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JV up 12 cents.
dev34
Think just as customers got totally fucked last year selling into the rally, they are going to buy all the way down.
dev34
Differnence is last year trade very happy to take in all the length.
dev34
This year trade not ready to get really short.
dev34
Not until healthy inj in April anyways.
dev34
I think money from here will be made being short, just question of what and when.
dev34
Think there'll be enough hedging demand to keep curve very strong unless phys market just totally rejects price level.
dev34
With amount of inj capacity available, hard to believe phys market is going to dictate prices for next couple months.
dev34
I think it will be spec and hedgers dictating.
dev34
Spec staying on sidelines right now and hedgers buying.
dev34
Leads to more upside potential in short term.
dev34
My point in V/X was that jv would be strong and cal2 hedging was from sell side leading to pressure on those spreads.
dev34
The california term power sales have totally changed that.
dev34
Before, the only thing customers were selling was cal 2.
dev34
Now, customer interest much more from buyside in cal 2,3 solely from california.
dev34
Now turning neutral v/x and x/z.
dev34
You have very valid points.
dev34
i like q/v more though.
dev34
I think you could have 10 cents of upside in that with little downside.
dev34
Thoughts?
dev34
dinner or drinks tonight?
dev34
probably because jeff's out,, but let's go ahead and have it
dev34
yes...please change griffith to trading.
dev34
thanks, john
dev34
Not impressive
dev34
I ordered 3 different things...I thought your "wine inventory listings are updated DAILY" ???
dev34
Hard to believe , huh
dev34
no real bias today positive numbers sell negative numbers buy...
dev34
looking into other stuff
dev34
theres only one thing i can think of...
dev34
storage field turning around gives cash market completely different feel.
dev34
instead of utilities looking to sell gas everday, they look to buy it.
dev34
huge difference in feel of mrket.
dev34
not so much actual gas but completely different economics of how marginal mmbtu gets priced.
dev34
tightening cash market causes cash players to buy futures...
dev34
hence the tendency for a spring rally every year.
dev34
read heffner today...even he talks about it
dev34
What it's trading what I think it's really worth Obviously most bearish the further out you go.
dev34
However, the game right now is not sell and hold...although it will be soon.
dev34
The game is where will it be tomorrow and next week and next month.
dev34
The market is structurally short term gas thanks to our friends from california.
dev34
where ca is buying power, williams and calpine and dynegy dont care of the gas costs 450 or 475 or 500 or 525.
dev34
irrelevant.
dev34
so term is not going down in the short term unless the front comes into the 400's and scares some producers to start hedging or we or el paso can find fixed price lng to the tune of 250,000 a day for 10 years.
dev34
i loved them in that i thought they were going to go up...i think they still might 3 weeks ago now short term very bullish neutral medium term neutral neutral longer term neutral bearish
dev34
i dont know sounds good to me
dev34
any reaction to this?
dev34
i think jv strip prices to where we price out enough demand to get to 2.8.
dev34
whther that price level is 425 or 725 is arguable.
dev34
i think it's close to here.
dev34
but when we get to november and we have 2.8 and don;'t repeat the weather of this past winter and we have 2.5 bcf more supply and people realize that we have 2.3 bcf to withdraw before there are any problems...bombs away.
dev34
confused...
dev34
what are you disagreeing with me in regards to demand destruction?
dev34
it was almost worth buying a ticket
dev34
just a vicious rumor...
dev34
my birthday's not till next year.
dev34
how about benjys?
dev34
what are you doing tonight
dev34
what are you doing tonight?
dev34
very funny today...during the free fall, couldn't price jv and xh low enough on eol, just kept getting cracked.
dev34
when we stabilized, customers came in to buy and couldnt price it high enough.
dev34
winter versus apr went from +23 cents when we were at the bottom to +27 when april rallied at the end even though it should have tightened theoretically.
dev34
however, april is being supported just off the strip.
dev34
getting word a lot of utilities are going in front of the puc trying to get approval for hedging programs this year.
dev34
Sorry, have no idea.
dev34
houston would be easy ireland kinda tough
dev34
heffner a little bullish, eh?
dev34
agree with contango story .
dev34
cash to futures pretty bullish but a picture where agressive inj now are bearish later.
dev34
so curve should flatten.
dev34
also back of curve (cal2,3) under a lot of pressure now.
dev34
customers will be buying all the way down and will get fucked just like last year.
dev34
contango has been under considerable pressure even with the front falling...any rally should result in those snapping in to 4.
dev34
good scalp in my opinion.
dev34
definitely seeing your side on the $5 level.
dev34
surprised we havent gotten more demand back as we sit at these lower levels.
dev34
off to cabo today for a long weekend.
dev34
kind of exhausted at work right now so a much needed break.
dev34
so argument more switching than outright lost demand?
dev34
where are petro prices on a comparable equivalence?
dev34
i have a very pretty back of the head cash went out around 2-4 back yesterday.
dev34
today it is 3 back right now bo trying to sell j/k at 4.5 on the open
dev34
cash goes out trading +1 to +3 j/k a piece
dev34
remove me from your email list
dev34
On Friday, will there be a private reception or area for us or will our customers get lost in the crowd?
dev34
Probably thinking 30 invites for Friday.
dev34
Is that ok?
dev34
dinner this week?
dev34
i'm free mon-wed
dev34
just got it today.
dev34
thanks
dev34
you'll be happy to know i get my car back today
dev34
wanna bring me back to work?
dev34
heffner how?
dev34
was pretty long coming into today just playing the range.
dev34
sold everything on the way up.
dev34
will be s scale up seller probably through options.
dev34
certainly a short squeeze in trade today and i don;t think anything changes tomorrow except maybe trade gets more confident in the short at the higher level andif cash rejects higher prices.
dev34
will be buying lots of puts on the way up so i guess for me vol is not toohigh.
dev34
What about all the deranged postal workers?
dev35