BNP Paribs NYMEX Floor AM Update ,
 Well, first of all, let's stop talking about $14.00 for a while... The stubborn
facade I was wearing in the face of mounting bullish evidence was not the way to
go as Friday capped a very impressive performance last week. So, leason learned;
listen to whatever system you trust because a system takes human nature out fo
the equation.  The bull trap Friday looked like the real thing for most of the
day, with heavy spread depreciation and fund selling, but with about an hour to
go you could sense something was amiss. So for now we've done what we needed to
do technically and it has to be respected. The overall long term trend remains
decidedly bearish but short term we've gone bullish, medium term neutral.
Petrologistics shows OPEC sans Iraq at 657,000 b/d over the new quota, pretty
much what has been bandied about recently. Gasoline relationships have held like
a rock and April-June gas cracks are now back into the mid/high $7.00 range.




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