---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 12/22/99 
04:59 PM ---------------------------


"Webmaster@cera.com" <webmaster on 12/20/99 11:35:46 AM
To: undisclosed-recipients:;
cc:  (bcc: Vince J Kaminski/HOU/ECT)
Subject: CERA Multimedia Presentation:  Monday, December 20, 1999



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CERA Multimedia Presentation Replay Now Available!
Monday, December 20, 1999
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Title: The Merger and Acquisition Dilemma
Author: North Natural Gas Team
E-Mail Category: Conference Call, Multimedia
Product Line: North American Natural Gas

URL: http://www.cera.com/client/nag/media.cfm

This year's delayed heating season has provided much-needed breathing room
for gas markets. With significantly warm weather in November and December,
fourth quarter demand has dropped considerably below expectations, and
storage inventories have remained higher than projected.  This has
temporarily eased the upward pressure on prices, but the fundamentals remain
aligned for tighter gas markets to come.  In a December 14, 1999 Conference
Call, CERA's North American Natural Gas Team discussed the status of the
current market:

? Warm weather so far this winter released pressure in the North American
gas market - this pressure has already begun to resurface.
? Winter storage and supply appear adequate, injections next summer could
still challenge supply availability.
? Northeast price volatility will continue, with or without added pipeline
capacity.
? Canadian supply - meeting demand.


To view and listen to a replay of this presentation (an example of a new
technology we are using), please click on the link above.

**end**

Follow URL for playback.
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