20071231Staff to IPC 1-55.pdf

WELDON B. STUTZMAN
DEPUTY ATTORNEY GENERAL
IDAHO PUBLIC UTILITIES COMMISSION
472 WEST WASHINGTON STREET
PO BOX 83720
BOISE, IDAHO 83720-0074
[phone]
BARNO. 3283
f
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NEIL PRICE
DEPUTY ATTORNEY GENERAL
IDAHO PUBLIC UTILITIES COMMISSION
POBOX 83720
BOISE, IDAHO 83720-0074
[phone]
IDAHO BAR NO. 6864
Street Address for Express Mail:
472 W. WASHINGTON
BOISE, IDAHO 83702-5983
Attorney for the Commission Staff
BEFORE THE IDAHO PUBLIC UTILITIES COMMISSION
IN THE MATTER OF THE APPLICATION OF )
IDAHO POWER COMPANY FOR AUTHORITY)
TO INCREASE ITS RATES AND CHARGES )
FOR ELECTRIC SERVICE TO ELECTRIC )
CUSTOMERS IN THE STATE OF IDAHO. )
)
)
)
CASE NO. IPC-E-07-8
COMMISSION STAFF'S
RESPONSE TO THE FIRST
PRODUCTION REQUEST OF
IDAHO POWER COMPANY
The Staff of the Idaho Public Utilities Commission, by and through its attorney of record,
Weldon B. Stutzman, Deputy Attorney General, hereby responds to Idaho Power's First Production
Request to the Commission Staff filed December 18, 2007.
The following Staff responses were prepared in consultation with Weldon B. Stutzman,
Deputy Attorney General. The Staff member preparing the response is identified after each
response.
IPUC STAFF RESPONSE TO THE FIRST
PRODUCTION REQUEST OF IDAHO POWER DECEMBER 3 i, 2007
REQUEST NO.1: Please identify the Staff witness responsible for addressing the impact
of the load growth adjustment rate on the rate.ofreturn on equity.
RESPONSE NO.1: Staff witness Terr Carlock is responsible for addressing all impacts
on the rate of return on equity.
Terri Carlock, Utilities Division Deputy Administrator
REQUEST NO.2: Please describe how the Staff reflected its proposed load growth
adjustment rate in its recommendations for the rate of return on equity.
RESPONSE NO.2: The load growth adjustment is reflected in actual results and the
resulting impact on returns. A separate rate case adjustment to return on equity has not been
quantified to reflect proforma changes in earnings. The load growth adjustment is evaluated as a
regulatory risk factor.
Terri Carlock, Utilities Division Deputy Administrator
REQUEST NO.3: Please provide Staffs definition of "Regulatory Lag" and the witness
who can respond to questions concerning this definition.
RESPONSE NO.3: Staff defines "Regulatory Lag" as the time period between when the
Company prudently incurs costs and when those costs are included for recovery in customer rates.
Randy Lobb is the Staff witness that can respond to questions regarding this issue.
Randy Lobb, Utilities Division Administrator
REQUEST NO.4: Do all Staff witnesses agree with the definition of "Regulatory Lag"
that has been provided. If not, how would that Staff witness define "Regulatory Lag"?
RESPONSE NO.4: Yes, all Staff witnesses agree with the definition.
Randy Lobb, Utilties Division Administrator
REQUEST NO.5: Please explain why Staff has not made the traditional annualizing
adjustments for depreciation and reserve for existing Electric Plant Service as of June 30, 2007.
IPUC STAFF RESPONSE TO THE FIRST
PRODUCTION REQUEST OF IDAHO POWER 2 DECEMBER 31, 2007
RESPONSE NO.5: Staff believes it made the appropriate adjustments to depreciation and
accumulated depreciation reserve for the post-test year plant additions. Some of the plant additions
Staff anualized, and some were pro formed and added to plant in service weighted based on the
months in service between July 1, 2007 and December 31, 2007. If the plant was anualized, so
was the depreciation expense and the associated accumulated depreciation. If the plant was pro
formed to reflect a number of months of service, then the depreciation expense and the associated
accumulated depreciation was also pro formed. Staff is unaware of additional "traditional
annualizing adjustments" for depreciation and reserve for existing Electric Plant in Service as of
June 30, 2007 that need to be made.
Kathy Stockton, Senior Auditor
REQUEST NO.6: In Kathy Stockton's testimony on page 16, lines 19 through 25, she
refers to "a corresponding increase in revenues of $370,387". Please indicate where the imputed
revenues of$370,387 on annualized plant are located in Mr. English's Exhibit Nos. 112 and 113.
RESPONSE NO.6: The $370,387 imputed revenue decrease was inadvertently left off of
Staffs Jurisdictional Separation Study (JSS) and thus was not included in Exhibit Nos. 112 and
113.
Donn English, Senior Auditor
REQUEST NO.7: Please explain and provide the detailed references in the workpapers or
other source documents that supports the Amortization of Other Plant of$39,555,756 in Exhibit
No. 113, Column 1, line 8.
RESPONSE NO.7: In Staff Audit Request 115, the Company provided the month-end
balances for all the rate base accounts, including Amortization of Other Plant. Staff calculated the
13-month average of these amounts provided by the Company to arrive at the 13-month average of
$39,555,756 in Exhibit No. 113, Column 1, line 8. This amount is also found in Staff Exhibit No.
103.
Kathy Stockton, Senior Auditor
IPUC STAFF RESPONSE TO THE FIRST
PRODUCTION REQUEST OF IDAHO POWER 3 DECEMBER 3 i, 2007
REQUEST NO.8: Please explain why a 13-month average of$13,155,568 is used for
Conservation-Other Deferred programs in Mr. English's Exhibit No. 113, Column 1, line 14 when
traditionally year-end balances have been used for these accounts.
RESPONSE NO.8: Staff used a 13-month average rate base for all rate base items,
including Conservation-Other Deferred programs. Staff determined that the 13-month average rate
base was appropriate from prior Commission Orders. Specifically Order No. 29838, which states,
"To make clear the Commission's preference for future cases, we direct United Water to fie future
rate cases utilzing a 13-month average rate base methodology." Staff is following the preference
of the Commission for a 13-month average rate base methodology.
Kathy Stockton, Senior Auditor
REQUEST NO.9: Please explain and provide the detailed references in the workpapers or
other source document showing how Other Operating Revenues of $44,677,792 in Exhibit No. 113,
Column 1, line 18 was determined.
RESPONSE NO.9: The calculation of Other Operating Revenues is shown on line 365 of
the Data tab on Donn English's Jurisdictional Separation Study workpaper. With the exception of
Overnight Parks Rents, the other revenues were calculated based on formulas provided in Idaho
Power's original Jurisdictional Separation Study. The Overnight Parks Rents adjustment is
described in Cecily Vaughn's testimony.
Donn English, Senior Auditor
REQUEST NO. 10: Please explain and provide the detailed references in the workpapers
or other source documents showing how the Operation and Maintenance Expense of$558,975,639
reported in Exhibit No. 113, Column 1, line 20 was determined.
RESPONSE NO. 10: Staffs O&M Expenses for the test year were retrieved from Idaho
Power monthly trial balances for the period of July 2006 through June 2007. These amounts can be
found on Staff witness English's electronic Jurisdictional Separation Study workpaper in Column
D labeled '''06 Actuals".
Donn English, Senior Auditor
IPUC STAFF RESPONSE TO THE FIRST
PRODUCTION REQUEST OF IDAHO POWER 4 DECEMBER 3 i, 2007
REQUEST NO. 11: Pease explain and provide the detailed references in the workpapers
or other source documents showing how the Operation and Maintenance Expense reduction of
$22,234,882 in Exhibit No. 113, Column 2, line 20 was determined.
RESPONSE NO. 11: The $22,234,882 is the total of Column I, line 561 and Column K,
line 561 of Staffs Jurisdictional Separation Study workpaper. These are the same standard
Commission ordered adjustments originally proposed by Idaho Power.
Donn English, Senior Auditor
REQUEST NO. 12: How much of the $22,234,882 amount referenced in Request No. 10
was included in Staff s test year revenues?
RESPONSE NO. 12: The $22,234,882 was an adjustment to reduce O&M Expenses and
not revenues. However, assuming that the question is asking how much of the $22,234,882 was
included in Staffs test year revenue requirement, Staff included the entire amount when computing
the test year revenue requirement.
Donn English, Senior Auditor
REQUEST NO. 13: Please explain and provide detailed references in the supporting
workpapers or other source documents showing how the Accumulated Deferred Income Taxes in
Exhibit No. 113, Column 1, line 10 was determined.
RESPONSE NO. 13: Staff requested the Company provide the monthly balances for
Accumulated Deferred Income Taxes in Audit Request 115. The Company did not provide all the
requested information, specifically stating, "monthly detail for Accumulated deferred income taxes
is unavailable on a monthly basis." Staff had to interpolate the balances with the limited
information that was provided in response to Audit Request 115, supplemented with information
provided in the 2006 FERC Form 1. The workpaper named "Workpaper Accumulated Deferred
Income Tax.xls" was provided by Staff witness Stockton as part of the associated workpapers filed
with testimony.
Kathy Stockton, Senior Auditor
IPUC STAFF RESPONSE TO THE FIRST
PRODUCTION REQUEST OF IDAHO POWER 5 DECEMBER 31, 2007
REQUEST NO. 14: Please explain and provide detailed references in the supporting
workpapers or other source documents showing how the Amortization of Limited Term Plant on
Exhibit No. 113, Column 1, line 22 was determined.
RESPONSE NO. 14: The Amortization of Limited Term Plant on Exhibit No. 113,
Column 1, line 22 should have been derived from the trial balances provided by the Company for
the months of July 2006 through June 2007. Staff witness English's Jurisdictional Separation
Study workpaper should have reflected the actual amount for the months July 2006 through June
2007.
Kathy Stockton, Senior Auditor
REQUEST NO. 15: What was the test year in the Avista Utilities case Mr. English refers
to on lines 2 through 4 of page 24 of his testimony. Please provide a copy of the Washington
Commission Order he refers to.
RESPONSE NO. 15: The test year in Avista's recent Washington general rate case,
UE-070804, was the 2006 calendar year with known and measurable pro-forma adjustments
through 2008. A copy of the Washington Commission Order is attached.
Donn English, Senior Auditor
REQUEST NO. 16: Please provide a copy of Staffs testimony in PAC-E-07-5
recommending a 10.25% return on equity that Mr. English refers to in his testimony at page 24.
RESPONSE NO. 16: A copy of Staff witness Carlock's testimony in PAC-E-07-5 is
attached.
Terri Carlock, Utilities Division Deputy Administrator
REQUEST NO. 17: Referring to page 4 of Mr. Sterling's testimony, please provide all
data relied upon to substantiate the statement that "High gas prices actually benefit Idaho Power
and its rate payers in most years..."
IPUC STAFF RESPONSE TO THE FIRST
PRODUCTION REQUEST OF IDAHO POWER 6 DECEMBER 31, 2007
RESPONSE NO. 17: The basis for the statement "High gas prices actually benefit Idaho
Power and its ratepayers in most years" was an observation from the results of over 35 AURORA
simulations made using various gas prices and the same 76 hydro conditions used by Idaho Power
in its own analysis. The simulations show that Idaho Power's net power supply costs are usually
lower whenever gas prices are higher. As discussed on pages 3-4 of the testimony of Staff witness
Sterling, electric market prices tend to be high whenever gas prices are high. Because Idaho Power
is a net energy seller over the course of most years, high gas prices and high electric market prices
allow the Company to sell its surplus low-cost hydro and coal generation at those higher prices,
substantially reducing its net power supply costs.
The data from the AURORA simulations that led to this observation is extremely
voluminous, even in its electronic form (approximately 500 GB). Please contact Rick Sterling at
334-0351 to arrange a time to review the requested material in the Idaho Public Utilities
Commission offces, or alternatively, to make arrangements to transfer the data electronically.
Rick Sterling, Engineer
REQUEST NO. 18: Referring to page 7 ofMr. Sterling's testimony, please provide all
data used in the regression analysis used to support the conclusion "that gas prices and Northwest
hydro conditions are not related".
RESPONSE NO. 18: Data used for the regression analysis is contained in the Excel file
named Historical Gas Prices.xls, which has been included on the CD accompanying Staffs
responses to Idaho Power's First Production Request. Regression analyses are contained on the
worksheets labeled "Correlations - Henr" and "Correlations - Sumas."
Rick Sterling, Engineer
REQUEST NO. 19: Referring to page 7 ofMr. Sterling's testimony, are the hydro shaping
factors used in the regression analysis those supplied by Idaho Power in its input file? If the
answer is no, please provide the hydro shaping factors used.
RESPONSE NO. 19: Yes, the hydro shaping factors used in the regression analysis were
the same factors supplied by Idaho Power in its input fie.
Rick Sterling, Engineer
IPUC STAFF RESPONSE TO THE FIRST
PRODUCTION REQUEST OF IDAHO POWER 7 DECEMBER 31, 2007
REQUEST NO. 20: Referring to Exhibit No. 107, why was Sumas historical gas price
data limited to May 2001 - December 2006?
RESPONSE NO. 20: The beginning of the correlation analysis period was dictated by the
ready availability of historical gas prices and the end of the analysis period was dictated by the
availabilty of water condition shaping factors. Historical gas prices beginning approximately
April 2001 were readily available for Sumas from the website of the Intercontinental Exchange:
https:/ /ww.theice.com/marketdata/naN atural Gas/naN atGasHistory. j sp. Shaping factors for
Northwest water conditions were available through the end of 2006, and as stated in Response No.
19, were the same factors supplied by Idaho Power in its input fie.
Rick Sterling, Engineer
REQUEST NO. 21: Referring to Exhibit No. 107, why was Henry Hub historical gas price
data limited to April 2001 - December 2006?
RESPONSE NO. 21: The beginning of the correlation analysis period was dictated by the
ready availability of historical gas prices and the end of the analysis period was dictated by the
availability of water condition shaping factors. Historical gas prices beginning approximately
April 2001 were readily available for Henry Hub from the website of the Intercontinental
Exchange: https:/ /ww.theice.com/marketdata/naN aturalGas/naN atGasHistory. j sp. Shaping
factors for Northwest water conditions were available through the end of 2006, and as stated in
Response No. 19, were the same factors supplied by Idaho Power in its input file.
Rick Sterling, Engineer
REQUEST NO. 22: Referring to pages 8 and 9 of Mr. Sterling's testimony, please provide
all gas forecasts and NYMEX prices used or considered in reaching the proposed single price for
2007.
RESPONSE NO. 22: The requested information is included as an attachment to this
response.
Rick Sterling, Engineer
IPUC STAFF RESPONSE TO THE FIRST
PRODUCTION REQUEST OF IDAHO POWER 8 DECEMBER 3 i, 2007
REQUEST NO. 23: If the gas prices used or considered were not in 2007 dollars please
provide the conversion factors and spreadsheets used to accomplish the conversion to 2007 dollars.
RESPONSE NO. 23: See the response to Request No. 22 for the gas prices used or
considered. For those forecasts or prices that were not in 2007 dollars, the conversion factors used
to convert to 2007 dollars are either included as par of the forecast or are shown on the forecast.
For example, the GDP Chain-type Price Index was used for DOE/EIA forecasts. For the Northwest
Power and Conservation Council's forecast, a price deflator of2.223% was used to convert prices
in 2006 dollars to 2007 dollars. For the gas prices included in Idaho Power's 2006 IRP, a price
deflator of 2.1 % was used.
Rick Sterling, Engineer
REQUEST NO. 24: Does Mr. Hessing agree that the terms "Marginal Costs" and
"Incremental Costs" as used in his testimony concerning the PCA are synonymous? If they are not
synonymous, please describe how the terms are different.
RESPONSE NO. 24: Mr. Hessing does not agree that the terms "Marginal Costs" and
"Incremental Costs" used in his testimony concerning the PCA are synonymous. A strict definition
of marginal cost would be the change in cost associated with a one unit change in production. Staff
did not increase load by 1 MWa and calculate the associated marginal cost in this case because of
concerns it has with the AURORA model's ability to properly reflect the load and cost difference
of such an extremely small increment. In this case Staff accepted the Company's definition of
marginal cost and calculated it based on a 50 MWa load addition. The term "Incremental Costs" as
used in Mr. Hessing's testimony refers to the method proposed by the Company that captured not
only the production costs associated with a year's load growth but costs associated with price
changes over the year.
Keith Hessing, Engineer
REQUEST NO. 25: Does Mr. Hessing recommend that power supply costs the Company
incurs to serve load growth be recovered in the power cost adjustment? If yes why? If no, why?
IPUC STAFF RESPONSE TO THE FIRST
PRODUCTION REQUEST OF IDAHO POWER 9 DECEMBER 3 i, 2007
RESPONSE NO. 25: No. The Commission has twice ordered that the power supply costs
the Company incurs to serve load growth be removed from the PCA.
Keith Hessing, Engineer
REQUEST NO. 26: Does Mr. Hessing address the impact of his expense adjustment rate
for growth on the Staff recommended return on equity? If the answer is yes, where is this found in
his testimony? If no, where is this issue addressed in Staff s testimony?
RESPONSE NO. 26: Staff witness Hessing does not address impacts on return on equity.
See Staff Response to Request NO.2 stating the load growth adjustment is reflected in actual
results and the resulting impact on returns. A separate rate case adjustment to retur on equity has
not been quantified to reflect proforma changes in earings. The load growth adjustment is
evaluated as a regulatory risk factor.
Terri Carlock, Utilities Division Deputy Administrator
REQUEST NO. 27: Are Idaho Power's low retail rates, compared to national averages, a
benefit to Idaho Power Company when determining risk in setting Idaho Power's return on equity?
Ifso, why?
RESPONSE NO. 27: Yes. Low retail rates are one benefit to Idaho Power when
evaluating risk. Low rates generally have a smaller impact on demand price volatilty than a utility
with high rates. Demand volatility is a risk factor.
Terri Carlock, Utilities Division Deputy Administrator
REQUEST NO. 28: Is Idaho Power's power cost adjustment a benefit to Idaho Power
Company when determining risk in setting Idaho Power s return on equity? If so, why?
RESPONSE NO. 28: Yes. Idaho Power's power cost adjustment (PCA) is a benefit to
Idaho Power when evaluating risk. The PCA provides rate adjustments between general rate cases.
The PCA reduces cost volatility in earnings for the PCA accounts thus reducing risk absent a PCA
adjustment.
Terri Carlock, Utilties Division Deputy Administrator
IPUC STAFF RESPONSE TO THE FIRST
PRODUCTION REQUEST OF IDAHO POWER i 0 DECEMBER 31, 2007
REQUEST NO. 29: Is Idaho Power's fixed cost adjustment a benefit to Idaho Power
Company when determining risk in setting Idaho Power's return on equity? If so, why?
RESPONSE NO. 29: Yes. The fixed cost adjustment reduces volatilty with the
adjustment mechanism thereby reducing risk in this area.
Terri Carlock, Utilities Division Deputy Administrator
REQUEST NO. 30: On page 8 of Ms. Carlock's testimony, she states "Low demand risk
is parially due to the low-cost power and customer mix of power users." Please explain how Ms.
Carlock comes to this conclusion and provide any studies or analyses that she relies on to support
her conclusion.
RESPONSE NO. 30: Demand is a customer variable that is impacted by the level of rates
a customer pays and differs dependent on the type of customer. Low rates and the customer mix
for Idaho Power help reduce volatilty in this area. Demand forecasts are utilzed in the Risk
Management Process and the Risk Management Policy/Process also reduces volatilty. Studies
associated with the Risk Management Policy have been evaluated. No other studies are referenced.
Terri Carlock, Utilities Division Deputy Administrator
REQUEST NO. 31: Please provide an explanation, including any workpapers or other
source documents showing how Ms. Carlock arrived at a Comparable Earnings estimate between
10%-11 % for Idaho Power.
RESPONSE NO. 31: Staff witness Carlock relied on Company documents that wil not be
attached to this response because the documents were Company developed. These documents
include the following: the Company's testimony, exhibits, and work papers. As stated in
testimony, much of the theoretical approach is the same as used by Avera, but the final
conclusions/recommendations differ. For instance, the base information in Company Exhibit NO.2
produces a range of 10% - 11.1 %. The Value Line Investment Surey, Ratings and Reports,
Electric Utilty Industry, 2007 issues were also utilzed. These documents are referenced by Idaho
Power and available to them independently.
Terri Carlock, Utilities Division Deputy Administrator
IPUC STAFF RESPONSE TO THE FIRST
PRODUCTION REQUEST OF IDAHO POWER i i DECEMBER 3 i, 2007
REQUEST NO. 32: Please provide an explanation, including any workpapers or other
source documents showing how Ms. Carlock arrived at the 2% direct flotation factor she used in
the Discounted Cash Flow formula.
RESPONSE NO. 32: The 2% is based on actual direct flotation costs and is the same
number used in prior cases. This factor remains reasonable for utilty operations based on recent
issuances.
Terri Carlock, Utilties Division Deputy Administrator
REQUEST NO. 33: Please provide the workpapers or other source documents that Ms.
Carlock used in her DCF analysis which identify the comparable companies that were used and
explain how the dividend yield and growth rate assumption for the comparable companies was
estimated.
RESPONSE NO. 33: Staff witness Carlock relied on Company documents that wil not be
attached to this response because the documents were Company developed. These documents
include the following: the Company's testimony, exhibits, and work papers. The Value Line
Investment Survey, Ratings and Reports, Electric Utilty Industry, 2007 issues were also utilzed.
These documents are referenced by Idaho Power and available to them independently. The average
annual dividend yield was utilzed from Value Line. The growth rates utilized are from Value Line
and are the average of the growth in revenues, cash flow, earnings, dividends and book value where
available for each company.
Terri Carlock, Utilties Division Deputy Administrator
REQUEST NO. 34: Please provide an explanation for the disallowance for out-of-area
meals for training activities in Exhibit No. 102.
RESPONSE NO. 34: Exhibit No. 102 does not identify any out-of-area meals for training
activities that were moved below the line for rate-setting purposes.
Cecily Vaughn, Auditor
IPUC STAFF RESPONSE TO THE FIRST
PRODUCTION REQUEST OF IDAHO POWER 12 DECEMBER 31, 2007
REQUEST NO. 35: On Page 13 of her testimony, Ms. Vaughn discusses Staffs exclusion
of in-area meals. Please provide an explanation of the standard applied to make that determination.
RESPONSE NO. 35: In response to IPUC Audit Request No. 143(f), Staff was provided
with a confidential schedule listing every Idaho Power Employee showing employee name, title,
and headquarers/work location. Ms. Vaughn moved the cost of meals eaten within the close
proximity of the employee headquarers/work location below the line for rate-setting puroses. For
example,
a. One employee claimed a meal for one in Hyde Park when he is headquartered in Boise.
b. Another employee, headquarered in Nampa, claimed a meal that was charged at a local
Nampa restaurant.
Cecily Vaughn, Auditor
REQUEST NO. 36: Please provide any documents that Ms. Vaughn used to support her
testimony that the Company suggests taking a cash advance or cash draws for airfare. (Vaughn
Testimony p. 12).
RESPONSE NO. 36: Ms. Vaughn believes that her testimony in this instance is stated too
broadly. Her testimony on page 12, lines 11-20, could be more specific as follows:
Idaho Power relies primarily on P-cards for employee expenses. Employees use
individually issued P-cards to pay for airfare, lodging, business meals, and other
business-related expenses. Employees are encouraged to take cash draws to reimburse
themselves for personal vehicle mileage and miscellaneous expenses incurred;. cash
draws prior to incurring personal vehicle mileage/miscellaneous expenses are also
permitted. P-card statements are sent to each employee and reconciled in a 'packet'
envelope. Receipts for expenditures are collected by the employee and are placed in
the envelope during the reconcilation process. It should be noted that receipts are not
required for meals costing less than $25 that are paid for with cash or for meals costing
less than $75 that are paid for with the employee's P-card. The employee enters the
business justification for each expenditure on-line during statement reconciliation. A
supervisor or person other than the P-card holder authorizes the expenditure by
signature, either manually on the envelope or online.
Ms. Vaughn wil fie supplemental or rebuttal testimony to clarify her testimony at p. 12.
Cecily Vaughn, Auditor
IPUC STAFF RESPONSE TO THE FIRST
PRODUCTION REQUEST OF IDAHO POWER 13 DECEMBER 31, 2007
REQUEST NO. 37: Provide any documentation Ms. Vaughn used to support her
testimony on page 12 indicating that a cash advance was taken for lodging or airfare expenses
outside of defined policy.
RESPONSE NO. 37: Ms. Vaughn did not assert in her testimony that cash advances were
used for lodging, airfare, or any other purpose beyond defined Company policy.
Cecily Vaughn, Auditor
REQUEST NO. 38: On page 13 of her testimony, Ms. Vaughn used the term "luxury
items". Please describe how Ms. Vaughn determines what a "luxury item" is. Please provide
specific detail for each luxury item identified in Ms. Vaughn s review and referenced in her
testimony.
RESPONSE NO. 38: Staff used the common definition(s) ofluxury to determine the
criteria for a luxury item:
"luxury, \n:...c: : a non-essential item or service that contributes to luxurious living: an
indulgence in ornament or convenience beyond the indispensable minimum..."
"luxury, \adj: "of or relating to luxury or luxuries or catering to luxurious tastes..."
(Webster's Third New International Dictionary of the English Language
Unabridged, Merriam-Webster, 1971).
The cost of items considered to be luxury items, i.e. items that were considered to be non-essential
or convenience beyond the indispensable minimum, that were moved below the line for ratemaking
purposes included the following:
a. Bottled water and water coolers located in Central Headquarers
b. Coffee, tea and related items provided in breakrooms
c. Newspaper subscriptions for field offices.
Cecily Vaughn, Auditor
REQUEST NO. 39: Referring to Ms. Vaughn's testimony on page 14, provide specific
information supplementing her assertion that items of a personal nature were not deducted from the
employee's paycheck.
IPUC STAFF RESPONSE TO THE FIRST
PRODUCTION REQUEST OF IDAHO POWER 14 DECEMBER 31, 2007
RESPONSE NO. 39: Ms. Vaughn did not make an assertion in her testimony that items of
a personal nature were or were not deducted from an employee's paycheck. The focus is directed
toward internal controls and the appropriateness of expenditures for ratemaking puroses.
Cecily Vaughn, Auditor
REQUEST NO. 40: Referring to Ms. Vaughn's testimony on page 17, please provide
specific information supporting her assertion that cash draws were taken for mileage without
supporting documentation specifically the "2007 Cash Advance Worksheet - Private Vehicle
Mileage" form.
