FYI.   Looks like PIRA will be releasing a bearish material balance and 02 gas price outlook soon.

 -----Original Message-----
From: 	Herndon, Rogers  
Sent:	Friday, September 21, 2001 12:44 PM
To:	Presto, Kevin M.; Benson, Robert; Davis, Dana; Gilbert-smith, Doug; Gilbert-smith, Doug; Sturm, Fletcher J.
Subject:	FW: PIRA Gas View Shift



 -----Original Message-----
From: 	"Allan Stewart" <astewart@pira.com>@ENRON [mailto:IMCEANOTES-+22Allan+20Stewart+22+20+3Castewart+40pira+2Ecom+3E+40ENRON@ENRON.com] 
Sent:	Friday, September 21, 2001 11:51 AM
To:	Herndon, Rogers
Subject:	PIRA Gas View Shift

Rogers,

Wanted to make sure that I mentioned that we have redone our balances
initially and they are showing something even uglier than we had discussed
.. something like a 1.3 TCF EO March 02. That would mean a loss of some 3.5
BCF/D of injection demand in summer of 2002. Not surprising, we are probably
going to revise our prices down and throw out the V bottom and grab a long,
wide U bottom .. no $3 prices for 2002. You know what we really mean. UNT
was rallying today at over $8. This thing could almost as ugly as the last
down cycle.

Regards,
Allan