agree guys are short h/j.  hard to see a big move with cash/futures trading 
flat.  agree that it has some squeeze potential though.  Started moving today 
as, simultaneously, march started running up and j aron won a big customer 
deal.  customer, maybe a hedge fund, bot 1000+ jv 450 puts.  weather 
frustrating me too.  a little long but it's in the backs so I haven't been 
hurt.  Sure would be nice to get some more weather and have this thing start 
going crazy again.  Seen liquids processing come back on at these levels.   
Would guess more than 50% has from peak.  Industrial demand different story.  
industrial economy just so weak that many petchems and others are burning 
less because of their markets, not fuel costs.  Chrystler is a prime 
example.   Any switching back to gas from industrial or switching back to 
domestic production from overseas muted by weak economy.   




slafontaine@globalp.com on 01/31/2001 10:46:50 AM
To: jarnold@enron.com
cc:  
Subject: h/j



ive been short side just reversed in case weather-plus i think everyone and 
his
brother short h/j agree? mite take a loss on it but seems low risk next day or
two from 45 cts. this weather pissing me off tho. you see much industrial 
demand
and changeover in fuel switching t this feb -mar px level? my sources saying
yes. hope all is well. talk soon