RESPONSE NO. 40: The assertion is focused on the appropriateness and adequacy of
documentation along with the reasonableness for ratemaking purposes. The "Cash Advance
Worksheet - Private Vehicle Mileage" form was completed and was the source of information used
in Staff s decision to move personal mileage expenses below the line. Examples include:
a. One employee claimed 289 miles for "errands" with no mileage logs to document the
individual errands; the mileage reimbursement was taken as a cash draw.
b. Another employee claimed 409 miles for "delivery services supervision" from 10/3/06 to
11/29/06; mileage reimbursement was taken as a cash draw..
Because the mileage was summarized over multiple days on the "Cash Advance Worksheet-
Private Vehicle Mileage" form without daily odometer logs, the supporting documentation was
considered inadequate for rate-setting purposes.
Cecily Vaughn, Auditor
REQUEST NO. 41: Referring to Ms. Vaughn's testimony on page 17, please provide
specific information supporting her assertion that mileage was "saved" for several months prior to
being reimbursed where the "Cash Advance Worksheet - Private Vehicle Mileage" form was not
completed.
RESPONSE NO. 41: The "Cash Advance Worksheet - Private Vehicle Mileage" form
was completed and was the source of information used in Staffs decision to move personal
mileage expenses below the line. Staff noted that on occasion employees did not ask for mileage
reimbursement in the same month the mileage occured, but allowed mileage to accumulate over
IPUC STAFF RESPONSE TO THE FIRST
PRODUCTION REQUEST OF IDAHO POWER 15 DECEMBER 31, 2007
several months before obtaining reimbursement. For example, it appeared that one employee
"saved" 2416 miles for several months, submitted the completed "Cash Advance Worksheet -
Private Vehicle Mileage" form in December, and took a cash draw as personal mileage
reimbursement.
Cecily Vaughn, Auditor
REQUEST NO. 42: Referring to Ms. Vaughn's testimony on page 17, please provide
specific detail supporting her assertion that personal vehicle mileage was reimbursed for travel to
parties and other social events.
RESPONSE NO. 42: The "Cash Advance Worksheet - Private Vehicle Mileage" form
was completed and was the source of information used in Staffs decision to move personal
mileage expenses below the line. Examples of personal mileage for travel to parties and other
social events include:
a. One employee submitted personal mileage for travel to four different Christmas paries
held in December of2006.
b. Another employee claimed personal vehicle mileage for travel to a retirement pary.
In both cases, a cash draw was taken as reimbursement for the travel.
Cecily Vaughn, Auditor
REQUEST NO. 43: Referring to Ms. Vaughn's testimony on page 17, in which she
comments that "no vehicle mileage/odometer logs were included as supporting documentation for
actual mileage driven, please provide specific itemization by employee supporting her assertion
that the "Cash Advance Worksheet - Private Mileage" form was missing.
RESPONSE NO. 43: Ms. Vaughn did not assert that the "Cash Advance Worksheet-
Private Vehicle Mileage" form was missing. The "Cash Advance Worksheet - Private Vehicle
Mileage" form was completed and was the source of information used in Staffs decision to move
personal mileage expenses below the line. However, because the "Cash Advance Worksheet-
Private Vehicle Mileage" does not require beginning/ending odometer mileage nor did it appear
that mileage was validated through an independent source (e.g. Rand-McNally point-to-point
mileage or the Household Movers Guide), Ms. Vaughn does not believe that the "Cash Advance
IPUC STAFF RESPONSE TO THE FIRST
PRODUCTION REQUEST OF IDAHO POWER 16 DECEMBER 31, 2007
Worksheet - Private Vehicle Mileage" provides adequate documentation to support the mileage
driven for rate-setting puroses.
Cecily Vaughn, Auditor
REQUEST NO. 44: Provide a reconciliation between the $88,958 total P-Card Amount
for January on the "Summary of Disallowed %" worksheet and the $17,276 Total for January noted
on the "Staff Witness Stockton Disallow" worksheet. (Vaughn Testimony p. 15).
RESPONSE NO. 44: The $88,958 was equal to the total P-Card expenditures for the 104
employee P.Card envelopes audited. The $17,276 was the total amount ofP-Card expenditures
moved below the line for rate-setting purposes. The percentage of P-Card expenditures moved
below the line for envelopes reconciled during January was 19.42% ($17,276 divided by $88,958).
Cecily Vaughn, Auditor
REQUEST NO. 45: Provide an explanation and reconciliation of how Ms. Vaughn's
"50%" exclusion of mileage was reached. Itemize each expense report without the "Cash Advance
Worksheet - Private Vehicle Mileage". (Vaughn Testimony p. 17).
RESPONSE NO. 45: Ms. Vaughn does not believe that the "Cash Advance Worksheet-
Private Vehicle Mileage" as used by a significant percentage of Idaho Power employees provides
adequate documentation supporting personal vehicle mileage driven for rate-setting puroses. In
addition Ms. Vaughn believes there is inadequate review of "Cash Advance Worksheet - Private
Vehicle Mileage" for the full amount of personal vehicle mileage expense to be included in
Operations and Maintenance (O&M) Expense for rate-setting purposes. Specific examples of
inadequate review and/or insufficient documentation include:
a. Personal mileage is often summarized (see Response No. 40),
b. Personal mileage may be estimated (see Response No. 46),
c. Personal mileage may be reimbursed for non-business mileage (see Response
No. 42),
d. There was no evidence that personal vehicle mileage was validated through an
independent source (e.g. Rand-McNally point-to-point mileage or the Household Movers
Guide), and
e. The personal vehicle mileage appears to be excessive (over 1.2 milion personal vehicle
miles were logged by less than 2,000 employees during the test year).
IPUC STAFF RESPONSE TO THE FIRST
PRODUCTION REQUEST OF IDAHO POWER 17 DECEMBER 31, 2007
Although the mileage calculation is separate, the individual reimbursement envelopes were audited
from the storage boxes identified on pages 14-15 of Ms. Vaughn's testimony.
Ms. Vaughn believes that these inadequacies justify a significant adjustment to O&M
Expense. In consultation with Staff witness Carlock, Ms. Vaughn believes that moving 50% of the
personal vehicle mileage below the line is a fair and reasonable adjustment for rate-setting
purposes. The ongoing audit process following this case wil continue to evaluate internal controls
and the necessity for ratemaking adjustments.
Cecily Vaughn, Auditor
REQUEST NO. 46: Provide documentation to support Ms. Vaughn's testimony that
mileage was inappropriately rounded up and an explanation of how the conclusion of inappropriate
rounding was reached. (Vaughn Testimony p. 17).
RESPONSE NO. 46: Ms. Vaughn believes that her testimony in this instance is stated too
broadly. Many of the mileage claims (more than 20% of the mileage claimed) were for mileage
that ended in "5" or "0". This indicated to Staff that mileage was estimated or rounded in at least
some of these claims rather than being based on actual odometer logs. Ms. Vaughn's testimony is
based on the Staff audit of P-card envelopes as described in her testimony on
pages 14-15.
Ms. Vaughn will file supplemental or rebuttal testimony to clarify her testimony at p 17,
lines 19-20.
Cecily Vaughn, Auditor
REQUEST NO. 47: Idaho Power requires that the Cash Advance Worksheet - Private
Vehicle Mileage form be completed for any mileage reimbursements. As this form complies with
the recommendations and requirements of the IRS, why is this not acceptable documentation of the
expense? (Vaughn Testimony p. 18).
RESPONSE NO. 47: Internal Revenue Service recommendations and requirements,
though they provide guidance for Idaho Power Company and its employees, are not intended for
the Commission to use in determining whether expenditures are reasonable for ratemaking
IPUC STAFF RESPONSE TO THE FIRST
PRODUCTION REQUEST OF IDAHO POWER 18 DECEMBER 31, 2007
puroses. However, the IRS states that, "to claim the standard mileage rate, appropriate records
would include...a daily log showing miles traveled, destination and business purpose."
(FS-2006-26, October 2006, emphasis added). Since personal mileage is often summarized (see
Response No. 40), may be estimated (see Response No. 46) and may be reimbursed for non-
business mileage (see Response No. 42), it appears to Ms. Vaughn that the "Cash Advance
Worksheet - Private Vehicle Mileage" form as submitted by many Idaho Power Company
employees does not meet the guidelines set by the Internal Revenue Service. Beèause the "Cash
Advance Worksheet - Private Vehicle Mileage" does not require beginning/ending odometer
mileage nor did it appear that mileage was validated via the use of an independent source (e.g.
Rand-McNally point-to-point mileage or the Household Movers Guide), Ms. Vaughn does not
believe that the "Cash Advance Worksheet - Private Vehicle Mileage" as used by a significant
percentage of Idaho Power employees provides adequate documentation supporting personal
vehicle mileage expense for rate-setting purposes.
It should also be noted that the IRS states that "overstated adjustments, deductions,
exemptions and credits of all types account for more than $30 bilion in unpaid taxes anually"
(FS-2006-26, October 2006). Over 1.2 milion personal vehicle miles--resulting in $596,677 of
expense--were claimed during the Staff test year. Since Idaho Power Company had an average of
1,929 employees during this period, this means that each employee would have logged over 600
personal vehicle miles per year on company business. Given that the majority of employees are
either office workers or have access to company vehicles for their work, Ms. Vaughn believes it
likely that the total mileage claimed is excessive/overstated for rate-setting purposes-similar to
the impact of overstated deductions on taxes paid to the Internal Revenue Service.
Cecily Vaughn, Auditor
The following questions refer to the JSS Total System amounts from Staffs test year period
of 6-30-06 to 6-30-07, contained in the workpapers provided by Witness English.
REQUEST NO. 48: The Taxes Other Than Income amount (line 17 and Table 7) did not
change from Idaho Power's test year. Please describe in detail the analysis or decision model Staff
prepared to determine how Idaho Power's filed amount appropriately matched Staffs test year.
IPUC STAFF RESPONSE TO THE FIRST
PRODUCTION REQUEST OF IDAHO POWER 19 DECEMBER 31, 2007
RESPONSE NO. 48: The Taxes Other Than Income amount was inadvertently left at the
amount from Idaho Power's test year. It should have been changed to the actual amount for the
months of July 2006 through June 2007 in Staff witness English's Jurisdictional Separation Study
workpaper.
Kathy Stockton, Senior Auditor
REQUEST NO. 49: The Investment Tax Credit Adjustment amount (line 20) did not
change from Idaho Power's test year. Please describe in detail the analysis or decision model Staff
prepared to determine how Idaho Power's fied amount appropriately matched Staff s test year.
Did Staff consider compliance with the normalization requirements of Treasury Regulation § 1.46-6
when determining the amount of investment tax credit to include in Staff s revenue requirement?
If so, please describe how Staff s amount is consistent with the federal governent's normalization
rules.
RESPONSE NO. 49: The Investment Tax Credit was inadvertently left at the amount
from Idaho Power's test year. It should have been changed to the actual amount for the months of
July 2006 through June 2007 in Staff witness English's Jurisdictional Separation Study workpaper.
The actual amount should have been $933,057.
Upon further examination of 2006 actuals, June 30, 2007 actuals and the 2007 Forecast,
Staff would have arrived at the same amount as the Company. Because time and information was
limited, Staff did not have the information necessary to tie the Investment Tax Credit to the specific
plant being added during 2007. Because Staff included major plant through the end of 2007, the
2007 Forecast Investment Credit number is the best available number in this case. Staff could have
pro formed the Investment Tax Credit through the end of the year and made an adjustment of
$377,280 to arrive at the same amount for Investment Tax Credit as the Company.
Kathy Stockton, Senior Auditor
REQUEST NO. 50: The IERCO Operating Income amount (line 25) did not change from
Idaho Power's filing. Please describe in detail the analysis or decision model Staff prepared to
determine how Idaho Power filed amount appropriately matched Staffs test year. Did Staff make
any adjustments to IERCO's income tax expense? If so, explain what the adjustments were and in
what amounts.
IPUC STAFF RESPONSE TO THE FIRST
PRODUCTION REQUEST OF IDAHO POWER 20 DECEMBER 31, 2007
RESPONSE NO. 50: Staff did not audit the operations of IERCO and thus did make any
adjustments to IERCO Operating Income.
Donn English, Senior Auditor
REQUEST NO. 51: Did Staff make adjustments to the accumulated deferred income taes
included in IERCO's rate base (line 59)? If so, explain what the adjustments were and in what
amounts.
RESPONSE NO. 51: Staff did not audit the operations ofIERCO during this case and
thus did not make any adjustments to IERCO accumulated deferred income taxes included in
IERCO's rate base.
Donn English, Senior Auditor
REQUEST NO. 52: In the calculation of federal and state income tax expense (Tables 10
through 12) the following items did not change from Idaho Power s fiscal 2007 test year. Please
describe in detail the analysis or decision model Staff prepared to determine how Idaho Power's
fied amounts appropriately matched Staff s test year.
a. Line 698 - total interest charges
b. Line 703, 721, 746 - federal income tax adjustments
c. Line 722 - mfg deduction not allowed
d. Line 728, 750, 756 - IERCO taxable income
e. Line 751, 767 - bonus depreciation adjustment
f. Line 755 - investment tax credit
g. Line 713, 737, 759, 772 - prior years' tax adjustment
RESPONSE NO. 52: Staff had limited time in determining the inputs in the calculation of
the federal and state income tax expense. Staff was unable to examine the 2006 income tax return.
Staff determined that for the following items, the amount the Company provided in its fiing would
be the best available proxy for Staffs case:
b. Line 703, 721, 746 - federal income tax adjustments
c. Line 722 - mfg deduction not allowed
e. Line 751, 767 - bonus depreciation adjustment
g. Line 713, 737, 759, 772 - prior years' tax adjustment
IPUC STAFF RESPONSE TO THE FIRST
PRODUCTION REQUEST OF IDAHO POWER 21 DECEMBER 31, 2007
The following items should have been adjusted in the Jurisdictional Separation Study to reflect
actual amounts from Staff s test year:
a. Line 698 - total interest charges
d. Line 728, 750, 756 - IERCO taxable income
f. Line 755 - investment tax credit
Kathy Stockton, Senior Auditor
REQUEST NO. 53: In Ms. Stockton's testimony (pages 14 through 17) she indicates that
Staff made adjustments to deferred income taxes to compensate for the effect to deferred taxes of
Staffs changes to Idaho Power's rate base. The following questions deal with Accumulated
Deferred Income Taxes (line 55) and Provision for Deferred Income Taxes (lineI9).
a. Staff increased Idaho Power s test year accumulated deferred income tax
balance by $7,556,864. Staff did not change the provision for deferred
income taxes from the Company s filed amount. Please explain how Staff
determined the appropriateness of increasing accumulated deferred income
taxes for puroses of rate base (a credit) without a corresponding change to
deterred income tax expense (a debit) for cost of service. Describe in detail
all technical information and consultation Staff used in making this
determination.
b. In witness Stockton's accumulated deferred income tax workpaper Staff
included deferred income tax accounts that Idaho Power has not included in
an Idaho case. For example, Staff included account 282101 (which is
deferred taxes related to CWIP) and accounts 283201 and 202 (which are
related to non-utility operations). Please explain why Staff believes it is
appropriate to include these items in the calculation of deferred income taxes.
c. It appears from Stockton's accumulated deferred tax workpaper that Staff
calculated the percentage of Idaho Power's test year deferred income tax
balances in accounts 190, 282, and 283 as of 12-31-06 (Idaho Power Exhibit
23) to the total balance of those accounts as of 12-31-06. The percentages
were then applied to the monthly deferred tax account balances in Staff s
average monthly balance calculation. Please explain how Staff determined
that their percentage method based upon a calendar year-end (December
2006) is appropriate compared to Idaho Power's specific identification method
(the method used in the 2007 test year as well as prior rate cases). Describe
in detail all technical information and consultation Staff used in making this
determination.
d. In Stockton's accumulated deferred income tax workpaper and Stockton
Exhibit NO.1 03, Staff has calculated a 13-month rollng average to determine
the ending accumulated deferred income tax balance before Staff
adjustments to rate base. Please explain how Staff determined that their 13-
IPUC STAFF RESPONSE TO THE FIRST
PRODUCTION REQUEST OF IDAHO POWER 22 DECEMBER 31, 2007
month rollng average is appropriate compared to Idaho Power's beginning-of-
year/end-of-year average (the method used in the 2007 test year as well
as prior rate cases). Describe in detail all technical information and
consultation Staff used in making this determination.
e. Please provide the workpaper(s) that details the calculation of the $2,492,675
rate base adjustment Staff recorded to accumulated deferred income taxes in
Stockton Exhibit No. 104. Provide electronic version with all formulas intact.
RESPONSE NO. 53a: Staff should have removed the Company test year amount for
Provision for deferred income taxes and replaced it with the actual amount based on Staff s rate
base and test year. The correct amount is $10,987,886. This amount then would be increased by
Staffs post test year plant additions in the amount of $2,492,675.
Kathy Stockton, Senior Auditor
RESPONSE NO. 53b: Staff requested that the Company provide the monthly amounts for
deferred income taxes, and the Company did not provide it. (See Response No. 13). Staff
therefore used an alternative method to calculate the monthly balances of deferred income taxes in
order to calculate the 13-month average rate base. Staff made an attempt to include the correct
accounts, and when the detail was not available, spread the amount to all the accounts.
Kathy Stockton, Senior Auditor
RESPONSE NO. 53c: Staff requested that the Company provide the monthly amounts for
deferred income taxes, and the Company did not provide it. (See Response No. 13). Staff
therefore derived an alternative method to calculate the monthly balances of deferred income taxes
in order to calculate the 13-month average rate base. Staff made an attempt to include the correct
accounts, and when the detail was not possible, spread the amount to all the accounts.
Kathy Stockton, Senior Auditor
RESPONSE NO. 53d: Staff determined that the 13-month average rate base was
appropriate from prior Commission orders. Specifically Order No. 29838, which states, "To make
clear the Commission's preference for future cases, we direct United Water to fie future rate cases
IPUC STAFF RESPONSE TO THE FIRST
PRODUCTION REQUEST OF IDAHO POWER 23 DECEMBER 31, 2007
utilizing a 13-month average rate base methodology." Staff is following the preference of the
Commission for a 13-month average rate base methodology. It is consistent with other rate base
accounts in Staff s case.
Kathy Stockton, Senior Auditor
RESPONSE NO. 53e: Staff previously provided the workpapers that detail the calculation
of the $2,492,675 rate base adjustment Staff recorded to accumulated deferred income taxes in
Stockton Exhibit No. 104. Staffwitness Stockton is available to discuss the workpaper with the
Company.
Kathy Stockton, Senior Auditor
REQUEST NO. 54: In Stockton's testimony she states that Staff made adjustments to
plant in-service, depreciation expense, and accumulated depreciation. Did Staff consider
correlative adjustments to tax depreciation? Did Staff consider adjustments to the book/tax
depreciation difference included in the federal income tax adjustments (see page 123 of Idaho
Power's test year workpapers)? Based upon question #5 above, it appears Staff made no
adjustments to Idaho Power's test year amounts for either of these items. Please describe in detail
the analysis or decision model Staff prepared to determine how Idaho Power filed amount
appropriately matched Staffs test year. Describe in detail all technical information and
consultation Staff used in making this determination.
RESPONSE NO. 54: Staff did consider correlative adjustments to tax depreciation. Staff
incorporated the information the Company provided in Production Request 29, including the
deferred tax impact of $2,492,675. Staff inadvertently missed adjustments to the book/tax
depreciation difference included in the federal income tax adjustments as shown on page 123 of
Idaho Power's test year workpapers. The best available information was used to match the Staff
test year from audit responses, production request responses or the Company's filing. Staff witness
Stockton made the tax adjustments in consultation with Staff witness Carlock.
Kathy Stockton, Senior Auditor
IPUC STAFF RESPONSE TO THE FIRST
PRODUCTION REQUEST OF IDAHO POWER 24 DECEMBER 31, 2007
REQUEST NO. 55: Referencing questions #5, 6, and 7 above, did Staff consider if or how
their test year adjustments to the income tax provision and accumulated deferred income taxes met
the normalization rules of Internal Revenue Code § 168(i)(9) and Treasury Regulations § 1. 167(1)-
I? Please describe in detail how Staffs test year income tax provision complies with these rules
and reference all technical information and consultation Staff used in making this determination.
RESPONSE NO. 55: In reference to Request No.5, Staff made the appropriate
adjustments to accumulated deferred income taxes. In reference to Request No.6, Staff does not
see a need to make adjustments to the income tax provision and accumulated deferred income taxes
in reference to this increase in revenues. In reference to Request No.7, Staffs calculation of
Amortization of Other Plant was provided by the Company, and the Company failed to provide the
Accumulated Deferred Income Tax amounts as requested by Staff, therefore Staff used the best
available information. Staff made the tax adjustments using information provided by the
Company. Staff had limited time and resources in which to fully examine this issue. Staff relied
upon the expertise of the Company and the Company's responses to comply with the Internal
Revenue Code and Treasur Regulations. Staff witness Stockton made the tax adjustments in
consultation with Staff witness Carlock.
Kathy Stockton, Senior Auditor
Respectfully submitted this3l ~d- day of December 2007.
n~
Weldon B. Stutzman
Deputy Attorney General
Technical Staff: Terri Carlock/l & 2
Randy Lobb/3 & 4
Kathy Stockton/51? & 8/13 &14
Donn English!6
Terri Carlock/16
Rick Sterling/17 - 23
Keith Hessing/24 & 25
Terri Carlock/26 - 33
Cecily Vaughn34 - 47
Kathy Stockton/48 & 49/52 - 55
I:umisc:prdreq/ipce07.8wsnp production request response i to ipc
IPUC STAFF RESPONSE TO THE FIRST
PRODUCTION REQUEST OF IDAHO POWER 25 DECEMBER 31, 2007
CERTIFICATE OF SERVICE
I HEREBY CERTIFY THAT I HAVE THIS 31ST DAY OF DECEMBER 2007,
SERVED THE FOREGOING STAFF RESPONSE TO THE FIRST PRODUCTION
REQUEST OF IDAHO POWER COMPANY, IN CASE NO. IPC-E-07-8, BY MAILING
A COpy THEREOF, POSTAGE PREPAID, TO THE FOLLOWING:
BARTON L KLINE
LISA D NORDSTROM
IDAHO POWER COMPANY
PO BOX 70
BOISE ID 83707-0070
EMAIL: bklineßèidahopower.com
Inordstromßèidahopower .com
PETER J RICHARDSON
RICHARDSON & O'LEARY
PO BOX 7218
BOISE ID 83702
EMAIL: peterßèrichardsonandoleary.com
ERIC L OLSEN
RACINE OLSON NYE BUDGE & BAILEY
PO BOX 1391
POCATELLO ID 83204
EMAIL: eloßèracinelaw.net
MICHAEL L KURTZ ESQ
KURT J BOEHM ESQ
BOEHM KURTZ & LOWREY
36 E 7TH ST SUITE 1510
CINCINA TI OH 45202
EMAIL: mkurtzßèBKLlawfirm.com
kboehmßèBKLlawfirm.com
DENNIS E PESEAU PH.D.
UTILITY RESOURCES INC
1500 LIBERTY ST SUITE 250
SALEM OR 97302
EMAIL: dpeseaußèexcite.com
JOHNRGALE
VP - REGULATORY AFFAIRS
IDAHO POWER COMPANY
PO BOX 70
BOISE ID 83707-0070
EMAIL: rgaleßèidahopower.com
DR DON READING
6070 HILL ROAD
BOISE ID 83703
EMAIL: dreadingßèmindspring.com
ANTHONY Y ANKEL
29814 LAKE ROAD
BAY VILLAGE OH 44140
EMAIL: tonyßèyanel.net
CONLEY E WARD
MICHAEL C CREAMER
GIVENS PURSLEY LLP
PO BOX 2720
BOISE ID 83701-2720
EMAIL: cewßègivenspursley.com
LOTH COOKE
UNITED STATES DEPARTMENT OF
ENERGY
1000 INDEPENDENCE AVE SW
WASHINGTON DC 20585
EMAIL: lot.cookeßèhq.doe.gov
CERTIFICATE OF SERVICE
DALE SWAN
EXETER ASSOCIATES INC
5565 STERRTT PL SUITE 310
COLUMBIA MD 21044
EMAIL: dswanßèexeterassociates.com
(ELECTRONIC COPIES ONLY)
Dennis Goins
E-Mail: dgoinspmgßècox.net
Arthur Perry Bruder
E-Mail: arhur.bruderßèhq.doe.gov
\9J~.~Oc
SECRETARY
CERTIFICATE OF SERVICE
n:21
STAFF RESPONSE TO IDAHO POWER'S
REQUEST NO. 15
(Service Date December 19, 2007)
BEFORE THE WASHINGTON STATE
UTILITIES AND TRASPORTATION COMMISSION
WASHINGTON UTILITIES AND )
TRANSPORTATION COMMISSION,)
)DOCKET UE-070804
Complainant,)
)and
v.)
)DOCKET UG-070805
AVISTA CORPORATION d/b/a )(consolidated)
A VISTA UTILITIES,)
)
Respondent.)
)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .)
)DOCKET UE-070311
In the Matter of the Petition of )(consolidated)
)
A VISTA CORPORATION d//a )ORDER 05
A VISTA UTILITIES,)
)FINAL ORDER REJECTING
F or an Accounting Order Regarding the )TARIFF SHEETS; APPROVING
Appropriate Treatment of the Net Costs )AND ADOPTING SETTLEMENT
Associated with the Repurchase of Debt )STIPULATION; REQUIRIG
)COMPLIANCE FILING
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .)
Synopsis: The Commission approves and adopts an uncontested Settlement
Stipulation that increases Avista Corporation's electric rates by $30,166,000, an
average of9.34 percent across all rate classes, and its natural gas rates by
$3,282,000, an average of 1.65 percent across all rate classes. The Commission
authorizes increasedfundingfor Avista's low income demand side management and
low income rate assistance programs. The approved Settlement terms provide that
Avista wil charge against earnings $3,850,000 of debt repurchase costs and pay a
$15,000 non-compliance penalty to resolve the issues raised by the Company's
petition for an accounting order.
DOCKETS UE-070804, UG-070805 AND UE-070311 (Consolidated)
ORDER 05
PAGE 2
SUMMARY
1 PROCEEDINGS: On April 26, 2007, Avista Corporation d//a Avista Utilities
(Avista or the Company) filed with the Washington Utilities and Transportation
Commssion (Commssion) certain tariff revisions designed to effect general rate
increases for electric service (Docket UE-070804) and gas service (Docket UG-
070805) in the state of Washington. The tariff sheets reflect a stated effective date of
June 1,2007. The Commssion, at the Company's request, suspended the tariff sheets
on May 2,2007, and set the matter for hearing.
