-----Original Message-----
From: 	Scott, Eric  
Sent:	Friday, October 05, 2001 8:55 AM
To:	Fraser, Jennifer
Subject:	FW: Morning Notes



 -----Original Message-----
From: 	mfrazier@simmonsco-intl.com@ENRON [mailto:IMCEANOTES-mfrazier+40simmonsco-intl+2Ecom+40ENRON@ENRON.com] 
Sent:	Friday, October 05, 2001 7:42 AM
To:	amoretti@nb.com; bob.bertelson@fmr.com; bzimmerman@forsmannleff.com; cevascu@ssrm.com; ckp@x2.com; cdavis@ridge.nb.com; courtney@cambinv.com; dwohl@wohlcapital.com; drice@ssrm.com; darren.maupin@fmr.com; dcalabro@mfs.com; dwpalmer@wellmanage.com; David_Thompson@Putnaminv.com; dshufrin@mfs.com; DWalsh@SSRM.com; ddougherty@ccgrowth.com; dpitcher@mfs.com; doug.nigen@fmr.com; eric_harthun@putnaminv.com; Scott, Eric; gleblanc@wellmanage.com; hward@essexinvest.com; jbevilacqua@wellmanage.com; jtozzi@bloomberg.net; jv@nb.com; kebandtel@wellmanage.com; kenright@mfs.com; kgreiner@dghm.com; kmiller@primebroker.com; ksettles@nb.com; hilerk@hmc.harvard.edu; ltsirlin@opcap.com; mregan@mfs.com; mpackard@mfs.com; mrussman@sageasset.com; mnohe@nb.com; Bradley, Michael W.; nick.tiller@fmr.com; pmmecray@wellmanage.com; rafaelina.lee@db.com; radelaar@forstmannleff.com; rrieger@kcmc.com; sprater@ridge.nb.com; scott.offen@fmr.com; trevor@cambinv.com; wfwanner@wellmanage.com
Subject:	Morning Notes

Yesterday's move in energy probably the most interesting thing to talk
about today. While the move from below 60 in OSX makes sense from
valuation, timing still very suspect. In order of importance we would
attribute the move to:
Broader Mkt
Commodities Firmness
Geo-political situation
Shrort Covering
FEAR OF MISSING MOVE OFF BOTTOM

Resistance levels: XNG right here. OSX 75ish

Int'l Rig Count + 10 to 766 - We see a stabilization at this level in the
world wide rig count.

SII - had conversation w/ mgmt. Sept. business actually better than Aug.
(Unlike BJS). They do expect downtick, and have seen lower utilization at
bit plant.Additionally, they have repurchased stock.

We do expect AGA to revise (upward) the 66b injection reported yesterday.