there are few scenarios whereby that spread comes in except if you take it to settlement.  if dec is strong, jan is strong too.  if dec is weak, jan retains some risk premium.  

 -----Original Message-----
From: 	Fraser, Jennifer  
Sent:	Friday, September 28, 2001 1:58 AM
To:	Arnold, John
Subject:	RE: heat vs NG

well TZ6 has been very very very high in those two months for some time. In particular, I can't understand the dec-jan spread for TX6. Fundamentally is there something i'm missing?

 -----Original Message-----
From: 	Arnold, John  
Sent:	Thursday, September 27, 2001 11:40 PM
To:	Fraser, Jennifer
Subject:	RE: heat vs NG

Seems a little out of whack but as we seen time and time again, fundamental relationships don't have to hold in the short term.

 -----Original Message-----
From: 	Fraser, Jennifer  
Sent:	Thursday, September 27, 2001 10:25 AM
To:	Arnold, John
Subject:	heat vs NG

Hey JA

Have you looked at TZ6 vs HEat or resid. (ja-feb02) ? That basis seems awfully high. What are your thoughts?

thanks
JF