2 Docket UE-070311 was opened on February 14, 2007, when Avista filed a petition
seeking an accounting order under WAC 480-07-370(b)(i). Avista requested
retroactive approval to account for certain debt repurchase costs in a manner that
deviated from the Commssion's rules. On April 11,2007, the Commission entered
an order setting the matter for hearing at a date to be determned by further order. On
May 3, 2007, the Commission entered Order 02 consolidating Docket UE-070311
with Dockets UE-070804 and UG-070805 for hearing and determnation pursuant to
WAC 480-07-320.
3 PARTY REPRESENTATIVES: David J. Meyer, Vice President and Chief Counsel
for Regulatory & Governmental Affairs for A vista Corporation, Spokane,
Washington, represents Avista. S. Bradley Van Cleve and Irion Sanger, Davison Van
Cleve, P.e., Portland, Oregon, represent Industrial Customers of Northwest Utilities
(ICNU). Edward A. Finklea and Chad M. Stokes, Cable Huston Benedict Haagensen
& Lloyd, Portland, Oregon, represent Northwest Industral Gas Users (NWIGU).
Ronald Roseman, Attorney, Seattle, Washington, represents the Energy Project.
Simon ffitch, Assistant Attorney General, Seattle, Washington, represents the Public
Counsel Section of the Office of the Attorney General (Public Counsel). Gregory J.
Trautman, Assistant Attorney General, Olympia, Washington, represents the
Commssion's regulatory staff (Commssion Staff or Staff). i
i hi formal proceedings, such as this, the Commission's regulatory staff functions as an
independent part with the same rights, privileges, and responsibilities as other partes to the
proceeding. There is an "ex parte wall" separating the Commssioners, the presiding
Administrative Law Judge, and the Commssioners' policy and accounting advisors from all
parties, including regulatory Staff. RCW 34.05.455.
DOCKETS UE-070804, UG-070805 AN UE-070311 (Consolidated)
ORDER 05
PAGE 3
4 COMMISSION DETERlNATIONS: We find reasonable the parties' proposal to
allow Avista to recover in electrc rates $30,166,000 in additional revenue
considering increased production and transmission expense, investments in plant, load
growth and other factors that have caused A vista to incur higher power costs. We
also find reasonable the parties' proposal to allow Avista to recover in natural gas
rates $3,282,000 in additional revenue considering increased infrastrcture and
natural gas costs and load growth. It is necessary to reflect these increased costs in
rates to ensure that Avista's rates remain fair, just, reasonable and sufficient, as
required by law.
5 We also find reasonable the parties' agreement that Avista wil charge $3,850,000 of
certain debt repurchase costs against third quarer 2007 earnings and pay a $15,000
penalty to deter any future non-compliance with rules governing accounting
authorization. The Company recognizes the need to follow Federal Energy
Regulatory Commssion (FERC) General Instrction 17 unless and until it obtains
advance authority from the Commssion to use alternate methodology. These
Settlement terms satisfactorily resolve the accounting issues pending in Docket UE-
070311.
6 We conclude that it is in the public interest for the Commssion to approve and adopt
the Settlement Stipulation as fied and without condition.
MEMORADUM
I. Background and Procedural History
7 The Commission convened a prehearing conference in these dockets at Olympia,
Washington on May 23,2007, before Administrative Law Judge Dennis 1. Moss.
Judge Moss, in consultation with the parties, established a procedural schedule
providing dates for response testimony by Commission Staff, Public Counsel, and the
intervenors.
8 The Commssion conducted a public comment hearing in Spokane, Washington, on
Tuesday, October 2, 2007, before Commssion Chairman Mark H. Sidran,
Commssioner Patrck 1. Oshie, Commssioner Philip B. Jones and Administrative
DOCKETS UE-070804, UG-070805 AND UE-070311 (Consolidated)
ORDER 05
Law Judge Adam Torem.2 Fifteen members of the public who wished to comment
on the Company's filing gave oral testimony. The Comnssion also received wrtten
comments from members of the public. The transcript of oral comments and the
wrtten comments are part of the official record in this proceeding.
PAGE 4
9 The parties filed a "Partial Settlement Stipulation" on October 15,2007. They
proposed by the terms of their agreement to resolve many, but not all, issues
concerning revenue requirements and other matters. Staff, Public Counsel and ICND
subsequently fied their response testimony and exhibits on October 17, 2007. The
response testimony addressed the Parial Settlement and provided evidence
concerning the issues that remained in dispute.
10 The parties fied a "Full Settlement Stipulation" (Settlement Stipulation or
Settlement) on November 5, 2007, resolving the remaining issues. The Settlement
adopts the Partial Settlement by reference. The agreements are supported by prefied
testimony and exhibits through the response phase and by a joint narative statement
filed with the Settlement.
11 The Commission held an evidentiar hearing on November 19,2007, before
Chairman Sidran, Comnssioners Oshie and Jones, and Judge Moss. The hearng
provided the Comnssioners an opportnity to question a panel of witnesses
sponsored by the parties in support of their Settlement Stipulation, which they
propose to resolve fully the issues in this proceeding.
II. Proposed Settlement
12 The parties agreed in the Partial Settlement to nine revenue requirement adjustments.
Collectively, these reduced the Company's $51.1 millon as-fied request on the
electric side by nearly $6 milion and the Company's $4.5 millon as-filed request on
the gas side by $1.3 milion. This stil left the parties far apart on the overall revenue
requirement because key factors-capital strcture and cost of capital-were left
unresolved. In its response testimony, Staff recommended an overall electrc revenue
requirement recommendation of $29.4 millon and a gas revenue requirement
recommendation of $3.2 millon.
2 The Commission previously designated Judge Torem as co-presiding officer with Judge Moss.
DOCKETS UE-070804, UG-070805 AN UE-070311 (Consolidated)
ORDER 05
PAGE 5
13 The Settlement resolves the capital strctue and cost of capital issues at levels close
to Staffs litigation position. The key elements are a 10.2 percent rate of retu on
equity (ROE) and 46 percent equity in the capital strcture. While the 10.2 percent
ROE is a slight decrease from the curently authorized 10.4 percent ROE, the equity
share is increased from the currently approved 40 percent. Given these changes and a
reduced cost of debt, the overall rate of return in the Settlement, at 8.20 percent, is 91
basis points lower than the currently authorized 9 .11 percent. Much of this reduction
is due to a decrease in the cost of total debt in the proposed capital strctue.
14 The remaining revenue requirement issues not resolved in the Partial Settlement are
resolved in the Full Settlement as follows:
. Customer deposits: Adopts Staffs recommendation to adjust rate base and
operating expense resulting in revenue requirement reductions of $171 ,000 for
electric and $100,000 for gas.
. Directors' and Officers' (D&O) Insurance: Reduce revenue requirement by
$117,000 for electrc and $30,000 for gas.
. Late charges: None wil be implemented in this proceeding.
15 The overall results under the Settlement Stipulation, in terms of increased revenue
requirement, are $30,166,000 for electric (an average of9.34 percent across all rate
classes) and $3,282,000 for gas (an average of 1.65 percent across all rate classes).
This is close to Staffs response case at $29,442,000 for electrc (9.15 percent) and
$3,172,000 for gas (1.60 percent), and lower than the Company's original requests for
$51.1 million (15.85 percent) for electric and $4.5 million (2.27 percent) for gas.
16 The parties agree to a January 1,2008, effective date for rates filed to recover the
additional revenue.
17 The Settlement Stipulation resolves certain remaining significant issues by deferrng
them for consideration in subsequent proceedings after development of new
information. The four issues resolved in this way are rate spread/rate design, demand
side management (DSM) expenditures, power cost only rate case (PCORC), and
advanced meter reading (AMR).
DOCKETS UE-070804, UG-070805 AND UE-070311 (Consolidated)
ORDER 05
PAGE 6
18 The parties did not reach agreement on the cost-of-service study A vista relied on for
its rate spread/rate design proposal. The Company agrees to conduct new load and
cost allocation studies for consideration in a future case. A vista wil seek input from
Staff and other interested parties as it undertakes its new load study.
19 The parties agree to resolve the matter of electric rate spread/design for purposes of
this case by applying a uniform percentage increase to the electrc energy charges
(i.e., no change to base rates or demand charges). For Extra Large General Service
Schedule 25, the Primary Voltage Discount (PVD) rates for service at or above 60 kV
and 115 kV wil be increased as follows: The PVD rate for service at or above 60 kV
will be increased from $0.40 per kV A to $0.80 per kV A and the PVD rate for service
above 115 kV wil be increased from $0.50 per kVA to $1.00 per kVA. The revenue
reduction resulting from the PVD rate changes would be offset by an increase to the
other energy charges under Schedule 25. Additionally, a third energy rate block wil
be implemented for usage in excess of 6,000,000 KWhs per month. The rate for
energy usage under this block wil be less than the rates for the first two blocks under
the schedule. The Company agrees to withdraw, for purposes of this case, its
proposal to add language under Schedule 25 that would require the customer to
execute a special contract for service to a new/incremental load requirement of 25
megawatts or greater.
20 For puroses of this case, the parties agree to resolve the matter of natural gas rate
spread/design, other than the revenue related to Terasen storage capacity releases, by
spreading the revenue increase on a uniform percentage of margin basis across the
various rate schedules. Increases related to the elimination of the Jackson Prairie
release revenue Avista had received from Terasen will be allocated based on 80
percent of costs allocated to all gas sales and 20 percent of costs allocated to all
schedules except Schedule 148, a special contract.
21 The parties agree that Avista's proposed rate base treatment of demand side
management (DSM) expenditures wil not be implemented in this proceeding.3 These
costs wil continue to be expensed annually. Nor wil any electric lost margin
recovery mechanism be implemented at this time. The parties agree, however, to the
3 A vista wil make an annual DSM tariff filing in which rate adjustments covering DSM costs and
budget projections wil be addressed.
DOCKETS UE~070804, UG-070805 AND UE-070311 (Consolidated)
ORDER 05
PAGE 7
prudence of Avista's DSM expenditures during the period January 1,2004, through
December 31, 2006. They also agree the DSM tariff rider amount should be
increased to correspond with increased DSM target levels set forth in the Company's
2007 Integrated Resource Plan, including $1,132,000 in low income DSM funding.
DSM wil be revisited in future cases.
22 In addition to the low income DSM funding mentioned above, the parties agree to
increase the Low Income Rate Assistance Program (LlRAP) portion of Schedules 91
and 191 to reflect the overall percentage increase in retail rates.4
23 The parties agree that Avista's proposed Power Cost Only Rate Case (PCORC)
mechanism should not be implemented in this proceeding. PCORC-related issues
may be considered in a future proceeding.
24 A vista did not seek cost recovery in this proceeding with respect to advanced meter
reading (AMR), but did discuss the subject in testimony. The Settlement Stipulation
makes clear that this proceeding has no implications for AMR in futue proceedings.
25 Finally, the parties propose to resolve the issues concerning accounting for debt
amortization in consolidated Docket UE-070311 by agreeing that A vista wil charge
against 2007 earings $3.85 millon of debt repurchase costs. In addition, Avista will
pay a $15,000 penalty for non-compliance with Commssion rules regarding the need
to file for proper accounting authorization. A vista wil follow FERC General
Instrction 17 for any new debt repurchases or wil request an accounting order from
the Commssion, prior to any new repurchase of debt, if it desires to use an
accounting method other than FERC General Instrction 17. Additionally, the parties
recommend that the Commission approve their agreement that the costs of short-term
lines of credit may be deferred and amortized over the five year life of the lines of
credit, and the costs of interest rate hedges may be deferred and amortized over the
life of bonds to be issued upon the maturity of the 9.75 percent bonds in June of
2008.
4 These expenditures are $2.469 milion for electrc and $1.262 milion for natual gas.
DOCKETS UE-070804, UG-070805 AND UE-070311 (Consolidated)
ORDER 05
PAGE 8
il. Discussion and Decision
A. Revenue Requirements
26 The parties recommend by their Settlement Stipulation that we approve $30,166,000
in additional electrc revenue and $3,282,000 in additional gas revenue for Avista,
which wil result in an average 9.34 percent rate increase for electrc customers and
an average 1.65 percent rate increase for gas customers. While these are significant
increases, paricularly with regard to electric rates, they represent a reasonable
compromise relative to the Company's originally requested revenue requirements of
$51,100,000 in additional electric revenue and $4,500,000 in additional gas revenue,
corresponding to average rate increases of 15.8 percent for electrc customers and 2.3
percent for gas customers.
27 The amounts settled upon are only slightly higher than the $29,400,000 and
$3,200,000 in additional electrc and gas revenues, respectively, Staff proposed
following its analysis of the Company's case. Overall, we find the Settlement
amounts are reasonable outcomes within a range of possible results supported by the
record.
B. Rate Design
28 A vista proposed in its initial filing to change its current electrc and gas rate designs
to recover more of its fixed costs through customer charges rather than in its
volumetrc rates. Avista's as-filed rates, for both electric and gas, proposed to
increase the current monthly residential customer charges from $5.50 to $6.00.
Considering, however, that the cost-of-service study upon which A vista relied in
support of its proposal is seriously outdated, the Company agreed to withdraw this
proposal. A vista also agreed to conduct a new cost-of-service study using current
data so that the Commssion wil have a better record upon which to consider any
proposed changes to the Company's rate spread and rate design in a future
proceeding.
DOCKETS UE-070804, UG-070805 AND UE-070311 (Consolidated)
ORDER 05
PAGE 9
29 While we approve the Settlement Stipulation in this regard, we recently noted that a
reasonable balance must be strck between recovery of fixed costs via fixed charges
versus volumetrc charges.5 As a general proposition, there are sound reasons
supporting recovery of a greater proportion of a utility's fixed costs in basic or
demand charges, rather than in energy or commodity charges. For example, in an
environment of increasing costs, a rate design that increases the recovery of fixed
costs in fixed charges can promote rate stability while tempering the need for higher
retus by reducing the risk the Company faces in terms of overall cost recovery.
30 Nonetheless, it is necessary, as the parties recognize, to first obtain accurate data from
curent load and cost-of-service studies. Since the Settlement specifically provides
for the collection and analysis of this data, we accept the parties' proposed rate design
that wil recover the increased revenue via energy charges alone.
31 Finally on the subject of rate design, we approve the paries' agreed increase in the
Schédule 25 Primary Voltage Discount (PVD) rates at or above 60 kV from $0.40 per
kV A to $0.80 per kV A, and for service above 115 kV A, from $0.50 per kVA to $1.00
per kV A. We also approve the creation of a third energy rate block for usage in
excess of 6,000,000 KWhs per month. We determne that Avista's rate design for
Schedule 25 should be adopted.
c. Low Income
32 While approving increased rates in recognition of our obligation to ensure rates that
are fair, just, reasonable and sufficient, we are mindful of the impact of any rate
increase on customers-particularly those least able to afford it. We commend the
parties for their attention to this important issue and approve the Settlement's increase
in Low Income Ratepayer Assistance Program (LlRAP) funding and low-income
DSM assistance. We note, too, that the Company wil continue to provide other
customer-assistance programs, including Project Share, comfort-level billing,
payment arrangements and the CARES programs.
5 See WUTC v. Puget Sound Energy, Inc., Docket Nos. UE-060266 and UG-060267 (consolidated), Order
No.8, iJ136-143 (January 5,2007).
DOCKETS UE-070804, UG-070805 AN UE-070311 (Consolidated)
ORDER 05
PAGE 10
D. Issues Deferred for Later Consideration
33 Avista agrees as part of the Settlement Stipulation to withdraw for the time being its
proposed rate base treatment of DSM expenditures. The Company will continue to
expense its prudent DSM expenditures on an annual basis. This issue may be
revisited in a futue proceeding.
34 Avista's proposed PCORC will be tabled for the time being. Future consideration of
a PCORC mechanism should take into account, among other things, the outcome of
an ongoing collaborative among Puget Sound Energy, Staff and others that wil
consider the subject of such cost recovery mechanisms in detaiL.
35 A vista did not seek cost recovery in this proceeding with respect to AMR, but did
discuss the subject in testimony. The Settlement Stipulation makes clear that nothing
in this proceeding wil have implications for AMR in futue proceedings.
36 We find nothing objectionable in any of these Settlement terms.
E. Accounting Petition
37 According to Staff, Avista's agreement to restate its deferred costs for reacquired debt
effectively nullfies the accounting treatment sought in its petition. A vista also
accepts a fine of$15,000 for violating Commssion accounting rules. These are
appropriate results in light of the Company's unauthorized treatment of certain debt
repurchases.
38 Staff uncovered other improper accounting practices in its analysis and determnation
of debt interest expenses, which Staff testifies the Company has corrected.
Additionally, the Settlement Stipulation provides that the costs of short-term lines of
credit and the costs of interest rate hedges for bonds expected to be issued in 2008
may be deferred and amortized over appropriate periods of time. We accept the
parties' accounting recommendations as a reasonable resolution of the issues in
Docket UE-0703ll.
DOCKETS UE-070804, UG-070805 AND UE-070311 (Consolidated)
ORDER 05
PAGE 11
F. Summary
39 The record shows the Settlement terms are well supported by the evidence. We find
the proposed Settlement Stipulation to be in the public interest and we approve and
adopt it as a full resolution of the issues in this proceeding.
FINDINGS OF FACT
40 Having discussed above in detail the evidence received in this proceeding concerning
all material matters, and having stated findings and conclusions upon issues in dispute
among the paries and the reasons therefore, the Commssion now makes and enters
the following summary of those facts, incorporating by reference pertinent portions of
the preceding detailed findings:
41 (1)
42 (2)
43 (3)
44 (4)
The Washington Utilities and Transportation Commssion is an agency of the
State of Washington, vested by statute with authority to regulate the rates,
rules, regulations, practices, and accounts of public service companies,
including electrcal and gas companies.
Avista is a "public service company," an "electrical company," and "gas
company" as those terms are defined in RCW 80.04.010 and used in Title 80
RCW. Avista is engaged in Washington in the business of supplying utility
services and commodities to the public for compel1sation.
A vista filed a petition seeking an accounting order to grant retroactive
approval to account for certain debt repurchase costs in a maner that deviated
from the Commssion's rules implementing FERC General Instrction 17.
Avista filed certain revisions to its currently effective tariffs for electric
service and gas service. Avista proposed an effective date of June 1, 2007,
upon which to change its rates recovering the cost of power as a result of
increased production and transmission expense, investments in plant, load
growth, and increased natural gas costs.
DOCKETS UE-070804, UG-070805 AND UE-070311 (Consolidated)
ORDER 05
PAGE 12
45 (5)
46 (6)
47 (7)
48 (8)
49 (9)
The Commssion suspended the operation of the proposed tariff revisions on
May 2, 2007, pending an investigation and hearing and consolidated the
Company's proposed tariff revisions and its petition for an accounting order.
On October 15,2007, the parties filed a Partial Settlement Stipulation that, if
approved, would resolve many, but not all, issues concerning revenue
requirements and other matters.
On November 5, 2007, the parties fied a Full Settlement Stipulation that, if
approved, would resolve the remaining issues. The Full Settlement adopts the
Parial Settlement by reference.
The existing rates for electric service and gas service A vista provides are
insufficient to yield reasonable compensation for the services rendered.
It is necessary to increase the Low Income Rate Assistance Program portion of
Schedules 91 and 191 as specified in the Settlement Stipulation to reflect the
overall percentage increase in retail rates.
CONCLUSIONS OF LAW
50 Having discussed above all matters material to this decision, and having stated
detailed findings, conclusions, and the reasons therefore, the Commssion now makes
the following summary conclusions of law, incorporating by reference pertinent
portions of the preceding detailed conclusions:
51 (1)
52 (2)
The Washington Utilities and Transportation Commssion has jursdiction over
the subject matter of, and parties to, these proceedings.
The rates proposed by tariff revisions filed by Avista on April 26, 2007, and
suspended by prior Commssion order, were not shown to be fair, just or
reasonable and should be rejected.
DOCKETS UE-070804, UG-070805 AND UE-070311 (Consolidated)
ORDER 05
PAGE 13
53 (3) The existing rates for electric service and gas service that Avista provides in
Washington are insuffcient to yield reasonable compensation for the services
rendered.
54 (4) A vista requires relief with respect to the rates it charges for electrc service
and gas service provided in Washington.
55 (5) The Settlement Stipulation fied by the Parties to this proceeding on
November 5,2007, if approved, would result in rates for Avista that are fair,
just, reasonable and sufficient, and are neither unduly preferential nor
discriminatory .
56 (6) The Settlement Stipulation, attached to this Order as Appendix A, and
incorporated by reference as if set forth here, should be approved by the
Commssion as a reasonable resolution of the issues presented.
57 (7) Avista's DSM expenditures durng the period January 1,2004, through
December 31, 2006, were prudent and should be allowed for recovery in rates.
58 (8) The Low Income Rate Assistance Program portion of Schedules 91 ánd 191,
should be increased in the Company's electric and gas tariffs to levels
specified in the Settlement Stipulation, which wil approximately match
LIRA fuding to levels commensurate with the overall percentage increase in
retail rates.
59 (9) The Commssion should approve the accounting treatment of certain debt
repurchases by A vista as set forth in the Settlement Stipulation. Avista should
be required to pay a $15,000 penalty for its failure to comply with the
Commssion's accounting rules.
60 (10) The accounting treatment proposed in the Settlement Stipulation for costs of
short-term lines of credit and interest rate hedges is appropriate and should be
approved.
61 (11) Approval and adoption of the Settlement Stipulation is in the public interest.
DOCKETS UE-070804, UG-070805 AND UE-070311 (Consolidated)
ORDER 05
PAGE 14
62 (12) Avista should be required to make such compliance and subsequent filings as
are necessary to effectuate the term of this Order.
63 (13) The Commssion should retain jurisdiction to effectuate the terms of this
Order.
ORDER
THE COMMISSION ORDERS:
64 (1)
65 (2)
66 (3)
67 (4)
68 (5)
The proposed tarff revisions A vista fied on April 26, 2007, and suspended by
prior Commssion order, are rejected.
The Settlement Stipulation filed by the Parties on November 5, 2007, which is
attached to this Order as Appendix A and incorporated by reference as if set
forth in full here, is approved and adopted.
A vista is required to make a compliance filing including such new and revised
tariff sheets as are necessar to implement the requirements of this Order. The
stated effective date of the revised tariff sheets shall be January 1,2008, in
accordance with the terms of the Settlement Stipulation. A vista must make its
compliance filing sufficiently in advance of January 1, 2008 to afford Staff a
reasonable opportity to review the filing and to inform the Commission
whether Staff finds the revised tariff sheets fully conform to the requirements
of this Order.
Avista's DSM expenditures during the period January 1,2004, through
December 31, 2006, are deemed prudent and are authorized for recovery in
rates.
Increases to levels specified in the Settlement Stipulation are approved for the
Low Income Rate Assistance Program portion of Schedules 91 and 191 to
reflect the overall percentage increase in retail rates.
DOCKETS UE-070804, UG-070805 AN UE-070311 (Consolidated)
ORDER 05
PAGE 15
69 (6) Avista's Petition for Accounting Order in Docket UE-070311 is denied. The
Company wil conform its accounting for repurchased debt as discussed in
this Order and in the incorporated Settlement Stipulation. A vista will pay a
penalty of$15,OOO within 30 days after the date of this Order for violations of
Commssion accounting rules.
70 (7) The Commssion approves accounting treatment for costs of short-term credit
and interest rate hedges as specified in the Settlement Stipulation.
71 (8) The Commssion Secretary is authorized to accept by letter, with copies to all
parties to this proceeding, such filings as Avista makes to comply with the
term of this Order.
72 (9) The Commssion retains jurisdiction to effectuate the terms of this Order.
Dated at Olympia, Washington, and effèctive December 19,2007.
WASHINGTON STATE UTILITIES AND TRANSPORTATION COMMISSION
MARK H. SIDRAN, Chairman
PATRICK 1. OSHIE, Commssioner
PHILIP B. JONES, Commssioner
DOCKETS UE-070804, UG-070805 AND UE-070311 (Consolidated)
ORDER 05
PAGE 16
NOTICE TO PARTIES: This is a Commission Final Order. In addition to
judicial review, administrative relief may be available through a petition for
reconsideration, fied within 10 days of the service of this order pursuant to
RCW 34.05.470 and WAC 480-07-850, or a petition for rehearing pursuant to
RCW 80.04.200 and WAC 480-07-870.
(Service Date December 19, 2007)
Appendix A
~.,...~"*,'h:",~
i Mì\\:21
1.mn DEC 3 \
eUBUCc¡C'"
COMM\Sv .,.
STAFF RESPONSE TO IDAHO POWER'S
REQUEST NO. 16
BEFORE THE
IDAHO PUBLIC UTILITIES COMMISSION
IN THE MA TIER OF THE APPLICATION OF )
PACIFICORP DBA ROCKY MOUNTAIN ) CASE NO. PAC.E-07.5
POWER FOR APPROVAL OF CHANGES )
TO ITS ELECTRIC SERVICE SCHEDULES )
)
)
)
)
)
DIRECT TESTIMONY OF TERRI CARLOCK
IDAHO PUBLIC UTILITIES COMMISSION
SEPTEMBER 28, 2007
1 Q.Please state your name and address for the
2 record.
3 A.My name is Terri Carlock. My business address
4 is 472 West Washington Street, Boise, Idaho.
5 Q.By whom are you employed and in what capacity?
6 A.I am employed by the Idaho Public Utilities
7 Commission as the Deputy Administrator of the Utilities
8 Division responsible for the Accounting/Audit Section.
9 Q.Please outline your educational background and
10 experience.
11 A.I graduated from Boise State University in
12 1980, with B. B.A. Degrees in Accounting and Finance. I
13 have attended various regulatory, accounting, rate of
14 return, economics, finance and ratings programs. I
15 chaired the National Association of Regulatory Utilities
16 Commissioners (NARUC) Staff Subcommittee on Economics and
17 Finance for more than 3 years. Under this subcommittee,
18 I also chaired the Ad Hoc Committee on Diversification.
19 I am currently the Vice-Chair of the NARUC Staff
20 Subcommittee on Accounting and Finance. I have been a
21 presenter for the Institute of Public Utilities at
22 Michigan State University and for many other conferences.
23 Since joining the Commission Staff in May 1980, I have
24 participated in audits, performed financial analysis on
25 various companies, and have presented testimony before
CASE NO. PAC-E-07-509/28/07
CARLOCK, T (Di) 1
STAFF
1 this Commission on numerous occasions.
2 Q.What is the purpose of your testimony in this
3 proceeding?
4 A.The purpose of my testimony is to discuss
5 policy positions, the Multi-State Process, Renewable
6 Energy Credits and present the Staff i s recommendation
7 related to the overall cost of capital for Rocky Mountain
8 Power to be used in the revenue requirement in this case.
9 I will address the appropriate capital structure, cost
10 rates and the overall rate of return.
