backwardation on the heat c urve, and all we have left is Apr/May. Crude
spread movement, apart from the first two spreads, has been slowly bullish and
that tells me not to be short outright price overall. Dec/Dec now out to +12,
we've now returned to backwardation all across the crude curve apart from the
first two. People now wait for any signs of the Feb/Mar Brent squeeze bleeding
over here. Gas cracks still firm, gas/heat with solid movement yesterday.




_____________________________________________________________________________________________________________________________________

Ce message et toutes les pieces jointes (ci-apres le "message") sont etablis a l'intention exclusive de ses destinataires et sont confidentiels. Si vous recevez ce message par erreur, merci de le detruire et d'en avertir immediatement l'expediteur.

Toute utilisation de ce message non conforme a sa destination, toute diffusion ou toute publication, totale ou partielle, est interdite, sauf autorisation expresse.

L'internet ne permettant pas d'assurer l'integrite de ce message, BNP PARIBAS (et ses filiales) decline(nt) toute responsabilite au titre de ce message, dans l'hypothese ou il aurait ete modifie.
	----------------------------------------------------------------------------------
This message and any attachments (the "message") are intended solely for the addressees and are confidential. If you receive this message in error, please delete it and immediately notify the sender.

Any use not in accord with its purpose, any dissemination or disclosure, either whole or partial, is prohibited except formal approval.

The internet can not guarantee the integrity of this message. BNP PARIBAS (and its subsidiaries) shall (will) not therefore be liable for the message if modified.
_____________________________________________________________________________________________________________________________________