-----Original Message-----
From: 	burson@GasTrader.net@ENRON [mailto:IMCEANOTES-burson+40GasTrader+2Enet+40ENRON@ENRON.com] 
Sent:	Thursday, May 10, 2001 4:06 PM
To:	gregory.schockling@bhlp.com
Subject:	GasTrader Energy Briefs

Daily Market Commentary May 10, 2001 . .

FUNDS, MANAGED ACCOUNTS BUY . . .

 Natural gas futures rallied in busy trading Thursday on the New York
Mercantile Exchange. Funds anticipating that a market bottom had been reached
bought aggressively to cover earlier profitable sales. Trade and commercial
accounts continue to remain on the sell side of the ledger. Tomorrow's trading
is expected to be heavily dependent on techncial parameters. . .

 At the end of the day the June contract jumped $.146 to $4.348 and July
added $.141 to $4.414 per MMBtu. . .

 "Today was almost exclusively fund and managed account short covering.
Trade and commercial accounts made some adjustments, but they are net
short and were willing to let prices rise to $4.41," said Jim Duffy,
trader with GasLink, New York. . .

 "Traders are looking at filling the gap at $4.425, and if that happens
it's a sale," he said. . .

 "Locals were trying to pick tops in this upmove and got killed. When
prices rose to $4.28 to $4.30, they all got short. Buy orders came in for
500 lots and you could feel their pain. They had to sell at $4.32." . .

 "Below $4.30 I think the trade will try to keep prices low, but if it comes
in tomorrow at $4.35 to $4.36, look for an attempt to fill the gap at $4.425,"
he said.


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Bill Burson
120 Summit Blvd.
Englewood, Colorado 80110
Tel (303) 761-7470 * Fax (303) 761-8662
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