11 Q.Please summarize your testimony.
12 A.Portions of my testimony are policy related
13 and do not have specific recommendations directly
14 impacting the revenue requirement. I discuss Renewable
15 Energy Credits (RECs) in my testimony, and I recommend
16 recognizing additional REC revenues of $4,270,923
17 (system) that reduce the Idaho revenue requirement by
18 $269,344. In my testimony on the overall rate of return,
19 I am recommending a return on common equity in the range
20 of 9.5% - 10.5% with a point estimate of 10.25%. The
21 recommended overall weighted cost of capital is in the
22 range of 7.889% - 8.393% with a point estimate of 8.267%
23 to be applied to the rate base for the test year.
24 Q.Are you sponsoring any exhibits to accompany
25 your testimony?
CASE NO. PAC-E-07-5
09/28/07
CARLOCK, T (Di) 2
STAFF
1 A.Yes i I am sponsoring Staff Exhibit No. 120 and
2 Staff Exhibit No. 121 consisting of 3 schedules.
3 Q.Please identify the REC or green tag
4 adj ustments made by Staff in this case.
5 A.Staff has made two adj ustments to properly
6 reflect REC or green tag revenues. The first imputes
7 revenue for RECs associated with maj or new wind proj ects.
8 The second is a proforma adjustment to better reflect REC
9 revenue credits from sales during the adjusted test
10 period.
11 Q.Please explain the adj ustment to impute
12 revenues associated with maj or new wind proj ects .
~ 13 A.PacifiCorp assumes that there will be RECs with
14 the energy gen~rated by the Wolverine Creek, Leaning
15 Juniper, Marengo and Goodnoe Hills proj ects. In the
16 Integrated Resource Plans, the Company's economic
17 analysis uses the sale of RECs to show the economic
18 feasibility of the wind projects for inclusion in the
19 system resource portfolio. Staff utilized and accepted
20 use of these REC revenues to fully accept the inclusion
21 of these plants in rate base and all associated costs in
22 the revenue requirement. The associated REC revenues
23 shown on Staff Exhibit No. 120 are required to make these
24 specific wind proj ects cost effective. To compute the
25 total REC value, Staff multiplied the Company's assumed
CASE NO. PAC-E-07-5
09/28/07
CARLOCK, T (Di) 3
STAFF
1 value of RECs by the generation for each project for the
2 time period reflected during the proformed 2007 period.
3 These revenues need to be imputed to properly reflect all
4 the components to justify inclusion of these plants in
5 customer rates. The total REC values for these proj ects
6 are $3,445,533 (system).
7 Q.Please explain the proforma adj ustment to
8 better reflect REC revenue credits from sales during the
9 adjusted test period.
10 A.The proforma test year adj ustment reflects a
11 known and measurable adjustment. The 2007 REC revenues
12 through May amounts to $1,837,075 (system) while the
13 amount booked in 2006 was $1,011,684 (system). The
14 difference of $825,390 (system) is the conservative
15 proforma adjustment recommended by Staff. The adjustment
16 is conservative since REC sales in prior years were also
17 made in the last two quarters of the year but the 2007
18 comparison does not include these quarters.
19 Q. What is the total adjustment made by Staff for
20 REC revenue credits?
21 A.The total of these two adj ustments is
22 $4,270,923 (system). Both adjustments would be allocated
23 using the system generation factor of 6.306%, resulting
24 in a reduction of $269,344 in the Idaho revenue
25 requirement.
CASE NO. PAC-E-07-509/28/07
CALOCK, T (Di) 4
STAFF
1 Q.Have you reviewed the testimony and exhibits of
2 Rocky Mountain Power witnesses Hadaway and Williams
3 associated with the return components?
4 A.Yes. Much of the theoretical approach used by
5 witnesses Hadaway and Williams in their testimonies and
6 exhibits is generally the same as I have used. My
7 judgment in some areas of application results in
8 different outcomes.
9 Q.What legal standards have been established for
11
10 determining a fair and reasonable rate of return?
12
13
14
15
16
17
18
19
20
21
22
23
24
25
A.The legal test of a fair rate of return for a
utility company was established in the Bluefield Water
Works decision of the United States Supreme Court and is
repeated specifically in Hope Natural Gas.
In Bluefield Water Works and Improvement Co. v.
West Virginia Public Service Commission, 262 U.S. 679,
692, 43 S.Ct. 675, 67 L.Ed. 1176 (1923), the Supreme
Court stated:
A public utility is entitled to such rates as
will permit it to earn a return on the value
of the property which it employs for the
convenience of the public equal to that
generally being made at the same time and in
the same general part of the country on
investments in other business undertakings
which are attended by corresponding risks and
uncertainties; but it has no constitutional
right to profits such as are realized or
anticipated in highly profitable enterprises
or speculative ventures. The return should
be reasonably sufficient to assure confidence
CASE NO. PAC-E-07-509/28/07 CARLOCK, T (Di) 5
STAFF
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
. 22
23
in the financial soundness of the utility and
should be adequate, under efficient and
economical management, to maintain and
support its credit and ~nable it to raise the
money necessary for the proper discharge of
its public duties. A rate of return may be
reasonable at one time and become too high or
too low by changes affecting opportunities
for investment, the money market and businessconditions generally.
The Court stated in FPC v. Hope Natural Gas Company, 320
u.s. 591, 603, 64 S.Ct. 281, 88 L.Ed. 333 (1944):
From the investor or company point of view it
is important that there be enough revenue not
only for operating expenses but also for the
capital costs of the business. These include
service on the debt and dividends on thestock.
. .. By that standard the return to the equity
owner should be commensurate with returns on
investments in other enterprises having
corresponding risks. That return, moreover,
should be sufficient to assure confidence in
the financial integrity of the enterprise, so
as to maintain its credit and to attract
capital. (Citations omitted.)
The Supreme Court decisions in Bluefield Water
Works and Hope Natural Gas have been affirmed in In re
Permian Basin Area Rate Case, 390 U. S. 747, 88 S. Ct 1344,
20 L.Ed 2d 312 (1968), and Duquesne Light Co. v. Barasch,
488 U. S. 299, 109 S. Ct. 609, 102 L. Ed . 2 d . 646 ( 1989) .
The Idaho Supreme Court has also adopted the principles
24 Gas. See In re Mountain States Tel. & Tel. Co. 76 Idaho
established in Bluefield Water Works and Hope Natural
25 474, 284 P.2d 681 (1955); General Telephone Co. v. IPUC,
CASE NO. PAC-E-07-509/28/07
CARLOCK, T (Di) 6
STAFF
1 109 Idaho 942, 712 P. 2d 643 1986); Hayden Pines Water
2 Company v. IPUC, 122 ID 356, 834 P.2d 873 (1992).
3 As a result of these United States and Idaho
4 Supreme Court decisions, three standards have evolved for
5 determining a fair and reasonable rate of return:
6 (1) The Financial Integrity or Credit Maintenance
7 Standard; (2) the Capital Attraction Standard; and,
8 (3) The Comparable Earnings Standard. If the Comparable
9 Earnings Standard is met, the Financial Integrity or
10 Credit Maintenance Standard and the Capital Attraction
11 Standard will also be met, as they are an integral part'
12 of the Comparable Earnings Standard.
13 Q.Have you considered these standards in your
14 recommendation?
15 A.Yes. These criteria have been seriously
16 considered in the analysis upon which my recommendat-ions
17 are based. It is also important to recognize that the
18 fair rate of return that allows the utility company to
19 maintain its financial integrity and to attract capital
20 is established assuming efficient and economic
21 management, as specified by the Supreme Court in
22 Bluefield Water Works.
23 Q.Please summarize the parent/subsidiary
24 relationships for Rocky Mountain Power.
25 A.Rocky Mountain Power i s common stock is not
CASE NO. PAC-E-07-5
09/28/07
CARLOCK, T (Di) 7
STAFF
1 traded. Rocky Mountain Power is a division of PacifiCorp
2 and PacifiCorp is a wholly owned subsidiary of
3 MidAmerican Energy Holdings Company (MEHC). Due to this
4 parent/subsidiary relationship there is no direct equity
5 market data available for utility operations at Rocky
6 Mountain Power or PacifiCorp.
7 Q.What approach have you used to determine the
8 cost of equity for Rocky Mountain Power?
9 A.I have primarily evaluated two methods: the
10 Discounted Cash Flow (DCF) method and the Comparable
11 Earnings method.
12 Q.Please explain the Comparable Earnings method
13 and how the cost of equity is determined using this
14 approach.
15 A.The Comparable Earnings method for determining
16 the cost of equity is based upon the premise that a given
17 investment should earn its opportunity costs. In
18 competitive markets, if the return earned by a firm is
19 not equal to the return being earned on other investments
20 of similar risk, the flow of funds will be toward those
21 investments earning the higher returns. Therefore, for a
22 utility to be competitive in the financial markets, it
23 should be allowed to earn a return on equity equal to the
24 average return earned by other firms of similar risk.
25 The Comparable Earnings approach is supported by the
CASE NO. PAC-E-07-509/28/07
CARLOCK, T (Di) 8
STAFF
1 Bluefield Water Works and Hope Natural Gas decisions as a
2 basis for determining those average returns.
3 Industrial returns tend to fluctuate with
4 business cycles, increasing as the economy improves and
5 decreasing as the economy declines. Utility returns are
6 not as sensitive to fluctuations in the business cycle
7 because the demand for utility services generally tends
8 to be more stable and predictable. However, returns have
9 fluctuated since 2000 when prices in the electricity
10 markets dramatically increased. Electricity prices have
11 not seen the dramatic spikes lately so earnings are more
12 stabile.
13 Q.Please evaluate interest rate trends.
14 A.The prime interest rate has increased since the
15 last PacifiCorp rate case b~t has decreased from 8.25% to
16 the current rate of 7.75%. The federal funds rate and
17 other rates have also decreased this year.
18 Q.Please provide the current index levels for the
19 Dow Jones Industrial Average and the Dow Jones Utility
20 Average.
21 A.The Dow Jones Industrial Average (DJIA) closed
22 at i3,878 on September 26, 2007. The DJIA all-time high
23 of 14,000.41 was reached on July 19, 2007. The Dow Jones
24 Utility Average closed at 512 on September 26, 2007.
25 Q.Please explain the risk differentials between
CASE NO. PAC-E-07-509/28/07
CARLOCK, T (Di) 9
STAFF
1 industrials and utilities.
2 A. Risk is a degree of uncertainty relative to a
3 company. The lower risk level associated with utilities
4 is attributable to many factors even though the
5 difference is not as great as it used to be. Utilities
6 continue to have limited competition for distribution of
7 utility services within the certificated area. With
8 limited competition for regulated services, there is less
9 chance of losses related to pricing practices, marketing
10 strategy and advertising policies. The competitive risks
11 for electric utilities have changed with increasing non-
12 utility generation, deregulation in some states, open
13 transmission access, and changes in electricity markets.
14 However, competitive risks are limited for Rocky Mountain
15 utility operations. The demand for utility services is
16 relatively stable and certain or increasing compared to
17 that of unregulated firms and even other utility
18 industries.
19 Competitive risks continue to be lower for
20 Rocky Mountain Power and PacifiCorp than for many other
21 electric companies primarily because of the low-cost
22 source of power and the low retail rates compared to
23 . national averages. The risk differential between Rocky
24 Mountain Power and PacifiCorp and other electric
25 utilities is based on the resource mix and the cost of
CASE NO. PAC-E-07-509/28/07
CARLOCK, T (Di) 10
STAFF
1 those resources. All resource mixes have risks specific
2 to resources chosen. The demand for electric utility
3 services of Rocky Mountain Power and PacifiCorp is
4 increasing at predictable rates. This low demand risk is
5 partially due to the low-cost power and the customer mix
6 of the power users.
7 Under regulation, utilities are generally
8 allowed to recover through rates i reasonable i prudent and
9 justifiable cost expenditures related to regulated
10 services. Unregulated firms have no such assurance.
11 Utilities in general are sheltered by regulation for
12 reasonable cost recovery risks, making the average
13 utility less risky than the average unregulated
14 industrial firm.
15 Considering all of these comparisons i I believe
16 a reasonable return on equity attributed to Rocky
17 Mountain Power and PacifiCorp is 10.0% - 11.0% under the
18 Comparable Earnings method.
19 Q.You indicated that the Discounted Cash Flow
20 method is utilized in your analysis. Please explain this
21 method.
22 A.The Discounted Cash Flow (DCF) method is based
23 upon the theory that (1) stocks are bought for the income
24 they provide (i. e., both dividends and/or gains from the
25 sale of the stock), . and (2) the market price of stocks
CASE NO. PAC-E-07-509/28/07 CARLOCK, T (Di) 11
STAFF
1 equals the discounted value of all future incomes. The
2 discount rate, or cost of equity, equates the present
3 value of the stream of income to the current market price
4
5
6
7
8
9
10
11
12
of the stock.The formula to accomplish this goal is:
D D D P
1 2 N N
Po =PV =-------+-------+. . . +------+----_..-
(l+ks) 1 (l+ks) 2 (l+ks) N (l+ks) N
Po =
D =
ks =
N =
Current Price
Dividend
Capitalization Rate, Discount Rate, or Required
Rate of Return
Latest Year Considered
The pattern of the future income stream is the
13 key factor that must be estimated in this approach. Some
14 simplifying assumptions for ratemaking purposes can be
15 made without sacrificing the validity of the results.
16 Two such assumptions are: (1) dividends per share grow
17 at a constant rate in perpetuity and (2) prices track
18 earnings. These- assumptions lead to the simplified DCF
19 formula, where the required return is the dividend yield
20 plus the growth rate (g):21 D
22
23
ks = + 9
Po
Q.Have you factored flotation costs in with your
24 cost of capital analysis?
25 Yes, I have considered direct flotation costsA.
CASE NO. PAC-E-07-509/28/07
CARLOCK, T (Di) 12
STAFF
1 in my analysis by increasing the dividend yield component
2 of the DCF analysis. Because only direct costs should be
3 considered,! have used a flotation factor öf 4% with 2%
4 assigned to the utility operations. This practice
5 continues to be reasonable because all subsidiaries of
6 MEHC should be responsible for some of the actual
7 flotation costs. I have therefor~ adjusted the DCF
8 formula to include the direct flotation costs as "dfu.
9 Dks = ( - - - (1 + df) J + g
Po10
11 Q.What is your estimate of the current cost of
12 capital for Rocky Mountain Power and PacifiCorp using the
13 Discounted Cash Flow method?
14 A.The current cost of equity capital for Rocky
15 Mountain Power and PacifiCorp, using the Discounted Cash
16 Flow method with comparable companies is between 7.7% -
17 11.7%. Due to ongoing capital requirements, I believe a
18 dividend yield of 4.2% with an average growth rate of
19 5.2% is reasonable and representative resulting in a DCF
20 return on equity of 9.4%.
21 Q.How is the growth rate (g) determined?
The growth rate is the factor that requires the22A.
23 most extensive analysis in the DCF method. It is
24 important that the growth rate used in the model be
25 consistent with the dividend yield so that investor
CASE NO. PAC-E-07-5
09/28/07
CARLOCK, T (Di) 13
STAFF
1 expectations are accurately reflected and the growth rate
2 is not too large or too small.
3 I have used an expected growth rate of 4% - 6%.
4 This expected growth rate was derived from an analysis of
5 various historical and proj ected growth indicators,
6 including growth in earnings per share, growth in cash
7 di vidends per share, growth in book value per share,
8 growth in cash flow and the sustainable growth.
9 Q.What is the capital structure you have used for
10 Rocky Mountain Power and PacifiCorp to determine the
11 overall cost of capital?
12 A.I have utilized the embedded capital structure
13 at December 31, 2007 consisting of 49.1% debt, 0.5%
14 preferred stock and 50.4% common equity as shown on
15 Schedule 3 of Staff Exhibit No. 120. Rocky Mountain
16 Power witness Williams reflects this capital structure in
17 his testimony on page 3. I have accepted the proforma
18 capital structure recommended by Rocky Mountain Power in
19 this case because the proforma changes are adequately
20 known to be included as a known and measurable adjustment
21 in this case and it represents a capital structure
22 consistent with the rate base investment included in the
23 Staff revenue requirement.
24 Q.What are the costs related to the capital
25 structure for debt and preferred stock?
CASE NO. PAC-E-07-509/28/07
CARLOCK, T (Di) 14
STAFF
1 A.I have evaluated and accepted the embedded cost
2 rates used in Williams Exhibit Nos. 7 - 10. The cost of
3 debt is 6.26% (Staff Exhibit No. 120, Schedule 1) and the
4 cost of preferred stock is 5.41% (Staff Exhibit No. 120,
5 Schedule 2) .
6 Q.You indicated the cost of common equity range
7 for Rocky Mountain Power and PacifiCorp is 10.0% - 11.0%
8 under the Comparable Earnings method and 7.7% - 11.7%
9 under the Discounted Cash Flow method. What is the cost
10 of common equity capital you are recommending?
11 A.The fair and reasonable cost of common equity
12 capi tal I am recommending for Rocky Mountain Power and
13 PacifiCorp is in the range of 9.5% - 10.5%. Although any
14 point wi thin this range is reasonable, the return on
15 equity granted would not normally be at either extreme of
16 the fair and reasonable range. I utilized a point
17 estimate of 10.25% in calculating the overall rate of
18 return for the revenue requirement.
19 Q.What is the basis for your point estimate being
20 10.25% when your range is 9.5% - 10. 5%?
21 A.The 10.25% return on equity point estimate
22 utilized is based on a review of market data and
23 comparables, average risk characteristics for Rocky
24 Mountain Power and PacifiCorp, including past and current
25 impacts in state jurisdictions, operations and the
CASE NO. PAC-E-07-5
09/28/07
CARLOCK, T (Di) 15
STAFF
1 capital structure.
2 Q.What is the overall weighted cost of capital
3 you are recommending for Rocky Mountain Power and
4 PacifiCorp?
5 A.I am recommending an overall weighted cost of
6 capital in the range of 7.889% - 8.393%. For use in
7 calculating the revenue r~quirement, a point estimate
8 consisting of a return on equity of 10.25% and a
9 resulting overall rate of return of 8.267% was utilized
10 as shown on Schedule 3, Staff Exhibit No. 120.
11 Q.Have you reviewed all of the Staff
12 recommendations in this case to evaluate if they are
13 consistent with Revised Protocol?
14 A.Yes, I have and I believe all of the
15 recommended Staff adjustments are consistent with Revised
16 Protocol.
17 Q.Are there Multi-State Process (MSP) or Revised
18 Protocol items that have influenced Staff recommendations
19 in this case?
20 A.Yes. All Staff recommendations took into
21 consideration, and were therefore influenced by, Revised
22 Protocol to ensure they were consistent. There are items
23 where absent the MSP process and Revised Protocol, Staff
24 may have made different or additional adjustments.
25
CASE NO. PAC-E-07-5
09/28/07
CARLOCK, T (Di) 16
STAFF
1 Q.Please explain the first area where you believe
2 differences would have likely occurred.
3 A.Absent the Revised Protocol, the treatment of
4 Monsanto by Staff would have likely been different.
5 Staff would have likely continued to treat Monsanto
6 completely as a system customer. Staff treatment for all
7 ancillary services where Monsanto and irrigators were
8 given credits would have likely been treated the same as
9 Staff proposes in this case, i. e. as system resources.
10 Revised Protocol allows the costs to serve
11 these customer contracts to be completely allocated to
12 Idaho using dynamic system allocation factors. The bill
13 credit provisions for Monsanto are treated similar to
14 ancillary power supply contacts where they are allocated
15 among states on the same basis as system resources.
16 Staff witness Lanspery proposes the Irrigation Credits be
17 allocated the same as ancillary power supply contacts.
18 The credits to Monsanto and Irrigation
19 customers are given for various ancillary services as set
20 out in the contacts. These ancillary services provide
21 system benefits that are dispatchable by the Company or
22 predetermined by contract thus avoiding the need for
23 additional resources or duplicative services if these
24 contracts were not in place.
25
CASE NO. PAC-E-07-5
09/28/07
CARLOCK, T (Di) 17
STAFF
1 I am pointing out these differences to help
2 explain the thought process as I evaluated the
3 consistency and reasonableness of Staff's positions under
4 Revised Protocol. The Company and all customers continue
5 to receive system benefits from these ancillary services
6 set forth in the contracts. A reasonable price is paid
7 for these services based on market evaluations that are
8 utilized throughout the PacifiCorp models and system
9 operations. The Revised Protocol treatment allows Idaho
10 Commissioners to establish reasonable rates for Idaho
11 customers and it also avoids having Idaho customers pay
12 /for any incentive or economic development rates that may
13 be established in other states. To summarize, the
14 Revised Protocol allocation retains the benefits, assures
15 only reasonable costs are being allocated and most of all
16 leaves the rate decisions for Idaho customers with the
17 Idaho Commission without negatively impacting other
18 states.
19 Q.Are there additional adjustments or issues
20 Staff would have discussed absent the Revised Protocol?
21 A.Yes, there are areas where Staff would have
22 likely proposed specific regulatory treatment or
23 adjustments absent the MSP process and Revised Protocol.
24 These areas include the regulatory treatment and cost
25 allocation for hydro decommissioning and abandonment ¡the
CASE NO. PAC-E-07-5
09/28/07
CARLOCK, T (Di) 18
STAFF
1 cost prudence of resource choices in general and under
2 Resource Portfolio Standards (RPS); and green tag
3 revenues in addition to the adjustment discussed
4 previously. These additional issues would not have a
5 material revenue requirement impact if they were proposed
6 in this case. In fact I believe the revenue requirement
7 could have been offset by the increasing and decreasing
8 impaèts since the rate impacts from these issues are just
9 beginning. Future rate cases and the resulting impacts
10 are where the regulatory treatment will become more
11 important to customers.
12 The MSP Standing Committee and workgroup
13 participants are evaluating these issues. If recommended
14 clarifications, modifications or additions to the Revised
15 Protocol are developed; they will be presented to the
16 various Commissions for approval. If agreement between
17 the states is not achieved, a different process will be
18 followed to bring issues before the Commission. Each
19 state could have different proposals for regulatory
20 treatment presented. Disjointed treatment in different
21 states may have a negative impact on system planning
22 and/or operations and would need to be evaluated at that
23 time.
24 Q.If additional adjustments are not being
25 proposed in this case, why discuss these items?
CASE NO. PAC-E~07-509/28/07
CARLOCK, T (Di) 19
STAFF
1 A. These items are discussed for identification
2 purposes. It allows parties in this case that haven't
3 been participating in the MSP workgroup process to be
4 aware of these current and future issues to evaluate
5 future participation levels.
6 Q.Please generally describe the issue associated
7 with hydro decommissioning and abandon~ent.
8 A.The Regional Resources category in the Revised
9 Protocol includes the Hydro-Endowment for owned hydro
10 resources and Mid-Columbia contracts. The allocation
11 methodology utilizes an Embedded Cost Differential (ECD)
12 adjustment to attribute hydro benefits and costs to the
13 region, West or East, where hydro resources originated.
14 The calculation of the ECD when hydro proj ects are
15 decommissioned or abandoned is the issue. For example,
16 the Powerdale Hydroelectric Facility was decommissioned
17 for economic reasons following a flood. One reason it
18 was more economic to decommission the facility than to
19 repair it was timing. This facility was part of a
20 settlement agreement to decommission so there was
21 insufficient time before the settlement date for
22 decommissioning to allow repairs to be economic. These
23 circumstances were discussed in Case No. PAC-E-07-4 and
24 Order No. 30344. The discussion topic for MSP evaluation
25 needs to focus on the intent behind the continuation of
CASE NO. PAC-E-07-509/28/07
CARLOCK, T (Di) 20
STAFF
1 the hydro-endowment concept in Revised Protocol. The
2 West (the original Pacific Power system) wanted to
3 continue to receive the benefits of the low cost hydro
4 system in the West and was willing to pay costs
5 associated with the hydro system including relicensing
6 costs if they were more expensive, above embedded costs.
7 Settlements to decommission are part of the relicensing
8 process. The intent behind the hydro-endowment along
9 with the ECD formula needs to be evaluated to assure they
10 remain consistent when hydro facilities are
11 decommissioned or abandoned. This includes evaluating
12 costs above the embedded cost. The embedded cost should
13 be calculated for ECD comparison purposes in the hydro-
14 endowment without marginal new resources, including wind,
15 being added to the embedded costs. This will allow the
16 higher costs for relicensing to follow hydro benefits.
17 Q.Please generally describe issues related to
18 resource choices in general and under Resource Portfolio
19 Standards (RPS).
20 A.Resource choices in general and under RPS
21 requirements are topics being explored in the MSP
22 Resource Choice workgroup. The workgroup is evaluating
23 issues that may impact cost allocations. Areas of
24 concern with workgroup participants range from no
25 concern, to concern when different resource preferences
CASE NO. PAC-E-07-5
09/28/07
CARLOCK, T (Di) 21
STAFF
1 emerge among states. Workgroup participants note that
2 the Revised Protocol does address divergent resource
3 portfolio standards in the event that a state chooses a
4 higher cost resource than contained in the IRP. Some
5 workgroup participants note that the resulting
6 operational effects could remain a problem. In addition,
7 the Revised Protocol language may not cover scenarios
8 where a state did not choose a different resource but
9 rej ected a resource in the Integrated Resource Plan or
10 Request for Proposal. The workgroup is ongoing.
11 Q.What Renewable Energy Credit or Green Tag
12 issues are being discussed within MSP?
13 A.As Renewable Portfolio Standards are
14 established in numerous states, the availability of
15 renewable resources and/or Renewable Energy Credits,
16 RECs, to meet those requirements becomes an issue. RECs
17 or Green Tags are tradable commodi ties even though the
18 market isn i t very liquid. Most terms and conditions
19 associated with REC transactions are established in
20 bilateral contracts. RECs represent the environmental
21 "green" attributes associated with the generation of one
22 megawatt-hour of renewable energy from an eligible
23 renewable resource. Since the state RPS requirements
24 differ, the need and regulatory treatment may not be
25 consistent even between states with RPS requirements.
CASE NO. PAC-E-07-5
09/28/07
CARLOCK, T (Di) 22
STAFF
i In states where RPS requirements have not been
2 established, such as Idaho, the issue is slightly
3 different. Meeting RPS requirements means that RECs will
4 not be sold in the same manner as they were previously
5 sold and the associated revenue credit dollars to Idaho
6 will most likely decline. Available RECs will only be
7 sold when they are not needed to meet RPS requirements.
8 An allocation methodology is needed to provide revenue
9 credits to states that have available RECs allocated to
10 it and charge states for the transfer of needed RECs.
11 This is one way to maintain or enhance the revenue stream
12 associated with RECs in states where RPS requirements
13 haven't been established and provide a win-win scenario
14 for all customers.
15 Another issue deals with the actual revenue
16 credits from the sale of RECs. Unless the allocation of
17 REC sales revenue is changed to be more closely aligned
18 with the states that have RECs available for sale, the
19 revenue credits will go to all customers in the system
20 rather than customers in states with available RECs.
