January Report/February Forecast - CERA Private Report ,
 =20
Title: When Push Comes to Shove: Natural Gas Demand Resistance in a High=20
Price Environment
URL: http://www20.cera.com/eprofile?u=3D35&m=3D2213


Record high natural gas prices in North America are leading market=20
participants
to wonder just how high prices can go. Industrial end users and power
generators have already reduced demand a substantial amount=01*lending cruc=
ial
restraint to price.

* By mid-January as much as 6 percent of market demand had already been for=
ced
out, and somewhat more flexibility is available, if needed.

* The range of influences extends beyond interplay with oil markets=01*to m=
arkets
for ammonia, methanol, and ethane, as well as for other manufactured produc=
ts.

* The decisions being forced in the short term are likely to reverberate ov=
er
the long term and will affect the pace of growth toward a 30 Tcf market.

**end**
courtney.barker@enron.com, mike.barry@enron.com, joni.bollinger@enron.com, 