they are crazy but mite have to scale in which i have a little and have some
sort of length on,sprd length in the front to hedge weather risk-if ny stays 5
bucks or so above hub seems hard to think jan /feb gonna fall much. also know
aron and some of them "pre rolled" jan/feb goldman rolls not sure if they bot 
em
back, start pxing tomorrow.doubt they have much any impact on the sprd.
    am a bit worried as are most what we must be doing to industrial
demand,switching at huge px sprds. tend to think ealry mid jan y on y stx gap
will fall do to aforementioned and rationing this mkt gonna fall-who knows 
from
what levels?? thots when you have a chance. distillate mkt save for addional
demand it shud be getting from natgas switching wud have been in trouble i 
think
so it will stay discount to gas





John.Arnold@enron.com on 12/07/2000 06:38:53 AM

To:   Steve LaFontaine/GlobalCo@GlobalCo
cc:
Fax to:
Subject:  re:summer inverses





seems crazy.  if you're willing to ride it for a few cents against you it's
a great trade.  who knows where they're going in th eshort term though




slafontaine@globalp.com on 12/01/2000 09:57:30 AM

To:   John.Arnold@enron.com
cc:
Subject:  re:summer inverses



johnnny-you think these inverses ready to get sold yet? to me its all a
timing
issue but aug/oct at 4-5 cts seems rich rich for injection season. only
issue is
when to go?