21 These are issues also being discussed within the ongoing
22 MSP and workgroup meetings.
23 Q.Does this conclude your direct testimony in
24 this proceeding?
25 A.Yes, it does.
CASE NO. PAC-E-07-5
09/28/07
CARLOCK, T (Di) 23
STAFF
Imputed Revenue for Green Tags Associated with Major new Wind Projects
Project Name
Wolverine Creek
Leaning Juniper
Marengo
Goodnoe Hills
Total
In-Service Date
12/1/2005
81112006
8/1/2007
1211/2007
No. Months
Operational in
Test Year
12
12
5
1
Imputed System
Revenue
$
$
$
$
$
875,000
1,527,365
791,508
251,660
3,445,533
Exhibit No. 120
Case No. PAC-E-07-5
T. Carlock, Staff
9/28/07 Schedule
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24
Rocky Mountain Power
A division of PacifiCorp
Overall Cost of Capital
Component Ratio Cost Weighted Average~
Long Term Debt 49.1%6.26%3.074%
Preferred Stock 0.5%5.41%0.027%
Common Equity 50.4%10.25%5.166%
100.0%8.267%
Exhibit No. 121
Case No. PAC-E-07-S
T. Carlock, Staff
9/28/07 Schedule 3
CERTIFICATE OF SERVICE
I HEREBY CERTIF THAT I HAVE THIS 28TH DAY OF SEPTEMBER 2007,
SERVED THE FOREGOING DIRECT TESTIMONY OF TERR CAROCK, IN
CASE NO. PAC-E-07-05, BY MAING A COPY THEREOF, POSTAGE PREPAI,
TO THE FOLLOWING:
mSTINBROWN
ROCKY MOUNAI POWER
201 S MAIN ST STE 2300
SALT LAK CITY UT 84111
E-MAL: justin.brown§pacificorp.com
DATA REQUEST RESPONSE CENTER
PACIFICORP
825 NE MUTNOMA STE 2000
PORTLAN OR 97232
E-MAIL: datarequest§pacificorp.com
(ELECTRONIC COPIES ONLY)
JAMS R SMIH
MONSANO COMPAN
PO BOX 816
SODA SPRIGS ID 83276
E-MA: jim.r.smith§monsanto.com
ERIC LOLSEN
RACIN OLSON NY BUDGE & BAILEY
POBOX 1391
POCATELLO ID 83201-1391
E-MAIL: elo§racinelaw.net
CONLEY É WAR
MICHAL C CREAMER
GIVENS PURSLEY LLP
POBOX 2720
BOISE ID 83701-2720
E-MA: cew§givenspurley.com
BRI DICKM
MAAGER, ID REGULATORY AFFAI
ROCKY MOUNAI POWER
201 S MAIN ST STE 2300
SALT LAK CITY UT 84111
E-MAL: brian.dickman§pacificorp.com
RAALL C BUDGE
RACIN OLSON NYE BUDGE & BAIEY
POBOX 1391
POCATELLO ID 83201-1391
E-MAL: rcb§racinelaw.net
MAURCE BRUBAKR
KATIE IVERSON
BRUBAKR & ASSOCIATES
1215 FERN RIGE PARWAY
SUITE 208
ST LOUIS MO 63141
E-MAL: mbrubaker§consultbai.com
kiverson§consultbai.com
ANTHONY Y ANL
29814 LAK ROAD
BAY VILLAGE OH 44140
E-MAIL: tony§yankel.net
DENNS E PESEAU, Ph.D.
UTILITY RESOURCES INC
1500 LffERTY ST SE STE 250
SALEM OR 97302
E-MAL: dpeseauiEexcite.coìn
1 CERTIFICATE OF SERVICE
BRA M PURY
ATTORNY AT LAW
2019 N 17TH STREET
BOISE ID 83702
E-MAIL: bmpurdy(fhotmail.com
KEVIN B HOMER
ATTORNY AT LAW
1565 SOUTH BOULEVAR
IDAHO FALLS ID 83404
E-MAIL: kbh(fkhomerlaw.com
TIMOTHY SHUTZ
411 S. MAIN
FIRTH ID 83236
E-MAL: tim(fidahosupreme.com
2 CERTIFICATE OF SERVICE
DEC3\ AH\\:29
,--- ""U'''\ ie\lJJ:.¡~)ct"O\ïM\ŠS\O; .
UTiLI \ ItS N
RESPONSE TO IDAHO POWER'S
REQUEST NO. 22
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1
2007 Natural Gas Prices
DOE/EIA Annual Energy Outlook 2007
(2005 dollars per millon Btu)
Reference Case
High Growth Case
Low Growth Case
High Price Case
Low Price Case
Henry Hub
Rocky Mountain
Mountain
Pacific
(2007 dollars per milion Btu (computed using GOP))
Reference Case
High Growth Case
Low Growth Case
High Price Case
Low Price Case
Henry Hub
Rocky Mountain
Mountain
Pacific
GOP Chain-type Price Index
2004
1.094
2005
1.127
2006
1.162
2007
1.188
2008
1.210
(2005 $/MMBtu Delivered)
Henry Hub
Expected High Low
2.10%
DOE/EIA
GDP
Chain-type
Price Index
(2000=1.000)
(Nominal dollars per millon Btu)
Henry Hub Spot Price
Reference High Price Low Price
Case Case Case
GDP
Annual
Percent
Escalation
Avg
3.03%
3.06%
2.22%
1.83%
1.79%
1.75%
1.81%
1.81%
1.74%
1.68%
1.67%
1.76%
1.83%
1.79%
1.86%
1.84%
1.91%
1.99%
1.96%
2.01%
1.99%
1.93%
1.96%
1.97%
1.92%
1.96%
1.97%
$14
$13
$12
$11
â $10
~ $9
~ $8
$7
~.¡: $6
a. $5
fI~ $4
$3
$2
$1
$0
Gas Price Comparison
Nominal Dollars
~d~~~~~~~~~~~~~~~~~~~~~~~~~~
-EIA Reference -EIA High
--IPC High -'IPC Low
"'MN"EIA Low --IPC Expected
-eGloballnsight
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023 '
2024
2025
2026
2027
2028
2029
2030
2005-2030
DOE/EIA
(2005 dollars per millon Btu)
Henry Hub Spot Price
Referenpe High Price Low Price
Case Case Case
(Nominal $/MMBtu Delivered)
Henry Hub
High LowExpected
Gas Price Comparison
2005 Dollars
S'-co~~~
Q)tJï:D-
II~~, C'(!
$12
$11
$10
$9
$8
$7
$6
$5
$4
$3
$2
$1
$0dd~~~~~~~~~~~~~~~~~~~~~~~~~~
I-EIA Reference -EIA High -~EIA Low -IPC Expected -+IPC High ""IPC Low I
Year City Oelivered to Consumers ElectricWellheadandPrice"Gate
I Commercial I Industral Power
Month Price Residential Price'Price
I Price I % of Total' I Price I % of Total
-IØ)
C"-
CD
W
Table 3" Selected National Average Natural Gas Prices, 2002.2007
(Dollars per Thousand Cubic Feet)
2002 Annual Average............2.95 4.12 7.89 6.63 77.38 4.02 22.70 3.68
2003 Annual Average............4.88 5.85 9.63 8.40 78.24 5.89 22.12 5.57
2004 Annual Average............5.46 6.65 10.75 9.43 77.97 6.53 23.66 6.11
2005
January.................................5.80 7.05 11.03 10.23 85.22 7.05 24.67 6.72
February ...............................5.74 7.09 11.02 10.08 85.48 7.14 24.11 6.42
March....................................5.95 7.24 11.00 10.16 84.96 7.11 24.37 6.84
April......................................6.58 7.79 12.02 10.49 83.21 7.71 23.71 7.27
May.......................................6.24 7.51 12.88 10.55 80.14 7.19 23.97 6.83
June......................................6.09 7.30 13.92 10.41 78.98 6.92 23.44 7.08
July.......................................6.71 7.68 14.99 10.73 76.59 7.40 24.21 7.58
August ..................................6.48 8.20 15.66 11.19 77.19 7.99 24.31 8.67
September ..................:.........8.96 10.26 16,70 12.82 75.78 10.19 22.95 11.01
October.................................10.35 12.16 16.56 14.62 79.59 12.07 22.97 11.85
November.............................9.91 11.57 15.78 15.11 81.83 12.13 23.20 9.87
December.............................9.08 10.77 14.75 14.32 84.48 11.7 23.44 11.28
Annual Average........'.......7.33 8.67 12.84 11.59 82.71 8.56 23.81 8.48
2006
January................................."8.66 10.75 14.94 14.11 83.79 R1O.85 R22.34 9.09
February ..............................."7.28 9.27 14.00 13.00 84.03 R9.31 R22.16 7.99
March...................................."6.52 8.74 13.20 12.01 83.87 R8.24 R22.31 7.35
April......................................"6.59 8.28 R13.28 R11.51 R8O.84 7.94 R21.92 7.31
May......................................."6.19 7.94 14.40 11.54 R78.37 R7.65 R22.33 6.87
June......................................"5.80 7.29 15.03 11.03 R75.65 6.91 R21.86 6.67
July......................................."5.82 7.27 15.69 R1O.92 R74.35 R6.80 R22.03 6.67
August .................................."6.51 7.96 16.17 11.14 R72.12 7.39 R22.37 7.52
September ............................"5.51 7.58 15.69 11.10 R74.30 7.23 R2O.59 6.32
Ocober................................."5.03 6.34 12.57 10.05 R77.05 5.63 R21.25 5.75
November............................."6.43 8.39 12.47 11.05 80.06 7.79 "21.33 7.48
December............................."6.65 8.66 12.53 11.57 82.35 8.26 R21.90 7.56
A.nnual Average................"6.42 8.54 13.75 11.97 R8O.57 R7.89 R21.87 7.09
2007
January................................."5.92 7.86 12.08 11.12 82.99 7.36 22.24 7.04
February ..............................."6.66 8.60 12.13 11.23 83.68 8.27 21.99 8.17
March...................................."6.56 8.81 12.85 11.82 83.25 8.47 21.22 7.64
April......................................"6.56 8.17 13.28 11.54 80:88 8.17 21.43 7.76
May......................................."6.98 R8.33 14.59 11.58 R77.83 8.14 22.43 7.96
June......................................"6.86 R8.39 16.22 11.91 73.52 R8.01 R22.96 NA
July......................................."6.19 7.94 16.65 11.63 73.83 7.58 22.03 NA
2007 YTOd .............................."6.53 8.31 12.91 11.45 81.24 7.99 22.03 7.72
2006 YTOd .............................."6.69 8.93 14.12 12.47 81.74 8.31 22.14 7.60
2005 YTOd ..............................6.16 7.30 11.56 10.28 83.51 7.21 24.09 6.83
~ See Appendix A. Explanatory Note 9, for discussion of wellhead prices.
Percentage of total deliveries represented by onsystem sales (see Figure 6).
See Table 23 for State data.C The elecli power sector comprise eleetcity-only and combined.heat-and.
power plants within the NAICS 22 category whose primary business is to sell
electcity. or elecricity and heat, to the public. Beginning in 2002, data include
n0.rreguiated members of the electrc power sector.
Year-to-ate price represents months for which price information is available in
the current year. The electrc power sector year-to-date price is two months
behind those of wellhead, city gate, residential, commercial and industraL.
· Estimated data.R Revised data.
NA Not available.
.. Revised estimated data.
Notes: Data for 2002 through 2005 are finaL. All other data are preliminary
unless otherwise indicated. Geographic coverage is the 50 States and the District of
Columbia.
Sources: 2002-2005: Energy Information Administration (EIA), Natural Gas
Annual 2005, January 2006 through current month: Form EIA-87, "Monthly
Report of Natural Gas Purcliases and Deliveres to Consumers"; Fon EIA-910,
"Monthly Naturl Gas Marketer Survey"; Form EIA-423, "Monthly Cost and Quality
of Fuels for Electric Plants Report"; Federal Energy Regutator Commission
(FERC), Form FERC-423, "Monthly Repor of Cost and Quality of Fuels for ElectrcPlants"; and EIA estimates.
Energy Information Administrtion/Natural Gas Monthly September 2007 7
Table 5c. U.S. Regional Natural Gas Prices (dollars per thousand cubic feet)
Enen:¡y Information Administration/Short-Term Enerç¡y Outlook - October 2007
I 2006 I 2007 I 2008 Year
i 1st I 2nd I 3rd I 4th I 1st I 2nd I 3rd I 4th I 1st I 2nd I 3rd I 4th 2006 i- 2007 I 2008
Wholesale/Spot
U.S. Average Wellhead ......7.49 6.19 5.96 6.02 6.37 6.80 5.94 6.26 7.18 6.32 6.76 7.52 6.41 6.34 6.95
Henry Hub Spot Price ........7.93 6.74 6.27 6.83 7.41 7.6 6.35 7.32 8.27 7.28 7.44 8.46 6.93 7.21 7.86
Residential
New England .....................17.69 17.11 19.29 16.37 15.98 16.91 18.82 16.66 16.36 16.28 18.55 17.09 17.39 16.53 16.68
Middle Atlantic ...................15.90 16.21 18.84 14.87 14.22 15.76 18.51 14.99 15.14 15.46 18.66 15.88 15.90 14.99 15.65
E. N. Central......................12.90 12.54 14.18 10.92 10.98 12.79 15.05 11.85 11.79 12.48 14.80 12.50 12.32 11.75 12.31
W. N. Centrl.....................12.68 13.18 15.87 11.45 11.38 13.48 16.62 12.17 12.27 12.90 16.44 12.73 12.58 12.21 12.76
S.AUantic ..........................17.11 18.76 22.42 15.92 14.89 18.57 23.56 16.79 16.17 17.86 21.60 16.79 17.36 16.58 16.97
E. S. Centrl.... ...... ............15.77 16.36 18.45 13.64 13.15 15.67 17.34 14.30 13.92 14.69 17.82 15.18 15.38 14.05 14.58
W. S. Central.....................12.79 14.12 17.41 12.40 10.67 14.48 15.79 12.81 12.58 13.59 16.39 14.21 13.30 12.14 13.47
Mountain ............................12.01 12.62 14.80 10.72 10.63 11.77 13.67 10.91 11.22 11.19 14.31 11.94 11.94 11.11 11.68
Pacific ................................12.89 11.56 11.64 11.37 11.73 12.64 12.75 11.33 12.06 11.09 11.84 12.21 12.04 11.92 11.88
U.S. Average ..................14.08 13.91 15.84 12.52 12.30 14.18 16.01 13.09 13.20 13.51 15.70 13.82 13.75 13.10 13.62
Commercial
New England .....................15.68 14.17 13.87 13.76 14.13 14.26 13.27 13.40 14.21 13.42 13.30 14.48 14.76 13.89 14.04
Middle Atlantic ...................14.51 11.86 10.79 12.05 12.51 12.25 11.27 12.18 13.12 11.95 12.21 13.46 12.90 12.22 12.87
E. N. Centrl....... ........ .......12.33 11.11 10.65 10.32 10.67 11.15 10.70 10.45 10.87 10.47 11.43 11.71 11.38 10.69 11.10
W. N. Centrl.....................11.85 10.53 10.56 10.07 10.62 10.83 10.79 10.36 11.16 10.42 10.96 11.14 10.99 10.59 11.03
S. AUantic ..........................14.76 13.09 12.70 12.60 12.69 12.84 12.68 12.75 13.11 12.22 12.59 13.54 13.54 12.73 13.00
E. S. Centrl......................14.65 13.12 12.03 12.12 12.05 12.49 12.19 12.20 12.34 11.36 12.14 13.19 13.37 12.18 12.40
W. S. Centrl.....................11.37 9.86 10.33 10.06 9.66 10.61 10.38 10.34 10.63 9.83 10.34 11.30 10.57 10.11 10.61
Mountain ............................10.96 10.48 11.06 9.70 9.63 9.99 10.40 9.63 10.11 9.66 10.90 10.87 10.52 9.78 10.34
Pacific ................................11.96 10.22 9.91 10.38 11.02 11.03 10.93 10.31 11.30 9.61 10.09 11.13 10.82 10.81 10.69
U.S. Average ..................13.08 11.41 11.05 11.06 11.36 11.64 11.22 11.17 11.81 10.96 11.44 12.25 11.98 11.34 11.74
Industrial
New England .....................14.74 12.26 10.70 11.61 12.90 12.66 10.95 11.84 12.97 11.36 10.70 12.42 12.79 12.29 12.17
Middle AUantic ............ .......13.12 10.26 9.46 10.27 11.67 10.85 10.44 10.74 11.65 9.97 10.45 11.55 11.12 11.02 11.06
E. N. Centrl......................10.98 9.70 8.66 8.68 9.77 10.05 9.49 9.32 10.34 9.42 9.49 10.08 9.77 9.65 10.00
W. N. Centrl.....................10.54 7.53 7.59 7.82 8.83 8.07 7.31 7.96 9.50 7.84 8.01 9.03 8.45 8.09 8.67
S.AUantic ..........................11.48 9.30 8.82 8.95 9.24 9.35 9.00 9.50 10.30 8.92 9.22 10.15 9.76 9.28 9.70
E. S. Centrl......................11.61 8.85 8.36 8.67 8.90 8.88 8.39 9.21 10.20 8.74 8.92 9.95 9.48 8.87 9.51
W. S. Centrl.....................8.24 6.87 6.63 6.43 6.99 7.62 6.85 7.17 8.10 7.11 7.44 8.33 7.04 7.15 7.74
Mountain ............................10.08 9:18 9.25 9.23 1.50 9.10 8.57 9.08 9.34 8.29 8.60 9.72 9.48 9.07 9.03
Pacifc ................................9.13 7.16 6.95 8.35 9.00 8.12 7.72 8.01 8.73 6.78 7.19 8.64 7.95 8.22 7.87
U.S. Average ..................9.44 7.51 7.14 7.26 8.01 8.10 7.45 7.98 8.94 7.56 7.92 8.98 7.88 7.89 8.38
. = no data available
Notes: The approximate break between historical and forecast values is shown with historical data printed in bold; estimates and forecasts in italics.
Regions refer to U.S. Census divisions.
See 'Census division' in EIA's Energy Glossary (htl:llwww.eia.doe.gov/glossarylindex.hlml) for a list of States in each region.
Historicai data: Latest data available from Energy Information Administrtion databases supportng the Natural Gas Monthly, DOEIEIA.0130.
Naturai gas Henry Hub spot prie from NGI's Daily Gas Price Index (htt://ntellgencepress.com).
Minor discrepancies with published historical data are due to independent rounding.
Projections: Generated by simulation of the EIA Regional Short.Term Energy ModeL.
Short-Term Energy and Winter Fuels Outlook
October 9, 2007 Release
Natural Gas Prices
20
18
16
14
Dollars 12
per
thousand 10
cubic feet 8
6
4
2
o
Jan 2003
-. Residential Price
.. Henry Hub Spot Price
-Composite Wellhead Price
Jan 2004 Jan 2005 Jan 2006 Jan 2007 Jan 2008
October 9, 2007 Release
~a.d~.gv
Prices. The Henry Hub spot price averaged $6.26 per mcf in September, which marked the fourth consecutive decline in
the monthly average spot price since May. A lack of significant hurricane activity in the Gulf of Mexico and historically high
storage inventories have contributed to the recent decline in the Henry Hub spot price. Spot prices at the Henry Hub are
projected to rise to a winter peak of $8.65 per met in January 2008. On an annual basis, the Henry Hub spot price is
expected to average about $7.21 per met in 2007 and $7.86 per met in 2008.
Residential Henry Hub Wellhead
Month Price Price Price Residential Henry Hub Wellhead
Jan 2003 8.18 5.59 4.43 $ITCF Price Price Price
Feb 2003 8.58 7.94 5.05 2007 Avg.14.07 7.21 6.34
Mar 2003 9.77 6.11 6.96 2008 Avg.14.16 7.86 6.95
Apr 2003 10.18 5.42 4.47
May 2003 10.79 5.99 4.77 $/MMBtu
Jun 2003 12.08 6.01 5.41 2007 Avg.13.66 7.00 6.16
Jul2003 12.75 5.21 5.08 2008 Avg. 13.74 7.63 6.74
Aug 2003 12.84 5.13 4.46
Sep 2003 12.31 4.76 4.59
Oct 2003 10.64 4.75 4.32
Nov 2003 9.77 4.61 4.26
Dec 2003 9.51 6.26 4.76
Jan 2004 9.71 6.32 5.21
Feb 2004 9.85 5.54 5.02
Mar 2004 10.03 5.56 5.12
Apr 2004 10.54 5.88 5.03
May 2004 11.63 6.53 5.40
Jun 2004 13.08 6.45 5.82
Jul2004 13.54 6.10 5.62
Aug 2004 13.74 5.57 5.52
Sep 2004 13.31 5.31 5.06
Oct 2004 11.69 6.58 5.43
Nov 2004 11.44 6.21 6.21
Dec 2004 11.09 6.81 6.01
Jan 2005 11.03 6.34 5.80
Feb 2005 11.02 6.32 5.74
Mar 2005 11.00 7.17 5.95
Apr 2005 12.02 7.38 6.58
May 2005 12.88 6.67 6.24
Jun 2005 13.92 7.40 6.09
Jul2005 14.99 7.86 6.71
Aug 2005 15.66 9.37 6.48
Sep 2005 16.70 10.66 8.96
Oct 2005 16.56 13.83 10.35
Nov 2005 15.78 10.63 9.91
Dec 2005 14.75 13.44 9.08
Jan 2006 14.94 8.92 8.66
Feb 2006 14.00 7.76 7.28
Mar 2006 13.20 7.10 6.52
Apr 2006 13.30 7.38 6.59
May 2006 14.40 6.45 6.19
Jun 2006 15.03 6.39 5.80
Jul2006 15.69 6.35 5.82
Aug 2006 16.17 7.35 6.51
Sep 2006 15.69 5.04 5.51
Oct 2006 12.57 6.02 5.03
Nov 2006 12.47 7.61 6.43
Dec 2006 12.53 6.90 6.65
Jan 2007 12.08 6.75 5.92
Feb 2007 12.13 8.24 6.66
Mar 2007 12.85 7.32 6.56
Apr 2007 13.28 7.83 6.56
May 2007 14.59 7.87 6.98
Jun 2007 16.22 7.57 6.86
Jul2007 16.39 6.40 6.19
Aug 2007 16.32 6.37 5.90
Sep 2007 15.28 6.26 5.70
Oct 2007 13.66 6.54 5.63
Nov 2007 13.07 7.40 6.40
Dec 2007 12.93 8.01 6.74
Jan 2008 13.25 8.65 7.28
Feb 2008 13.30 8.39 7.42
Mar 2008 12.99 7.78 6.86
Apr 2008 12.84 7.28 6.30
May 2008 13.76 7.31 6.34
Jun 2008 14.79 7.25 6.32
Jul2008 15.34 7.32 6.64
Aug 2008 16.04 7.44 6.75
Sep 2008 15.72 7.56 6.88
Oct 2008 14.43 8.00 7.17
Nov 2008 13.78 8.50 7.62
Dec 2008 13.65 8.87 7.76
Tom Karier
Chair
Washington
Frank L. Cassidy Jr.
"Larry"
Washington
Jim Kempton
Idaho
W. Bil Booth
Idaho
Joan M. Dukes
Vice-Chai
Oregon
Melinda S. Eden
Oregon
Bruce A. Measure
Montana
Rhonda Whiting
Montana
Draft Revised Fuel Price Forecasts
July 3,2007
Council document 2007-10
Draft Revised Fuel Price Forecasts July 3, 2007
Henry Hub and Northwest Natural Gas Prices
Table A-2a: Natural Gas Prices at Regional Hubs and Incremental Delivered Costs to
Regional Electric Generators
Medium Case
2000 4.50 3.78 3.92 4.46 4.33
2001 4.78 4.04 4.17 4.73 4.60
2002 3.45 2.81 2.96 3.49 3.34
2003 5.62 4.82 4.94 5.51 5.39
2004 6.12 5.28 5.40 5.97 5.86
2005 7.99 7.01 7.11 7.72 7.62
2006 6.79 5.91 6.02 6.60 6.50
2007 8.00 7.02 7.12 7.73 7.64
2008 7.56 6.62 6.72 7.35 7.21
2009 7.02 6.12 6.23 6.90 6.69
2010 6.47 5.61 5.73 6.45 6.16
2011 5.93 5.11 5.23 6.00 5.64
2012 5.66 4.86 4.98 5:80 5.37
2013 5.55 4.76 4.88 5.70 5.30
2014 5.39 4.61 4.73 5.55 5.17
2015 5.39 4.61 4.73 5.56 5.23
2016 5.45 4.67 4.79 5.62 5.33
2017 5.51 4.73 4.85 5.68 5.41
2018 5.58 4.79 4.91 5.74 5.53
2019 5.65 4.85 4.97 5.81 5.59
2020 5.71 4.91 5.03 5.87 5.66
..2021 5.78 4.97 5.09 5.93 5.72
2022 5.84 5.03 5.15 5.99 5.78
2023 5.91 5.09 5.21 6.06 5.84
2024 5.97 5.15 5.27 6.12 5.91
2025 6.04 5.21 5.33 6.19 5.97
2026 6.12 5.29 5.41 6.27 6.05
2027 6.21 5.37 5.48 6.35 6.14
2028 6.30 5.45 5.56 6.43 6.22
2029 6.39 5.53 5.65 6.52 6.31
2030 6.47 5.61 5.73 6.60 6.39
Council document 2007-10 21
Northwest Power and Conservation Council ~,\
September 11, 2007 Forecast
~~1J~O~1ìHenry Hub and Northwest Natural Gas Prices ~ \\)
(~ -i°bTable A.2a: Natural Gas Prices at Regional Hubs and Incremental ~( i' \Delivered Costs to Regional Electric Generators ':'t \.\;2006 Dollars \,ø. lIYiJ i!
Henry Hub ~~e,'"
vs.East Side East Side
East Side Henry Hub Delivered Henry Hub Delivered
Delivered 2007$2007$2008$2008$
2000 4.50 3.78 3.92 4.46 4.33 0.17 4.60 4.43 4.68 4.51
2001 4.78 4.04 4.17 4.73 4.60 0.18 4.89 4.70 4.98 4.79
2002 3.45 2.81 2.96 3.49 3.34 0.11 3.53 3.41 3.59 3.48
2003 5.62 4.82 4.94 5.51 5.39 0.23 5.74 5.51 5.85 5.61
2004 6.12 5.28 5.40 5.97 5.86 0.26 6.26 5.99 6.37 6.10
2005 7.99 7.01 7.11 7.72 7.62 0.37 8.17 7.79 8.32 7,93
2006 6.79 5.91 6.02 6.60 6.50 0.29 6.94 6.64 7.07 6.77
2009 7.02 6.12 6.23 6.90 6.69 0.33 7.18 6.84 7.31 6.96
2010 6.47 5.61 5.73 6.45 6.16 0.31 6.61 6.30 6.73 6.41
2011 5.93 5.11 5.23 6.00 5.64 0.29 6.06 5.77 6.17 5.87
2012 5.66 4.86 4.98 5.80 5.37 0.29 5.79 5.49 5.89 5.59
2013 5.55 4.76 4.88 5.70 5.30 0.25 5.67 5.42 5.78 5.52
2014 5.39 4.61 4.73 5.55 5.17 0.22 5.51 5.28 5.61 5.38
2015 5.39 4.61 4.73 5.56 5.23 0.16 5.51 5.35 5.61 5.44
2016 5.45 4.67 4.79 5.62 5.33 0.12 5.57 5.45 5.67 5.55
2017 5.51 4.73 4.85 5.68 5.41 0.10 5.63 5.53 5.74 5.63
2018 5.58 4.79 4.91 5.74 5.53 0.05 5.70 5.65 5.81 5.76
2019 5.65 4.85 4.97 5.81 5.59 0.06 5.78 5.71 5.88 5.82
2020 5.71 4.91 5.03 5.87 5.66 0.05 5.84 5.79 5.94 5.89
2021 5.78 4.97 5.09 5.93 5.72 0.06 5.91 5.85 6.02 5.95
2022 5.84 5.03 5.15 5.99 5.78 0.06 5.97 5.91 6.08 6.02
2023 5.91 5.09 5.21 6.06 5.84 0.07 6.04 5.97 6.15 6.08
2024 5.97 5.15 5.27 6.12 5.91 0.06 6.10 6.04 6.21 6.15
2025 6.04 5.21 5.33 6.19 5.97 0.07 6.17 6.10 6.29 6.21
2026 6.12 5.29 5.41 6.27 6.05 0.07 6.26 6.18 6.37 6.30
2027 6.21 5.37 5.48 6.35 6.14 0.07 6.35 6.28 6.46 6.39
2028 6.30 5.45 5.56 6.43 6.22 0.08 6.44 6.36 6.56 6.47
2029 6.39 5.53 5.65 6.52 6.31 0.08 6.53 6.45 6.65 6.57
2030 6.47 5.61 5.73 6.60 6.39 0.08 6.61 6.53 6.73 6.65
#1f.
~'r Scoreboard.. .
(contnud from'page 1)
drwal season with more natural ga than we had exec-
ed," said Matt Conl at Weeen & Co. .
But whie fi-quarer and fu-year 2007 forecats are
down on war ealy witer weather, forcats slope up into
2008 as concer grows over Canadian natural ga produc-
tion shortals, among other thgs.
For the second quarr of 2007, the average analyst for~
cast is alo $6:40, but the fu-year 2007 forecast is a bit
hiher at $6.79, though down 46~ from the $7.25 foret in
the previous Scoreboard. Of the 15 analys who offerd pre
dictons in both sUreys, 13 reduced their fu-year 2007
forecat whie two increased it.
"lI the) fi hal ófthe yea, you're going to see a sub-$7
ga envinment, the second half of the year you're going to
see a $7 -plus tye envionment.., (which) should average
out to about seven bucks,~ said Phil McPherson of Ire,
Calorna-based C.KCoope &. CO'.M:cPherson's 2007 price
theè months ago was $7.25, whie it is now $7. He sees a
glut of gaintheshorterm-- with1.51;on cubic feet instorage at the end of thél;eatigseason- and thus an
.;averSion for prices.to'l;eadlo'Yer.t..,,-::.::.
. Lookig outat20()8,.theaverageanalystforecast is at
$7.25 - where 2007 forecats had been.
. There is no maskig the bearhness of early witer de-
mand shortals with roughly hal the heatig season be-
. hid us, said UBS anyst Ron Barone, who notes in are
port that temperatues to date have been 17.4% above
normal.
Barone's stress-test of the market cacuates tht a 10%
colder witer from th poit would put season-endi stor-
age at 1.4 Tcf and brig prices to between $7.50 and.
$8I.tu. A 10% warer witer from th point would
put season-endi storage at 2 Tcf and brig prices "as low
as $5."
Many analysts cast a concernd glance nortward to
Caadi producton. McPheron said Canadian import to
the US wi inevitably declie, citig competig ga deand
frm the Candian oil sands region, as wel as rapid wel de-
clè rates and the ch in ta policy for Canadian tr.
"Access to cheap capita (in Canada) is goin to di up,"
he said,' because of the ta policy change. A lot of projec .
tht ar cuently economic won't be in the futu. The ta
. chge won't be in place for another 18 month, but it is al-
ready bein factred into forecats.
The Canadian sitution, among other factrs, "makes me
exmely bulh on long-te fudaentas of the US nat-
ural gas market," said McPherson, whose 2008 forecast is
now up at $8.
(continued on page 14)
NGW.S PRICE FORECAST SCOREBOARD
U.S. Energ Infrmo1on Administon
Noiral Ga Week Outook*
Noiral Ga Week Acl.. $6.22 $6.34
Noles: All values for US ovroge wellhead prices in $/MMBt. 'Measure of NGW composii spot wellhead price combined wih forwrd futur price.
"NGW volume-weighte camposii spot wellhead. ... Nymx periad ovrages. .... Bidweek ovrages.t/. Haas, C. Trimble, B. Ivnald, R. Wyan, A. Brad-
ford, I Peters, and G.Sogemo.
Stephen L. Thumb
Jon Wolff..**
Energy Ventures Analysis
Credit Suisse
$6.65
$5.50
$6.24AVERAGE ANYS FORE
$6.53
$6.94
$6.76
$6.10
$7.25
$6.40
$6.08'
-$0.37
$0.75
$6.01
$7.00
$6.79
$6.43
$7.36
$5.78
$6.75
$6.40
$5.82
-$0.13
$0.50
$6.15
$7.00
$7.25
$6.97
ww.eertecom NATU GA WE . Janua 29,207 7
.t
'"V:g.;,Scoreboard. ..
(continued from page 1)
estate, four stood pat, and only one reuced his esate.
The average forecast for the thid-quarr 2007 pricestads at $7.23. -
For fu-yea 2007, th analysts' forecast rose 42i; to $7.2 i
from a previous averae estiate of$6.79. Of the analyst
who offered a fuyear2007 predicton in Qoth the cuent
and previous Scoreboard, 16 increased their estate, thee
stood pat and two reduced their estiate.
Forfu.yea 2008, the analyst' forecat rose 34i; to $7.58 .
fr a prvious averag este of$7.25, Of th an who
put fort a fu-year 2008 precton in both the cut and
prevous Scoeboard, 1.0 incrased th estate and eiht
sto pat. Not a sigle analyst reduced thei 2008 estate.
Given the cures thwn at the market in the fist qu-
ter of 2007, the Scoreboard analysts st cae close, fore-
ca a natu gas composite spot wellead price of $6.40
- the actal volume-weighted composite spot wellead
price landed at $6.86. The analyst group cae closer ththe US Energ Inormation Admation, whichpredict
eda $6.08:ftquarr. '
"As always (ths isJ . a .dicuttie to forecat because of
the chang. weather, supply, concern," and crde.oil price
instabilty," said Carol FreedenthalofJofree Energy Con-
~ sultig. Freedenth admts that the "gas picte is about
as confsig as it ever was;" nevereless, he sees móre up-
side than downide. "I th we're going to stay over the $7
range and star creeping back up. And by December,. I dQ
believe we could be in the $8 to $9 rage," he sad, citig the
pul of high crde oil prices, a drop. in Canadi exports, as
well as weakeng US natual ga producton (see p16).
''US producton is not rising enough," he said. "If any-
thg, it may be dropping."
"Fundaentay, I th you ca support $7 gas prices in
'08," said Scott Hanold ofRBC Capita Markets. "Weather
remais the biggest factr in the diecon at th point," he _
said. In movng up his second-quarer 2007 forecast to $7
frm $6.50, he said that "what you've seen is the cold end of
witer (thatJ created a tighter inventory situation th we
prevously thought." Th rippled out into hi fu-yea 2007
forecast, which rose to $7.25 from $7. .
The crde oil prce "gives you a floor" tht supportnatu-
ral ga prices, accordig to Ire Haa of Canccorddas'
Global Energy Team. That factor, along with what she de-
scrbes as a "guarded posture" - a lited ru to the rigs
- among natual ga produce, ar among factors leang
to more upside for prices. . '.' ....'i~;.,. ". .
However, whie CanaccordAs' 20Ò7pricemov:edup
accodigly, it was among the analysts tht kept thei 2008
(continued onpagè 15)
NGW'S PRICE FORECAST SCOREBOARD
""
11
Stephen L. Thumb Energy Ventures Analysis $6.10 $7.10 $1.32 $7.07 $7.04 $1.03 $6.59 $0.44
JonWolff--Credit Suisse $7.25 FOO $0.25 $7.25 $7.25 $0.25 $7.50 $0.50
AVERAGE ANALYST FORECA $6.40 $7.02 $0.62 $7.23 $7.21 $0.42 $7.58 $0.34
U.S. Energy Infonnaton Adminison $6.08 $7.53 $7.77 $7.83 $8.11
Nall)rcl Ga Week OlJook*$7.78
Natral Ga Week Acal'"$6.86
Notes: All value for US av welhea prce in $/MMBt. 'Mesure of NGW coposit spt'Nlhe pr cobine wi ford fu pr. '*NG-.
weght compi1 spwelhe. ..* Nym pe ovra. tBi av ttl. Hoa, C. Trimbl, A Bror, F. Kozak, a Mcnald, R. Wy, and T. fu.
WW.energytecom NATU GAS WE . Apri 30, 207 7
1I
i'
(contiT'rtfr0m page 1)
fore~t dropped 57 a., to $6.661tu, from a previous av-
erageêstiate of $7.23. Of
the analysts who put forth a
thd-quarer predction in both the curent and previous
Scoreboar, three increased their estiate and six stood
pat, but 12 reduce thei estate.
'Te aver for fu the foui-q 2007 prce is $729.
For fu-yea 2007, the analys' avera fore san to $7
even, down 21a. fr the prvious estte of$7.21. Of
the an
alyst who offer a fu-yea 2007 predcton in both
the cu-
. ret and prOl Scboar fie incr thei es and
fou st thei grund, but anther 12 reuce thei estite.
For fuyea 2008, the anys' aver forec fel to $7.43,
dow 15a. frm a preous aver este of$7.58. Of the an
alysts who put fo a fu-ye 2008 prdicton in both the cu-
rent and preous Scoreboar th incrased their estite
and 12 styed the sae, whie only fie reuce thei este.
At press tie, the Natwriai Hurcane Center had little
to'say,.notig "disorganzed showers and a few thunder-
storms" in the northwest Gul of Mexco.
DaLipp ofetr Coti sad tht hi 200 fo "as-sues no sicatdaoe durhure se" add,
''to or thtropicalst or sm hurcaes in the Gul of
Mexc.durAugto Septer." Iftie huncae se isonceaganoOW in thGul ofex,he sad, he sæ th-
qu prce aver as muc as a $1ltulowertban hi
$6.95 estiate. ''But what ar the odds of
two seon in a ro
with no huncaes in the Gu of Mexco?" he sad.
Stephen Smith of Stephen Smith Energy Associates is
sin a simar tue. Smiths thd-quar pnce estte
of $6.40 is one that "assumes normal hurcae apprehen-
sion but no act shut-ÏIof any signcat durtion."
Analyst forecasts, however, must sti
conta a siable
hurcae rik premium "Qnytwo trpica storm have de-
veloped thus far ths year, but the most active par of the
season is sti ahead... mid-Augt though October," said
Ron Gist, anyst at Pu & Gert.
"lTel ony upside factr re for the bu is a major
hurcae... ever el pats to cotiued dowwarpre
su on prce;" sad Ste 'Tum of Ener Ventu Anys.
. One of those downward factors is the comig of age of
LNG flows, wluch now appe to be fuy fucton as the
mechan that li low intetional demd with large
US storage facities and puts US storage numbers lugher
than they otherwe would be.
Lippe ofPetral, who sits on the lowes 2008 fore in out .
suey - $5.50 -crts "sued gr in
LNG impo
as well as incrass in US domesc pructon. "Petr is in
agentwith otber an who ex to se re-hi
in-
ventones. We ex gas proucers to exencestrae con-
taent problem as ealy as mid to late Setebe. Octbe
coul be are eye operfor the ga.
supply pesi," he sad.
If the situon exte, heåded "Myb they of a new
(continued on page 15)
NGW'S PRICE FORECAST SCOREBOARD
Stephen L. Thumb Energy Ventures Ânalysis $7.10 $6.24 -$0.83 $6.58 $6.71 -$0.33 $6.55 -$0.04
Jon Wolff-**Credit Suisse $7.00 $7.40 $0.15 $7.75 $7.42 $0.17 $7.50 $0.00
AVERAGE ANYST FORECA $7.02 $6.66 -$0.57 $7.29 $7.00 .$0.21 $7.43 -$0.15
U.S. Energy Informaton Adminison $7.53 $6.72 $7.65 $6.89 $7.50
Natural Ga Week Outook*
'.$6.84
Natral Gas Week Acl-$7.15
Notes: All values for US overage wellhead prices in $/MMBtu. 'Measure of NGW composite spo weI/head prices combined with forwrd futres prices.
"NGW vo/ume-weigh1ed composi1e spot wellhead. .** Nymex period overages. .... Bidwek ovrages.
ww.enerteI.com NATU GAS WEEK . Jnly 30, 207 7
Scoreboard ..."We thinktht ga price are going to stay between $6 and
$8, and our foreca tends to be on the lighter side of that,"
he said.
Musante sees new supply comig on lie via expanded
LNG import, new pipelie capacity and producton hittg
a 1 bion cubic foot pe day stde at th new Indepdence
Hub in the Gul of Mexco. He even sees the potetial fur ad-
ditiona supply frm Weste C;:ada ifhigher royalty rate
cauSe companes to cut back on oil sands projects, freeing
more natual ga to send south.
Acrdig to Stee Thumb at Energy Ventues Analysis,
the natual gas market is a1eady trdig on witer spec-
lation, but fudaenta generay ar pointig downward.
"Storage could be at record levels, parcu1y if early
November is war," he said. "Te combination of record
storage levels and reasonabie winter weather could put
signfiçat downward pressure on gas prices at about
Jan. 20;2008."
Then there is the crde oil widcard to consider, and
crde is liely to stay hih, ''for a whie at leat," said Carl
Freeenthal of Jofree Energy Consultig, addig that peo-
pIe ar askig, "I oil is $12ltu, why shouldn't gas be
$121tu?"
..Petakseesthe natual ga market as less proneto down"
'. (continued on page 14)
(continued from page 6)
the cunt and previous Scoreboar, only two increased
their estiate, whie~ six stayed the same and 10 reduce it.
Even though the foreca represent a faily broad ran,
some analysts are tbgof even broader ranges.
Kevin Peta, vice president of gas market modelig for
ICF International in Arligtn, Virgiia, establishes
"weather-based probabilty distrbutions" by conductg an
extnsive stress test of his gas price forecat numbers.
By takig his base forecast - which assumes normal
weather - and substituting the wea\her from each of
the last 75 years, he creates 75 different price observa-
tions."Thè standard deviation of these observations is
huge," he said.
Petak sees Henry Hub prices ths witer fluctuating
anywhere from a low of $4.50 to a high of $11. The for-
mer case would happen if witer were 10% warmer
than normal, the latter if the frigid winter of 1976-77
made an encore.
"I order to nai the market preciely, you would nee to
know precisely what the weather is going to do," he said.
Joel Musante, senior analyst in the Oi and Gas Group
at C.K.' Cooper & Co.,is lookig at a more narow Talge.
. ',. ~. ,'~::,~.:.-.,,.." ; "'."-,,,,.-:t"~"_,,:...:.~ ",-.,~. ~-~''' ,- .','.. ~.~;:.:'.u. " /."~:. '. . :~:;:;i~
NGW~SPRICE ,FORECÄsT SCOREBOARD ..._:.~i~~~'~:_
,~¿':';
Scott Speakér-
. Stephen L. Thumb
Jon Wolf
JPMorgan Chase
Energy Ventures Anlysis
Credit Suisse
$7.55
$6.24
$7.40
$6.66
$6.72
$7.75
$6.82
$6.75
$6.94
$6.26
.$0.25
$0.24
.$1.00
$7.33
$6.69
$6.85
$6.85
$6.34. .
$6.74
.$0.27
.$0.02
.$0.57
$7.35
$7.10
$8.25
$7.56
$7.18
$7.38
$6.53
$7.50
$7.24
$6.95
-$0.20
.$0.02
$0.00
AVERAGE ANYS FORECA.
U.S/Energy Infrmatn Administon
Naturl Gas Week Outook*Natural Ga WeekAcI'" $6.11
. No: All values fo US average weI/head prices in $/MM. 'Measure of NGW camposi1e spot weI/hed prices combined wi forward fuures prices. .
'~NGW voume-weighte composit spot wellhead. ,.. Nymex period aveges. tBidwk averages. ttl. Haas, CTrimble, A Bradford, F. Kozak, B. McDnald,
R..Wyon, andT. Pers.++ Henry Hub Averages.
ww.enertem NATU GAS WE . Octbe 29, 2007 7
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7
Global Insight
U S Energy Outlook
2006
2005 Dollars
Pacific Region - 1 Conversion
Electric Generators Factor To $/MMBTu
$/MMBTu 2007 $2007 $
2007 $7.22 1.203 $8.69
2008 $7.68 1.203 $9.24
2009 $7.39 1.203 $8.89
2010 $6.89 1.203 $8.29
2011 $6.70 1.203 $8.06
2012 $6.52 1.203 $7.85
2013 $6.35 1.203 $7.64
2014 $6.18 1.203 $7.43
2015 $6.01 1.203 $7.23
2016 $6.02 1.203 $7.24
Global Insight
Trénd 30-year forecast
Appendix D- Technical Appendix Idaho Power Company
Coal and Natural Gas Price Forecasts Used in Aurora Modeling
($/MMBTU Delivered-'*... ..
Year
200
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
Wyoming
Speifc Coai1
$1.24
$1.17
$1.13
$1.11
$1.05
$1.03
$1.06
$1.07
$1.14
$1.15
$1.19
$1.22
$1.29
$1.34
$1.40
$1.39
$1.43
$1.45
$1.52
$1.56
Sumas
Natural Gas(Expe
$8.23
$8.62
$8.00
$7.91
$5.90
$5.95
$6.04
$6.24
$6.42
$6.64
$6.92
$7.23
$7.49
$7.86
$8.16
$7.51
$7.79
$8.14
$8.38
$8.70
Henry Hub
Natural Gas
(High)
$11.16
$10.71
$10.43
$10.36
$9.79
$9.48
$9.18
$9.00
$8.90
$9.01
$9.20
$9.43
$9.60
$9.87
$10.16
$10.45
$1p.76
$11.08
$11.40
$11.74
Henry Hub
Natural Gas
(Lo)
$4.89
$4.86
$4.92
$5.01
$5.14
$5.35
$5.57
$5.78
$6.05
$6.30
$6.05
$6.20
$6.40
$6.56
$6.79
$6.80
$6.96
$7.18
$7.54
$7.69
Reional
Coi2
$1.27
$1.32
$1.37
$1.41
$1.45
$1.49
$1.53
$1.58
$1.75
$1.83
$1.90
$1.98
$2.09
$2.19
$2.31
$2.41
$2.52
$2.63
$2.74
$2.88
Henry Hub
Natural Ga
(Expeed
$8.73
$8.79
$8.11
$8.17
$6.19
$6.24
$6.33
$6.53
$6.71
$6.92
$7.20
$7.50
$7.75
$8.12
$8.41
$7.n
$8.04
$8.39
$8.62
$8.94
1 Used in th Aurora analysis for a Wyoming specific coal resource.
2 Used in th Aurora analysis for a non-loction spcific, regional coalresourc.
2006 IRP Fuel Forecast
$12
$11
$10
$9
$8
;:$7l-ID $6::::ii $5
$4
$3
$2
$1
.. ..
.. ..
¡. ..........¡...-....
........
.. ..........-~.-~
\.-.....,....
...... ...
...-..........
$0
206 2007 200 20 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
-Wyoming Specific Coal
-Sumas Natral Gas (Exp
.. .. .. Hery Hub Natural Ga (High)
-Regional Co
-Henry Hub Naurl Gas (Expeed
.. .. .. Henry Hub Naural Gas (Low
Page 48 2006 Integrated Resource Plan
Natura Gas Forecast Sourc Comparison
$IMMBTU (Nominal)
$11.00
\~/7.-
i7 '\~~-'..
K "~..--~..~.""".!l -./--
~~\'-/......V..--L,".
...."-- ,-~-~--"i'.-/~.--"--..~..
$10.00
$9.00
$8.00
$7.00
$6.00
$5.00
$4.00
$3.00
$200
20 2007 2008 200 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 20 204 2025
-NYMEX -iai Resourc -NPPCow -NPPc- . --NPPC-High -EIA -20IRP
Natural Gas Forst Comparison
$IMMBTU (Nominal)
$11.00
.
/'~V /'~-\V "'/'"/,,../--
\."'/..i.--i..--.~~~".--~..-------.-----~----
i"-~-
$10.00
$9.00
$8.00
$7.00
$6.00
$5.00
$4.00
$3.00
$2.00
20 2007 208 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 20 2024 20
-200IRP --200IRP -2002IRP -200IRP
2006 Integrated Resource Plan
Page 49
Huntingdon/Sumas
ICE Day Ahead Natural Gas Price Report
Trade Date Begin Date End Date High Low Avg Vol # Deals # Cparties(mmBTU)
20-Apr-01 21-Apr-01 23-Apr-01 5.1 5.1 5.1 5,000 1 2
23-May-01 24-May-01 24-May-01 3.9 3.9 3.9 5,000 1 2
24-May-01 25-May-01 25-May-01 4.04 3.95 3.98 15,000 3 4
25-May-01 26-May-01 29-May-01 3.59 3.59 3.59 5,000 1 2
1-Jun-01 2-Jun-01 4-Jun-01 3.1 3.1 3.1 5,000 1 2
14-Jun-01 15-Jun-01 15-Jun-01 3.62 3.42 3.5133 18,000 4 2
18-Jun-01 19-Jun-01 19-Jun-01 3.57 3.42 3.5026 38,000 8 4
19-Jun-01 20-Jun-01 20-Jun-01 3.55 3.4 3.514 25,000 5 3
20-Jun~01 21-Jun-01 21-Jun-01 3.4 3.28 3.3486 35,000 7 4
21-Jun-01 22-Jun-01 22-Jun-01 3.2 3.17 3.1833 15,000 3 3
22-Jun-01 23-Jun-01 25-Jun-01 3.17 3.15 3.1638 20,000 4 4
25-Jun-01 26-Jun-01 26-Jun-01 2.9 2.78 2.8667 30,000 3 3
26-Jun-01 27-Jun-01 27-Jun-01 2.68 2.64 2.655 20,000 3 4
27-Jun-01 28-Jun-01 28-Jun-01 2.65 2.52 2.5841 40,900 8 4
28-Jun-01 29-Jun-01 30-Jun-01 2.45 2.42 2.4367 15,000 3 4
2-Jul-01 3-Jul-01 3-Jul-01 2.3 2.3 2.3 5,000 1 2
5-Jul-01 6-Jul-01 6-Jul-01 2.3425 2.3425 2.3425 30,000 1 2
6-Jul-01 7-Jul-01 9-Jul-01 2.3 2.25 2.272 25,000 3 3
9-Jul-01 10-Jul-01 10-Jul-01 2.4 2.4 2.4 10,000 2 2
10-Jul-01 11-Jul-01 11-Jul-01 2.53 2.44 2.47 15,000 2 3
11-Jul-01 12-Jul-01 12-Jul-01 2.63 2.57 2.5975 40,000 8 5
13-Jul-01 14-Jul-01 16-Jul-01 2.48 2.35 2.3833 30,000 4 4
16-Jul-01 17-Jul-01 17-Jul-01 2.4 2.24 2.3268 56,000 11 5
17-Jul-01 18-Jul-01 18-Jul-01 2.35 2.32 2.3357 35,000 5 4
18-Jul-01 19-Jul-01 19-Jul-01 2.35 2.32 2.3368 37,000 7 5
19-Jul-01 20-Jul-01 20-Jul-01 2.25 2.21 2.235 18,00 5 3
20-Jul-01 21-Jul-01 23-Jul-01 2.17 2.12 2.1443 35,000 7 5
23-Jul-01 24-Jul-01 24-Jul-01 2.3 2.215 2.2605 50,000 8 5
24-Jul-01 25-Jul-01 25-Jul-01 2.3 2.2 2.2498 78,800 16 8
25-Jul-01 26-Jul-01 26-Jul-01 2.31 2.29 2.3025 20,000 4 4
26-Jul-01 27-Jul-01 27-Jul-01 2.55 2.5 2.5125 40,000 6 4
27-Jul-01 28-Jul-01 30-Jul-01 2.41 2.2 2.2883 65,100 13 7
30-Jul-01 31-Jul-01 31-Jul-01 2.66 2.55 2.6028 58,600 10 6
31-Jul-01 1-Aug-01 1-Aug-01 2.76 2.7 2.739 47,600 9 6
1-Aug-01 2-Aug-01 2-Aug-01 2.75 2.69 2.7225 24,400 5 6
2-Aug-01 3-Aug-01 3-Aug-01 2.6 2.46 2.5124 96,800 18 9
3-Aug-01 4-Aug-01 6-Aug-01 2.4 2.4 2.4 15,000 2 4
6-Aug-01 7-Aug-01 7-Aug-01 2.5 2.42 2.4675 20,000 3 4
7-Aug-01 8-Aug-01 8-Aug-01 2.505 2.45 2.4778 74,600 14 8
8-Aug-01 9-Aug-01 9-Aug-01 2.49 2.42 2.4584 93,500 19 8
9-Aug-01 10-Aug-01 10-Aug-01 2.46 2.435 2.4489 125,100 17 10
10-Aug-01 11-Aug-01 13-Aug-01 2.35 2.29 2.3211 115,000 21 11
13-Aug-01 14-Aug-01 14-Aug-01 2.37 2.31 2.3403 132,000 20 11
14-Aug-01 15-Aug-01 15-Aug-01 2.525 2.36 2.4352 97,900 1.9 10
15-Aug-01 16-Aug-01 16-Aug-01 2.62 2.545 2.5843 78,900 13 9
16-Aug-01 17-Aug-01 17-Aug-01 3.07 2.95 3.0169 114,000 17 10
17-Aug-01 18-Aug~01 20-Aug-01 2.82 2.65 2.7465 68,000 10 8
20-Aug-01 21-Aug-01 21-Aug-01 2.735 2.64 2.6944 58,000 10 9
21-Aug-01 22-Aug-01 22-Aug-01 2.7 2.64 2.6744 28,900 7 6
22-Aug-01 23-Aug-01 23-Aug-01 2.78 2.65 2.724 48,000 10 8
23-Aug-01 24-Aug-01 24-Aug-01 2.4 2.35 2.3768 70,000 9 8
24-Aug-01 25-Aug-01 27-Aug-01 2.39 2.25 2.3288 64,000 10 7
27-Aug-01 28-Aug-01 28-Aug-01 2.26 2.155 2.2038 141,500 23 9
28-Aug-01 29-Aug-01 29-Aug-01 2.27 2.22 2.2493 75,000 12 8
29-Aug-01 30-Aug-01 30-Aug-01 2.27 2.17 2.245 73000 12 7
30-Aug-01 31-Aug-01 31-Aug-01 2.22 2.085 2.1684 64,900 13 8
31-Aug-01 1-Sep-01 4-Sep-01 1.94 1.89 1.906 53,800 11 6
Sumas
4-Sep-01 5-Sep-01 5-Sep-01 1.83 1.53 1.6464 55,000 9 6
5-Sep-01 6-Sep-01 6-Sep-01 1.82 1.705 1.7378 45,000 8 8
6-Sep-01 7-Sep-01 7-Sep-01 1.93 1.92 1.9259 60,800 10 8
7-Sep-01 8"Sep-01 10-Sep-01 1.85 1.71 1.7897 51,900 8 7
10-Sep-01 11-Sep-01 11-Sep-01 1.995 1.93 1.9579 70,000 8 3
11-Sep-01 12-Sep-01 12-Sep-01 2.07 1.965 2.0149 88,400 9 4
12-Sep-01 13-Sep-01 13-Sep-01 2.03 1.97 2.0016 31,800 6 5
13-Sep-01 14-Sep-01 14-Sep-01 1.85 1.8 1.832 41,700 7 8
14-Sep-01 15-Sep-01 17-Sep-01 1.79 1.75 1.7664 81,000 12 7
17-Sep-01 18-Sep-01 18-Sep-01 1.885 1.825 1.8493 53,300 9 7
18-Sep-01 19-5ep-01 19-5ep-01 1.81 1.725 1.749 144,100 18 7
19-5ep-01 20-Sep-01 20-Sep-01 1.68 1.62 1.6509 42,400 9 5
20-Sep-01 21-Sep-01 21-Sep-01 1.53 1.44 1.4847 164,200 24 7
21-Sep-01 22-Sep-01 24-Sep-01 1.35 1.2 1.2404 163,800 13 6
24-Sep"01 25"Sep-01 25-Sep-01 1.27 1.22 1.2435 82,400 13 6
25-Sep-01 26-Sep-01 26-Sep-01 1.3 1.27 1.2862 150,100 16 8
26-Sep-01 27-Sep-01 27-Sep-01 1.37 1.3 1.3319 178,00 18 10
27-Sep-01 28-Sep-01 30-Sep-01 1.5 1.4 1.4285 110,500 16 8
28-Sep-01 1-0ct-01 1-0ct-01 1.45 1.335 1.3855 48,000 9 6
1-0ct-01 2-0ct-01 2-0ct-01 1.38 1.305 1.3255 140,000 14 8
2-0ct-01 3-0ct-01 3-0ct-01 1.41 1.37 1.3923 84,000 13 7
3-0ct-01 4-0ct-01 4-0ct-01 1.63 1.58 1.6122 53,500 11 7
4-0ct-01 5-0ct-01 5-0ct-01 1.91 1.73 1.7796 145,100 19 6
5-0ct-01 6-0ct-01 8-0ct-01 1.66 1.65 1.6558 30,000 5 4
8-0ct-01 9-0ct-01 9-0ct-01 1.59 1.57 1.585 20,000 4 4
9-0ct-01 10-0ct-01 10-0ct-01 1.7 1.51 1.5846 52,200 11 7
10-0ct-01 11-0ct-01 11-0ct-01 1.86 1.75 1.8368 88,000 10 7
11-0ct-01 12-0ct-01 12-0ct-01 2.15 2.07 2.1114 102,000 17 7
12-0ct-01 13-0ct-01 15-0ct-01 2.035 1.95 1.9761 182,000 21 8
15-0ct-01 16-0ct-01 16-0ct-01 1.94 1.84 1.8776 85,800 10 7
16-0ct-01 17-0ct-01 17-0ct-01 2.19 2.08 2.1628 101,600 15 9
17-0ct-01 18-0ct-01 18-0ct-01 2.43 2.26 2.3547 151,000 17 9
18-0ct-01 19-0ct-01 19-0ct-01 2.1 2.09 2.092 25,000 3 4
19-0ct-01 20-0ct-01 22-0ct-01 2.12 1.87 2.0024 95,000 12 8
22-0ct-01 23-0ct-01 23-0ct-01 2.565 2.45 2.4921 153,000 19 9
23-0ct-01 24-0ct-01 24-0ct-01 2.82 2.74 2.7727 182,500 21 8
24-0ct-01 25-0ct-01 25-0ct-01 2.57 2.53 2.5524 125,000 15 8
25-0ct-01 26-0ct-01 26-0ct-01 3.02 2.76 2.9133 130,200 19 10
26-0ct-01 27-0ct-01 29-0ct-01 2.66 2.55 2.5974 124,200 19 8
29-0ct-01 30-0ct-01 30-0ct-01 2.89 2.8 2.8317 168,600 24 9
30-0ct-01 31-0ct-01 31-0ct-01 2.825 2.77 2.811 134,500 19 8
31-0ct-01 1-Nov-01 1-Nov-01 3 2.86 2.9204 103,700 18 9
1-Nov-01 2-Nov-01 2-Nov-01 2.72 2.5 2.6392 132,100 18 7
2-Nov-01 3-Nov-01 5-Nov-01 2.45 2.3 2.3965 117,200 14 6
5-Nov-01 6-Nov-01 6-Nov-01 2.53 2.46 2.4872 110,500 14 7
6-Nov-01 7-Nov-01 7-Nov-01 2.44 2.35 2.4002 61,400 10 7
7-Nov-01 8-Nov-01 8-Nov-01 2.53 2.46 2.4956 86,100 9 6
8-Nov-01 9-Nov-01 9-Nov-01 2.5 2.45 2.4745 112,000 16 8
12-Nov-01 13-Nov-01 13-Nov-01 2.07 2.07 2.07 3,500 1 2
13-Nov-01 14-Nov-01 14-Nov-01 2.04 1.98 2.0066 59,600 11 11
14-Nov-01 15-Nov-01 15-Nov-01 2.08 2 2.0544 80,400 11 9
15-Nov-01 16-Nov-01 16-Nov-01 1.65 1.6 1.6337 117,300 17 10
16-Nov-01 17-Nov-01 19-Nov-01 1.315 1.22 1.2719 121,500 15 11
19-Nov-01 20-Nov-01 20-Nov-01 1.93 1.765 1.825 118,000 16 12
20-Nov-01 21-Nov-01 21-Nov-01 2.45 2.32 2.3958 126,000 15 10
21-Nov"01 22-Nov-O1 26-Nov-01 1.9 1.5 1.6593 136,400 18 12
26-Nov-01 27-Nov-01 27-Nov-01 2.24 2.18 2.1965 117,900 15 7
27-Nov-01 28-Nov-01 28-Nov-01 2.465 2.35 2.4238 117,600 17 9
28-Nov-01 29-Nov-01 29-Nov-01 2.66 2.61 2.6333 60,000 8 7
29-Nov-01 30-Nov-01 30-Nov-01 2.7 2.55 2.6053 80,400 12 10
30-Nov-01 1-Dec-01 3-Dec-01 2.2 1.9 2.0222 118,200 17 15
3-Dec-01 4-Dec-01 4-Dec-01 2.455 2.35 2.4025 10,000 2 3
4-Dec-01 5-Dec"01 5-Dec-01 2.64 2.38 2.4803 100,100 14 13
Sumas
5-Dec-01 6-Dec~01 6-Dec-01 2.34 2.25 2.3012 74,000 11 7
6-Dec-01 7-Dec-01 7-Dec-01 2.29 2.2 2.2401 55,600 12 11
7-Dec-01 8-Dec-01 10-Dec-01 2.3 2.15 2.1822 104,100 18 13
10-Dec-01 11-Dec-01 11-Dec-01 2.52 2.4 2.4556 84,800 14 10
11-Dec-01 12-Dec-01 12-Dec-01 2.75 2.64 2.7279 62,000 10 9
12-Dec-01 13-Dec-01 13-Dec-01 2.72 2.48 2.5769 83,200 16 15
13-Dec-01 14-Dec-01 14-Dec-01 2.65 2.58 2.6148 83,400 13 11
14-Dec-01 15-Dec-01 17-Dec-01 2.6 2.4 2.5213 67,900 12 7
17-Dec-01 18-Dec-01 18-Dec-01 2.72 2.56 2.6509 76,600 13 12
18-Dec-01 19-Dec-01 19-Dec-01 2.63 2.52 2.6036 55,500 8 9
19-Dec-01 20-Dec-01 20-Dec-01 2.55 2.45 2.4931 108,400 18 12
20-Dec-01 21-Dec-01 21-Dec-01 2.54 2.43 2.4756 80,000 12 11
21-Dec-01 22-Dec-01 26-Dec-01 2.46 2.46 2.46 10,000 1 2
24-Dec-01 27-Dec-01 27-Dec-01 2.5 2.5 2.5 5,000 1 2
26-Dec-01 27-Dec-01 27-Dec-01 2.62 2.5 2.5532 31,000 5 6
27-Dec-01 28-Dec-01 28-Dec-01 2.44 2.4 2.421 99,800 13 10
28-Dec-01 29-Dec-01 31-Dec-01 2.4 2.32 2.3422 85,900 16 14
31-Dec-01 1-Jan-02 2-Jan-02 2.47 2.33 2.4173 65,800 13 11
2-Jan-02 3-Jan-02 3-Jan-02 2.3 2.13 2.1719 92,200 14 12
3-Jan-02 4-Jan-02 4-Jan-02 2.16 2.09 2.1205 130,300 20 13
4-Jan-02 5-Jan-02 7-Jan-02 2 1.96 1.9824 117,200 16 13
7-Jan-02 8-Jan-02 8-Jan-02 1.89 1.82 1.856 59,000 10 10
8-Jån-02 9-Jan-02 9-Jan-02 2.09 2.02 2.0593 76,100 14 10
9-Jan-02 10-Jan-02 10-Jan-02 2.04 1.98 2.009 80,400 11 10
10-Jan-02 11-Jan-02 11-Jan-02 2 1.94 1.9883 95,100 16 13
11-Jan-02 12-Jan-02 14-Jan-02 2 1.95 1.9809 78,200 13 10
14-Jan-02 15-Jan-02 15-Jan-02 2.06 2.02 2.0381 77,600 12 9
15-Jan-02 16-Jan-02 16-Jan-02 2.115 2.08 2.1007 80,600 15 12
16-Jan-02 17-Jan-02 17-Jan-02 2.2 2.145 2.1729 78,000 13 7
17-Jan-02 18-Jan-02 18-Jan-02 2.23 2.175 2.1988 63,700 12 10
18-Jan-02 19-Jan-02 22-Jan-02 2.07 2 2.0386 89,100 16 8
22-Jan-02 23-Jan-02 23-Jan-02 2.1 2.02 2.0791 76,800 14 10
23-Jan-02 24-Jan-02 24-Jan.02 2.15 1.92 2.0644 207,900 34 15
24-Jan-02 25-Jan-02 25-Jan-02 2.07 2.01 2.0329 109,000 21 12
25-Jan-02 26-Jan-02 28-Jan-02 2.05 1.995 2.0266 150,900 27 13
28-Jan-02 29-Jan-02 29-Jan-02 2.08 1.97 2.0543 127,800 21 10
29-Jan-02 30-Jan-02 30-Jan-02 2.025 1.94 2.0024 81,000 16 9
30-Jan-02 31-Jan-02 31-Jan-02 2.08 2.05 2.0615 116,600 18 13
31-Jan-02 1-Feb-02 1-Feb-02 2.08 2 2.026 116,200 23 16
1-Feb-02 2-Feb-02 4-Feb-02 2.03 1.97 2.0009 156,000 22 15
4-Feb-02 5-Feb-02 5-Feb-02 2.05 1.945 1.9749 150,600 25 13
5-Feb-02 6-Feb-02 6-Feb-02 1.97 1.92 1.9495 151,900 22 16
6-Feb-02 7-Feb-02 7-Feb-02 1.93 1.905 1.9182 138,500 20 12
7-Feb-02 8-Feb-02 8-Feb-02 1.97 1.93 1.95 99,800 18 16
8-Feb-02 9-Feb-02 11-Feb-02 2.035 1.96 2.0039 118,700 21 15
11-Feb-02 12-Feb-02 12-Feb-02 2.02 1.98 1.9922 158,100 26 16
12-Feb-02 13-Feb-02 13-Feb-02 2.2 2.11 2;1604 215,800 34 19
13-Feb-02 14-Feb-02 14-Feb-02 2.12 2.08 2.0935 168,500 28 17
14-Feb-02 15-Feb-02 15-Fab-02 2.065 1.995 2.0186 133,700 21 15
15-Feb-02 16-Feb-02 19-Feb-02 2.01 1.955 1.9806 137,300 21 14
19-Feb-02 20-Feb-02 20-Feb-02 2.1 2.05 2.0785 69,500 12 11
20-Feb-02 21-Feb-02 21-Feb-02 2.21 2.16 2.1941 118,300 20 12
21-Feb-02 22-Feb-02 22-Feb-02 2.12 2.085 2.1018 167,000 26 13
22-Feb-02 23-Feb-02 25-Feb-02 2.16 2.05 2.0975 153,700 27 16
25-Feb-02 26-Feb-02 26-Feb-02 2.24 2.18 2.2149 144,400 25 12
26-Feb-02 27-Feb-02 27-Feb-02 2.25 2.21 2.2337 159,600 27 19
27-Feb-02 28-Feb-02 28-Feb-02 2.255 2.22 2.2386 55,000 8 8
28-Feb-02 1-Mar-02 1-Mar-02 2.2725 2.21 2.2441 249,400 48 17
1-Mar-02 2-Mar-02 4-Mar-02 2.275 2.21 2.2589 210,900 39 22
4-Mar-02 5-Mar-02 5-Mar-02 2.66 2.395 2.5507 376,300 65 17
5-Mar-02 6-Mar-02 6-Mar-02 2.55 2.41 2.4773 286,900 52 19
6-Mar.02 7-Mar-02 7-Mar-02 2.475 2.385 2.4154 315,300 53 18
7-Mar-02 8-Mar-02 8-Mar-02 2.72 2.65 2.6994 263,800 49 18
Sumas
8-Mar-02 9-Mar-02 11-Mar-02 2.85 2.8 2.8204 195,300 36 18
11-Mar-02 12-Mar-02 12-Mar-02 2.985 2.65 2.8351 296,100 53 19
12-Mar-02 13-Mar-02 13-Mar-02 2.83 2.68 2.7262 272,400 43 18
13-Mar-02 14-Mar-02 14-Mar-02 2.895 2.81 2.8661 322,300 57 19
14-Mar-02 15-Mar-02 15-Mar-02 2.83 2.63 2.7058 283,300 57 16
15-Mar-02 16-Mar-02 18-Mar-02 3.17 3.075 3.1412 260,400 37 15
18-Mar-02 19-Mar-02 19-Mar-02 3.29 3.155 3.2219 199,900 32 17
19-Mar-02 20-Mar-02 20-Mar-02 3.4 3.27 3.2981 181,600 28 17
20-Mar-02 21-Mar-02 21-Mar-02 3.4 3.22 3.3158 204,700 35 17
21-Mar-02 22-Mar-02 22-Mar-02 3.25 3.12 3.2007 247,000 40 16
22-Mar-02 23-Mar-02 25-Mar-02 3.5 3.35 3.4337 272,400 47 20
25-Mar-02 26-Mar-02 26-Mar-02 3.355 3.15 3.2804 270,100 42 17
26-Mar-02 27-Mar-02 27-Mar-02 3.35 3.19 3.2475 206,400 33 15
27-Mar-02 28-Mar-02 31-Mar-02 3.095 3 3.0373 151,900 27 12
28-Mar-02 1-Apr-02 1-Apr-02 2.98 2.86 2.8907 221,700 38 18
1-Apr-02 2-Apr-02 2-Apr-02 3.15 3.015 3.0499 185,000 40 17
2-Apr-02 3-Apr-02 3-Apr-02 3.48 3.32 3.4192 228,600 34 15
3-Apr-02 4-Apr-02 4-Apr-02 3.375 3.23 3.3227 266,000 40 17
4-Apr-02 5cApr-02 5-Apr-02 3.24 3.17 3.2131 233,400 37 17
5-Apr-02 6-Apr-02 8-Apr-02 3 2.98 2.9879 254,900 45 17
8-Apr-02 9-Apr-02 9-Apr-02 3.09 3 3.0478 299,200 48 20
9-Apr-02 10-Apr-02 10-Apr-02 2.96 2.9 2.9313 224,800 38 15
10-Apr-02 11-Apr-02 11-Apr-02 2.89 2.82 2.8648 323,600 44 16
11-Apr-02 12-Apr-02 12-Apr-02 2.81 2.74 2.789 355,000 52 17
12-Apr-02 13-Apr"02 15-Apr-02 2.67 2.55 2.6042 235,500 34 18
15-Apr-02 16-Apr-02 16-Apr-02 2.88 2.76 2.7915 289,300 43 18
16-Apr-02 17-Apr-02 17-Apr-02 3.05 2.965 3.0099 266,700 43 19
17-Apr-02 18-Apr-02 18-Apr-02 3.04 2.95 2.9831 393,600 59 17
18-Apr-02 19-Apr-02 19-Apr-02 3.08 2.975 3.0164 324,000 49 17
19-Apr-02 20-Apr-02 22-Apr-02 2.93 2.82 2.8686 441,600 63 17
22-Apr-02 23-Apr-02 23-Apr-02 2.98 2.86 2.8941 316,500 49 15
23-Apr-02 24-Apr-02 24-Apr-02 3.09 2.995 3.0533 260,500 41 15
24-Apr-02 25-Apr-02 25-Apr-02 3.01 2.95 2.9717 309,700 48 15
25-Apr-02 26-Apr-02 26-Apr-02 2.995 2.82 2.8913 264,000 43 16
26-Apr-02 27-Apr-02 29-Apr-02 2.765 2.635 2.6758 237,800 38 16
29-Apr-02 30-Apr-02 30-Apr-02 2.885 2.78 2.834 374,000 65 16
30-Apr-02 1-May-02 1-May-02 3.085 2.86 2.9795 264,800 42 17
1-May-02 2-May-02 2-May-02 3.1 2.9 2.9677 460,100 62 17
2-May-02 3-May-02 3-May-02 2.89 2.77 2.82 354,500 50 18
3-May-02 4-May-02 6-May-02 2.99 2.8 2.8674 360,000 49 18
6-May-02 7-May-02 7-May-02 3.1 2.9 3.0396 354,800 59 18
7-May-02 8-May-02 8-May-02 2.965 2.85 2.9115 361,300 57 17
8-May-02 9-May-02 9-May-02 3.1 3.025 3.058 346,800 52 16
9cMay-02 10-May-02 10-May-02 3.16 3.09 3.1138 281,000 39 14
10-May-02 11-May-02 13-May-02 3.06 3 3.0417 224,600 35 16
13-May-02 14-May-02 14-May-02 2.97 2.87 2.9552 218,900 33 14
14-May-02 15-May-02 15-May-02 3.08 3 3.0566 316,700 49 16
15-May-02 16-May-02 16-May-02 2.995 2.9 2.9524 428,100 63 18
16-May-02 17-May-02 17-May-02 2.8 2.62 2.713 361,200 50 16
17-May-02 18-May-02 20-May-02 2.56 2.45 2.5176 155,000 24 11
20-May-02 21-May-02 21-May-02 2.8 2.6 2.6796 83,700 14 8
21-May-02 22-May-02 22-May-02 2.61 2.52 2.5669 374,700 64 18
22-May-02 23-May-02 23-May-02 2.54 2.44 2.5053 398,900 50 19
23-May-02 24-May-02 24-May-02 2.47 2.34 2.4087 410,700 43 14
24-May-02 25-May-02 28-May-02 2.22 2.06 2.1703 382,600 48 16
28-May-02 29-May-02 29-May-02 2.23 2.15 2.1862 339,700 42 14
29-May-02 30-May-02 30-May-02 2.42 2.2 2.2984 378,700 55 18
30-May-02 31-May-02 31-May-02 2.53 2.39 2.4965 420,600 60 17
31-May-02 1-Jun-02 3-Jun-02 2.295 2.1 2.2244 220,500 33 14
3-Jun-02 4-Jun-02 4-Jun-02 2.35 2.27 2.2953 281,000 42 13
4-Jun-02 5-Jun-02 5-Jun-02 2.38 2.31 2.3312 331,000 46 15
5-Jun-02 6-Jun-02 6-Jun-02 2.32 2.24 2.2792 224,100 31 15
6-Jun-02 7-Jun-02 7-Jun-02 2.33 2.2675 2.2893 215,500 28 15
Sumas
7-Jun-02 8-Jun-02 10-Jun-02 2.23 2.145 2.2065 160,400 24 12
10-Jun-02 11-Jun-02 11-Jun-02 2.21 2.175 2.1966 207,700 35 17
11-Jun-02 12-Jun-02 12-Jun-02 2.2 2.16 2.1799 265,300 39 17
12-Jun-02 13-Jun-02 13-Jun-02 2.345 2.24 2.3015 251,500 40 14
13-Jun-02 14-Jun-02 14-Jun-02 2.2 2.075 2.1502 290,000 47 15
14-Jun-02 15-Jun-02 17-Jun-02 2.155 2.065 2.1102 278,500 39 14
17-Jun-02 18-Jun-02 18-Jun-02 2.22 2.13 2.1851 190,800 30 14
18-Jun-02 19-Jun-02 19-Jun-02 2.06 1.7 1.881 334,100 44 16
19-Jun-02 20-Jun-02 20-Jun-02 1.985 1.85 1.885 222,200 29 13
20-Jun-02 21-Jun-02 21-Jun-02 2.1 2.05 2.0742 139,800 23 15
21-Jun-02 22-Jun-02 24-Jun-02 1.83 1.73 1.7957 134,100 20 11
24-Jun-02 25-Jun-02 25-Jun-02 2.05 1.93 1.9861 135,500 23 13
25-Jun-02 26-Jun-02 26-Jun-02 2.07 1.9 1.9635 179,900 23 11
26-Jun-02 27-Jun-02 27-Jun-02 1.85 1.61 1.705 133,000 20 14
28-Jun-02 1-Jul-02 2-Jul-02 1.55 1.27 1.3746 119,100 21 16
1-Jul-02 2-Jul-02 2-Jul-02 1.1 1.1 1.1 4,000 1 2
2-Jul-02 3-Jul-02 3-Jul-02 1.2 0.9 1.0135 210,500 31 16
8-Jul-02 9-Jul-02 9-Jul-02 1.16 1.05 1.1138 180,400 24 18
9-Jul-02 10-Jul-02 10-Jul-02 1.31 1.19 1.2564 232,900 36 15
10-Jul-02 11-Jul-02 11-Jul-02 1.325 1.2 1.2954 200,500 29 14
11-Jul-02 12-Jul-02 12-Jul-02 1.135 1.025 1.083 167,300 30 16
12-Jul-02 13-Jul-02 15-Jul-02 1.25 1.05 1.1208 159,200 28 13
15-Jul-02 16-Jul-02 16-Jul-02 1.5 1.32 1.4005 138,500 22 15
16-Jul-02 17-Jul-02 17-Jul-02 1.59 1.4 1.5129 114,900 25 15
17-Jul-02 18-Jul-02 18-Jul-02 1.67 1.475 1.5759 118,800 24 13
18-Jul-02 19-Jul-02 19-Jul-02 1.48 1.285 1.367 91,600 18 14
19-Jul-02 20-Jul-02 22-Jul-02 1.37 1.315 1.3472 146,600 26 15
22-Jul-02 23-Jul-02 23-Jul-02 1.46 1.3175 1.376 110,900 23 13
23-Jul-02 24-Jul-02 24-Jul-02 1.44 1.39 1.4158 103,500 21 11
24-Jul-02 25-Jul-02 25-Jul-02 1.61 1.45 1.5472 132,000 27 15
25-Jul-02 26-Jul-02 26-Jul-02 1.81 1.705 1.7508 83,000 20 12
26-Jul-02 27-Jul-02 29-Jul-02 1.91 1.7275 1.8545 145,500 27 12
29-Jul-02 30-Jul-02 30-Jul-02 1.875 1.65 1.836 124,400 23 13
30-Jul-02 31-Jul-02 31-Jul-02 1.745 1.64 1.6734 117,700 19 13
31-Jul-02 1-Aug-02 1-Aug-02 1.6375 1.54 1.573 151,500 24 14
1-Aug-02 2-Aug-02 2-Aug-02 1.85 1.59 1.7621 99,600 19 13
2-Aug-02 3-Aug-02 6-Aug-02 1.96 1.8 1.8875 45,500 9 9
6-Aug-02 7-Aug-02 7-Aug-02 1.94 1.83 1.875 83,900 14 10
7-Aug-02 8-Aug-02 8-Aug-02 1.935 1.9 1.9165 81,400 12 10
8-Aug-02 9-Aug-02 9-Aug-02 2.02 1.85 1.9286 110,500 19 13
9-Aug-02 10-Aug-02 12-Aug-02 2.04 1.98 2.0191 76,700 15 10
12-Aug-02 13-Aug-02 13-Aug-02 2.13 1.98 2.0818 93,200 18 15
13-Aug-02 14-Aug-02 14-Aug-02 2.25 2.2 2.2168 91,500 16 12
14-Aug-02 15-Aug-02 15-Aug-02 2.265 2.24 2.2542 13,000 3 5
15-Aug-02 16-Aug-02 16-Aug-02 2.21 2.13 2.169 20,500 4 7
16-Aug-02 17-Aug-02 19-Aug-02 2.265 2.22 2.2369 40,000 6 6
19-Aug-02 20-Aug-02 20-Aug-02 2.085 2.05 2.065 105,000 16 12
20-Aug-02 21-Aug-02 21-Aug-02 2.13 2.0575 2.1015 80,400 16 14
21-Aug-02 22-Aug-02 22-Aug-02 2.065 1.99 2.0434 82,900 17 11
22-Aug-02 23-Aug-02 23-Aug-02 2.1 2.055 2.0883 81,600 16 11
23-Aug-02 24-Aug-02 26-Aug-02 2.32 2.27 2.3018 114,100 17 14
26-Aug-02 27-Aug-02 27-Aug-02 2.35 2.3 2.3247 109,700 20 13
27-Aug-02 28-Aug-02 28-Aug-02 2.45 2.33 2.3545 133,800 24 14
28-Aug-02 29-Aug-02 29-Aug-02 2.45 2.31 2.3679 120,500 19 13
29-Aug-02 30-Aug-02 31-Aug-02 2.485 2.45 2.4637 99,000 16 13
30-Aug-02 1-Sep-02 3-Sep-02 2.5 2.3 2.4179 166,500 26 16
3-Sep-02 4-Sep-02 4-Sep-02 2.4 2.25 2.3612 219,000 27 16
4-Sep-02 5-Sep-02 5-Sep-02 2.35 2.23 2.2992 107,400 17 14
5-Sep-02 6-Sep-02 6-Sep-02 2.39 2.33 2.3573 110,000 18 11
6-Sep-02 7-Sep-02 9-Sep-02 2.74 2.33 2.6388 148,900 23 16
9-Sep-02 10-Sep-02 10-Sep-02 2.6 2.55 2.5711 77,800 13 15
10-Sep-02 11-Sep-02 11-Sep-02 2.78 2.67 2.7302 129,500 23 13
11-Sep-02 12-Sep-02 12-Sep-02 2.725 2.675 2.7041 62,900 9 10
Sumas
12-Sep-02 13-Sep-02 13-Sep-02 2.64 2.59 2.6185 145,400 22 15
13-Sep-02 14-Sep-02 16-Sep-02 2.78 2.65 2.72 120,200 21 17
16-Sep-02 17-Sep-02 17-Sep-02 2.91 2.825 2.8625 127,100 20 13
17-Sep-02 18-Sep-02 18-Sep-02 2.95 2.8125 2.8963 172,700 31 18
18-Sep.02 19-5ep-02 19-5ep-02 3.22 3.12 3.1727 173,900 25 19
19-5ep-02 20-Sep-02 20-Sep-02 3.32 3.21 3.2768 181,500 29 17
20-Sep-02 21-Sep-02 23-Sep-02 3.3 3.045 3.1884 169,800 26 19
23-Sep-02 24-Sep-02 24-Sep-02 2.895 2.745 2.81 168,500 25 16
24-Sep-02 25-Sep-02 25-Sep-02 2.94 2.84 2.8809 171,000 24 14
25-Sep-02 26-Sep-02 26-Sep-02 2.9 2.79 2.8427 110,500 16 16
26-Sep-02 27-Sep-02 27-Sep-02 2.9 2.8 2.8665 151,400 19 15
27-Sep-02 28-Sep-02 30-Sep-02 3.02 2.9 2.9544 204,900 30 16
30-Sep-02 1-0ct-02 1-0ct-02 3.15 3.05 3.1164 256,300 31 16
1-0ct-02 2-0ct-02 2-0ct-02 3.37 3.28 3.3303 201,600 27 16
2-0ct-02 3-0ct-02 3-0ct-02 3.27 3.15 3.2047 196,100 27 15
3.0ct-02 4-0ct-02 4-0ct-02 3.115 3.04 3.0797 184,800 27 16
4-0ct-02 5-0ct-02 7-0ct-02 2.85 2.74 2.7942 156,200 24 14
7-0ct-02 8-0ct-02 8-0ct-02 2.84 2.7 2.798 190,800 32 14
8-0ct-02 9-0ct-02 9-0ct-02 3 2.7925 2.9194 153,200 27 15
9-0ct-02 10-0ct-02 10-0ct-02 3.105 2.99 3.0612 136,000 20 12
10-0ct-02 11-0ct-02 11-0ct-02 3.28 3.1 3.1575 120,000 18 12
11-0ct-02 12-0ct-02 15-0ct-02 3.14 3.01 3.0899 85,700 15 14
14-0ct-02 15-0ct-02 15-0ct-02 3.7 3.5 3.6157 35,000 7 7
15-0ct-02 16-0ct-02 16-0ct-02 3.71 3.61 3.6731 91,000 14 10
16-0ct-02 17-0ct-02 17-0ct-02 3.52 3.45 3.492 76,400 12 11
17-0ct-02 18-0ct-02 18-0ct-02 3.5 3.43 3.4624 116,300 17 12
18-0ct-02 19-0ct-02 21-0ct-02 3.6 3.5 3.547 138,200 23 13
21-0ct-02 22-0ct-02 22-0ct-02 3.7 3.59 3.6535 159,700 25 15
22-0ct-02 23-0ct-02 23-0ct-02 3.8 3.68 3.7535 103,900 16 11
23-0ct-02 24-0ct-02 24-0ct-02 3.88 3.7 3.832 142,700 23 17
24-0ct-02 25-0ct-02 25-0ct-02 3.94 3.82 3.9063 142,500 20 13
25-0ct-02 26-0ct-02 28-0ct-02 3.76 3.64 3.7097 171,200 29 11
28-0ct-02 29-0ct-02 29-0ct-02 3.95 3.8 3.9131 177,500 20 13
29-0ct-02 30-0ct-02 30-0ct-02 4.09 4.02 4.0483 58,800 10 8
30-0ct-02 31-0ct-02 31-0ct-02 4.22 4.18 4.1987 61,400 9 9
31-0ct-02 1-Nov-02 1-Nov-02 4.22 4.15 4.1704 74,100 11 10
1-Nov-02 2-Nov-02 4-Nov-02 3.87 3.8 3.8473 88,000 10 11
4-Nov-02 5-Nov-02 5-Nov-02 3.68 3.55 3.6426 104,700 17 12
5-Nov-02 6-Nov-02 6-Nov-02 3.6 3.57 3.5766 34,000 7 8
6-Nov-02 7-Növ-02 7-Nov-02 3.615 3.55 3.5691 33,600 7 8
7-Nov-02 8-Nov-Q2 8-Nov-02 3.55 3.485 3.5161 80,500 12 7
8-Nov-02 9-Nov-02 11-Nov-02 3.45 3.35 3.3878 22,500 4 6
11-Nov-02 12-tiov-02 12-Nov-02 3.45 3.4 3.4213 8,700 2 3
12-Nov-02 13-Nov-02 13-Nov-02 3.45 3.38 3.402 30,400 7 9
13-Nov-02 14-Nov-02 14-Nov-02 3.45 3.42 3.4365 68,400 11 12
14-Nov-02 15-Nov-02 15-Nov-02 3.48 3.46 3.4676 97,000 12 8
15-Nov-02 16-Nov-02 18-Nov-02 3.45 3.4 3.4132 47,300 9 13
18-Nov-02 19-Nov-02 19-Nov-02 3.65 3.6 3.6357 70,700 11 9
19-Nov-02 20-Nov-02 20-Nov-02 3.7 3.67 3.689 80,600 11 9
20-Nov-02 21-Nov-02 21-Nov-02 3.71 3.65 3.6846 67,900 14 13
21-Nov-02 22-Nov.02 22-Nov-02 3.59 3.55 3.5732 102,900 14 12
22-Nov.02 23-Nov-02 25-Nov-02 3.7 3.63 3.6412 30,400 7 8
25-Nov-02 26-Növ-02 26-Nov-02 3.92 3.81 3.8617 30,000 4 5
26.Nov-02 27-Nov-02 30-Nov-02 3.82 3.76 3.7779 43,200 9 7
27-Nov-02 1-Dec-02 2-Dec-02 3.86 3.75 3.8278 71,700 11 6
2-Dec-02 3-Dee-02 3-Dec-02 3.86 3.7 3.7901 33,500 9 12
3-Dec-02 4-Dec-02 4-Dec-02 4 3.94 3.9739 63,600 12 12
4-Dec-02 5-Dec-02 5-Dec-02 3.9 3.84 3.8787 69,000 14 10
5-Dec-02 6.Dec-02 6-Dec-02 3.9 3.85 3.8689 87,300 15 10
6-Dec-02 7-Dec-02 9-Dec-02 3.92 3.88 3.8909 29,300 5 4
9-Dec-02 10-Dec-02 10-Dec-02 3.925 3.865 3.8963 52,700 11 9
10-Dec-02 11-Dec-02 11-Dec-02 3.9 3.85 3.8706 56,100 11 7
11-Dec-02 12-Dec.02 12-Dec-02 4.06 4.02 4.0532 34,700 8 7
Sumas
12-Dec-02 13-Dec-02 13-Dec-02 4.21 4.13 4.157 76,700 13 8
13-Dec-02 14-Dec-02 16-Dec-02 4.28 4.22 4.2499 66,000 12 8
16-Dec-02 17-Dec-02 17-Dec-02 4.46 4.42 4.4459 21,200 4 5
17-Dec-02 18-Dec-02 18-Dec-02 4.45 4.35 4.4077 48,000 11 10
18-Dec-02 19-Dec-02 19-Dec-02 4.38 4.3 4.366 35,100 7 5
19-Dec-02 20-Dec-02 20-Dec-02 4.5 4.43 4.4831 67,900 8 8
20-Dec-02 21-Dec-02 23-Dec-02 4.55 4.5 4.5223 64,600 11 7
23"Dec-02 24-Dec-02 27-Dec-02 4.62 4.6 4.6103 43,600 8 8
27-Dec-02 28-Dec-02 30-Dec-02 4.35 4.21 4.2709 58,000 7 5
30-Dec-02 31-Dec-02 31-Dec-02 4.2 4.14 4.1617 30,000 5 4
31-Dec-02 1-Jan-03 2-Jan-03 4.05 3.96 4.0059 27,500 7 10
2-Jan-03 3-Jan-03 3-Jan-03 4.03 3.95 3.9792 82,300 14 10
3-Jan-03 4-Jan-03 6-Jan-03 4.23 4.18 4.2008 111,700 19 10
6"Jan-03 7-Jan-03 7-Jan-03 4.1 3.95 4.0177 133,100 22 9
7-Jan-03 8-Jan-03 8-Jan-03 4.125 4.07 4.1 60,000 9 6
8-Jan-03 9-Jan-03 9-Jan-03 4.35 4.3 4.3227 101,300 16 10
9-Jan-03 10-Jan-03 10-Jan-03 4.3 4.24 4.2668 51,800 9 7
10-Jan-03 11-Jan-03 13-Jan-03 4.4 4.35 4.3703 75,000 11 9
13-Jan-03 14-Jan-03 14-Jan-03 4.43 4.35 4.4086 74,700 13 8
14-Jan-03 15-Jan-03 15-Jan-03 4.52 4.46 4.4992 95,800 17 10
15-Jan-03 16-Jan-03 16-Jan-03 4.43 4.37 4.405 78,700 18 10
16-Jan-03 17-Jan-03 17-Jan-03 4.7 4.68 4.696 25,000 4 6
17-Jan-03 18-Jan-03 21-Jan-03 4.95 4.85 4.897 54,800 8 8
21-Jan-03 22-Jan-03 22-Jan-03 4.8 4.76 4.7813 47,500 12 10
22-Jan-03 23-Jan-03 23-Jan-03 5.1 4.98 5.0647 39,700 8 12
23-Jan-03 24-Jan-03 24-Jan-03 5.54 5.05 5.3787 94,900 14 13
24-Jan-03 25-Jan-03 27-Jan-03 5.02 4.88 4.9772 72,500 12 9
27-Jan-03 28-Jan-03 28-Jan-03 4.85 4.8 4.8337 45,500 8 7
28-Jan-03 29-Jan-03 29-Jan-03 4.64 4.555 4.5873 88,200 17 10
29-Jan-03 30-Jan-03 30-Jan-03 4.65 4.625 4.6393 175,000 24 11
30-Jan-03 31-Jan-03 31-Jan-03 4.815 4.75 4.7875 96,000 18 12
31-Jan-03 1-Feb-03 3-Feb-03 4.66 4.56 4.6004 68,000 10 10
3-Feb-03 4-Feb-03 4-Feb-03 4.78 4.73 4.7485 82,500 12 13
4-Feb-03 5-Feb-03 5-Feb-03 5.05 4.92 4.9975 68,600 14 13
5-Feb-03 6-Feb-03 6-Feb-03 5.07 5 5.0245 70,600 11 13
6-Feb-03 7-Feb-03 7-Feb-03 4.96 4.89 4.924 45,500 9 10
7-Feb-03 8-Feb-03 10-Feb-03 5.09 5.04 5.056 52,400 10 13
10-Feb-03 11-Feb-03 11-Feb-03 5.24 5.17 5.1908 56,700 10 14
11-Feb-03 12-Feb-03 12-Feb-03 5.2 5.12 5.1841 52,100 10 11
12-Feb-03 13-Feb-03 13-Feb-03 5.25 5.19 5.227 54,300 8 10
13-Feb-03 14-Feb-03 14-Feb-03 5.1 5.05 5.0722 41,600 7 13
14-Feb-03 15-Feb-03 18-Feb-03 5.11 5.06 5.088 58,300 12 10
18-Feb-03 19-Feb-03 19-Feb-03 5.3 5.235 5.284 77,200 14 11
19-Feb-03 20-Feb-03 20-Feb-03 5.26 5.2 5.2409 55,000 12 12
20-Feb-03 21-Feb-03 21-Feb-03 5.55 5.485 5.522 63,800 12 12
21-Feb-03 22-Feb-03 24-Feb-03 5.86 5.65 5.7808 85,800 15 14
24-Feb-03 25-Feb-03 25-Feb-03 10 8.75 9.6292 92,500 14 15
25-Feb-03 26-Feb-03 26-Feb-03 11.9 8.5 8.8874 93,500 17 17
26-Feb-03 27-Feb-03 27-Feb-03 7.3 7 7.1637 69,600 10 13
27-Feb-03 28-Feb-03 28-Feb-03 7.02 6.8 6.9264 101,300 16 14
28-Feb-03 1-Mar-03 3-Mar-03 8.65 8.55 8.6127 75,400 12 9
3-Mar-03 4-Mar-03 4-Mar-03 8.45 7.98 8.2011 179,000 28 17
4-Mar-03 5-Mar-03 5-Mar-03 8.7 8.4 8.5259 167,400 23 14
5-Mar-03 6-Mar-03 6-Mar-03 8.7 8.4 8.582 77,600 14 10
6-Mar-03 7-Mar-03 7-Mar-03 7.5 6.85 7.2158 113,600 18 15
7-Mar-03 8-Mar-03 10-Mar-03 6.9 6.65 6.7489 82,900 16 11
10-Mar-03 11-Mar-03 11-Mar-03 6.9 6.6 6.7288 62,000 13 14
11-Mar"03 12-Mar-03 12-Mar-03 6.05 5.85 5.9337 202,400 30 17
12-Mar-03 13-Mar-03 13-Mar-03 5.4 5.25 5.3081 134,600 26 17
13-Mar-03 14-Mar-03 14-Mar-03 5.25 5.17 5.2079 155,300 25 18
14-Mar-03 15-Mar-03 17-Mar-03 4.58 4.4 4.4778 71,200 14 13
17-Mar-03 18-Mar-03 18-Mar-03 4.7 4.625 4.6579 121,700 19 14
18-Mar-03 19-Mar-03 19-Mar-03 4.55 4.4 4.4726 136,300 21 15
Sumas
19-Mar-03 20-Mar-03 20-Mar-03 4.69 4.55 4.6452 160,600 25 17
20-Mar-03 21-Mar-03 21-Mar-03 4.68 4.6 4.6474 122,500 20 13
21-Mar-03 22-Mar-03 24-Mar-03 4.6 4.55 4.5787 116,400 19 11
24-Mar-03 25-Mar-03 25-Mar-03 4.52 4.47 4.4994 131,100 21 11
25-Mar-03 26-Mar-03 26-Mar-03 4.46 4.42 4.4479 191,700 26 14
26-Mar-03 27-Mar-03 27-Mar-03 4.38 4.23 4.3099 121,700 18 12
27-Mar-03 28-Mar-03 28-Mar-03 4.325 4.115 4.2308 127,800 24 18
28-Mar-03 29-Mar-03 31-Mar-03 4.4 4.35 4.3768 122,600 16 16
31-Mar-03 1-Apr-03 1-Apr-03 4.35 4.195 4.2502 134,800 25 18
1-Apr-03 2-Apr-03 2-Apr-03 4.2 4.14 4.1626 62,500 10 12
2-Apr-03 3-Apr-03 3-Apr-03 4.31 4.3 4.3011 45,400 9 10
3-Apr-03 4-Apr-03 4-Apr-03 4.39 4.35 4.362 36,100 9 11
4-Apr-03 5-Apr-03 7-Apr-03 4.31 4.26 4.2877 86,500 14 11
7-Apr-03 8-Apr-03 8-Apr-03 4.35 4.295 4.3124 62,900 14 14
8-Apr-03 9-Apr-03 9-Apr-03 4.58 4.47 4.5273 32,300 7 9
9-Apr-03 10-Apr-03 10-Apr-03 4.36 4.28 4.3067 135,100 20 12
10-Apr-03 11-Apr-03 11-Apr-03 4.46 4.42 4.4335 65,300 16 12
11-Apr-03 12-Apr-03 14-Apr-03 4.55 4.4 4.4895 51,900 11 13
14-Apr-03 15-Apr-03 15-Apr-03 4.54 4.44 4.4696 .71,100 16 10
15-Apr-03 16-Apr-03 16-Apr-03 4.76 4.66 4.7365 57,100 17 12
16-Apr-03 17-Apr-03 17-Apr-03 4.9 4.8 4.8673 166,100 35 16
17-Apr-03 18-Apr-03 21-Apr-03 4.8 4.7 4.7516 164,300 25 15
21-Apr-03 22-Apr-03 22-Apr-03 4.71 4.68 4.6911 89,800 18 12
22-Apr-03 23-Apr-03 23-Apr-03 4.69 4.64 4.6679 122,100 20 13
23-Apr-03 24-Apr-03 24-Apr-03 4.705 4.65 4.6748 86,400 16 12
24-Apr-03 25-Apr-03 25-Apr-03 4.7 4.62 4.6419 64,500 12 12
25-Apr-03 26-Apr-03 28-Apr-03 4.62 4.59 4.6067 31,500 6 6
28-Apr-03 29-Apr-03 29-Apr-03 4.65 4.53 4.6014 90,900 17 11
29-Apr-03 30-Apr-03 30-Apr-03 4.32 4.26 4.2872 90,600 16 13
30-Apr-03 1-May-03 1-May-03 4.41 4.34 4.3869 80,400 14 12
1-May-03 2-May-03 2-May-03 4.49 4.425 4.4471 128,000 22 12
2-May-03 3-May-03 5-May-03 4.38 4.25 4.3028 84,700 18 13
5-May-03 6-May-03 6-May-03 4.55 4.43 4.4565 132,300 21 14
6-May-03 7-May-03 7-May-03 4.77 4.6 4.6934 75,100 14 11
7-May-03 8-May-03 8-May-03 4.63 4.55 4.5779 86,200 18 11
8-May-03 9-May-03 9-May-03 4.74 4.68 4.7111 135,000 24 12
9-May-03 10-May-03 12-May-03 4.76 4.74 4.7534 56,000 10 13
12-May-03 13-May-03 13-May-03 4.935 4.85 4.8845 99,600 16 12
13-May-03 14-May-03 14-May-03 5.08 4.94 4.9758 48,500 8 9
14-May-03 15-May-03 15-May-03 5.19 5.1 5.1437 37,500 9 10
15-May-03 16-May-03 16-May-03 5.29 5.18 5.2223 171,100 32 16
20-May-03 21-May-03 21-May-03 4.98 4.93 4.9582 108,100 20 14
21-May-03 22-May-03 22-May-03 5.13 5.07 5.1007 70,700 18 14
22-May-03 23-May-03 23-May-03 5.17 5.09 5.1161 137,700 29 17
23-May-03 24-May-03 27-May-03 4.9 4.79 4.8363 84,100 16 14
27-May-03 28-May-03 28-May-03 4.87 4.78 4.8204 147,200 26 16
28-May-03 29-May-03 29-May-03 4.705 4.685 4.6955 78,100 17 12
29-May-03 30-May-03 31-May-03 4.75 4.7 4.7291 56,600 12 12
30-May-03 1-Jun-03 2-Jun-03 5 4.88 4.917 94,000 21 14
2-Jun-03 3-Jun-03 3-Jun-03 5.11 5.06 5.0901 70,000 15 14
3-Jun-03 4-Jun-03 4-Jun-03 5.1 5.04 5.0579 69,700 15 13
4-Jun-03 5-Jun-03 5-Jun-03 5.145 5.12 5.1289 69,200 12 10
5-Jun-03 6-Jun-03 6-Jun-03 5.02 4.96 4.9981 46,300 9 9
6-Jun-03 7-Jun-03 9-Jun-03 5.05 4.92 4.994 20,700 7 11
9-Jun-03 10-Jun-03 10-Jun-03 5.1 4.9 4.9447 66,500 14 13
10-Jun-03 11-Jun-03 11-Jun-03 5.02 5.02 5.02 5,000 1 2
11-Jun-03 12-Jun-03 12-Jun-03 5.03 4.92 4.9531 56,200 11 10
12-Jun-03 13-Jun-03 13-Jun-03 4.615 4.59 4.6006 26,000 8 9
13-Jun-03 14-Jun-03 16-Jun-03 4.11 4.01 4.0495 57,900 12 15
16-Jun-03 17-Jun-03 17-Jun-03 4.35 4.2 4.2854 84,800 16 13
17-Jun-03 18-Jun-03 18-Jun-03 4.65 4.58 4.6212 44,200 9 10
18-Jun-03 19-Jun-03 19-Jun-03 4.68 4.6 4.6504 115,800 20 11
19-Jun-03 20-Jun-03 20-Jun-03 4.54 4.47 4.5027 77,600 16 14
Sumas
20-Jun-03 21-Jun-03 23-Jun-03 4.7 4.6 4.6378 56,900 12 12
23-Jun-03 24-Jun-03 24-Jun-03 4.85 4.8 4.8212 110,700 20 13
24-Jun-03 25"Jun-03 25-Jun-03 4.83 4.795 4.8152 99,800 20 13
25-Jun-03 26-Jun-03 26-Jun-03 4.86 4.73 4.8192 48,200 10 10
26-Jun-03 27-Jun-03 27-Jun-03 4.89 4.82 4.8584 100,300 20 16
27-Jun-03 28-Jun-03 30-Jun-03 4.55 4.53 4.5425 8,000 2 3
30-Jun-03 1-Jul-03 2-Jul-03 4.6 4.53 4.5724 21,200 5 5
2-Jul-03 3-Jul-03 3-Jul-03 4.3 4.25 4.2882 30,900 7 7
3-Jul-03 4-Jul-03 7-Jul-03 4.37 4.3 4.3308 20,900 5 6
7-Jul-03 8-Jul-03 8-Jul-03 4.45 4.41 4.417 23,800 6 6
8-Jul-03 9-Jul-03 9-Jul-03 4.6 4.54 4.5864 25,000 8 5
9-Jul-03 10-Jul-03 10-Jul-03 4.77 4.71 4.7375 32,000 6 4
10-Jul-03 11-Jul-03 11-Jul-03 4.6 4.5 4.5492 82,000 17 8
11-Jul-03 12-Jul-03 14-Jul-03 4.36 4.275 4.3118 82,800 18 17
14-Jul-03 15-Jul-03 15-Jul-03 4.38 4.28 4.3267 59,700 12 12
15-Jul-03 16-Jul-03 16-Jul-03 4.43 4.35 4.3885 82,300 19 13
16-Jul-03 17-Jul-03 17-Jul-03 4.335 4.27 4.3178 122,200 26 16
17-Jul-03 18-Jul-03 18-Jul-03 4.38 4.36 4.3668 40,400 8 8
18-Jul-03 19-Jul-03 21-Jul-03 4.35 4.31 4.3223 59,200 11 10
21-Jul-03 22-Jul-03 22-Jul-03 4.51 4.39 4.4185 112,200 20 15
22-Jul-03 23-Jul-03 23-Jul-03 4.38 4.31 4.3489 50,400 11 12
23-Jul-03 24-Jul-03 24-Jul-03 4.25 4.11 4.1703 127,900 26 16
24-Jul-03 25-Jul-03 25-Jul-03 4.21 4.18 4.195 10,000 2 4
25-Jul-03 26-Jul-03 28-Jul-03 4.07 4 4.0214 55,300 12 13
28-Jul-03 29-Jul-03 29-Jul-03 4.07 3.96 4.0043 76,800 12 13
29-Jul-03 30-Jul-03 30-Jul-03 4.075 4.02 4.0552 98,900 16 10
30-Jul-03 31-Jul-03 31-Jul-03 4.06 3.99 4.0398 106,300 19 11
31-Jul-03 1-Aug-03 1-Aug-03 4.06 4.01 4.0422 127,200 24 15
1-Aug-03 2-Aug-03 5-Aug-03 4.1 4.06 4.0845 32,200 5 5
4-Aug-03 5-Aug-03 5-Aug-03 4.3 4.24 4.289 24,500 3 6
5-Aug-03 6-Aug-03 6-Aug-03 4.15 4.09 4.1151 57,000 10 10
6-Aug-03 7-Aug-03 7-Aug-03 4.25 4.215 4.2323 74,500 12 13
7-Aug-03 8-Aug-03 8-Aug-03 4.21 4.17 4.1938 79,900 15 12
8-Aug-03 9-Aug-03 11-Aug-03 4.485 4.41 4.4406 41,600 9 9
11-Aug-03 12-Aug-03 12-Aug-03 4.605 4.545 4.5688 27,800 7 7
12-Aug-03 13-Aug-03 13-Aug-03 4.61 4.57 4.5972 35,800 9 13
13-Aug-03 14-Aug-03 14-Aug-03 4.75 4.61 4.7125 46,500 8 9
14-Aug-03 15-Aug-03 15-Aug-03 4.73 4.7 4.7111 23,500 5 6
15-Aug-03 16-Aug-03 18-Aug-03 4.45 4.35 4.3988 89,900 15 9
18-Aug-03 19-Aug-03 19-Aug-03 4.5 4.45 4.4685 43,300 5 5
19-Aug-03 20-Aug-03 20-Aug-03 4.49 4.45 4.4638 69,600 13 8
20-Aug-03 21-Aug-03 21-Aug-03 4.48 4.45 4.4633 107,100 16 13
21-Aug-03 22-Aug-03 22-Aug-03 4.54 4.5 4.5122 59,600 11 11
22-Aug-03 23-Aug-03 25-Aug-03 4.52 4.46 4.4727 78,600 13 9
25-Aug-03 26-Aug-03 26-Aug-03 4.535 4.41 4.4408 135,700 24 15
26-Aug-03 27-Aug-03 27-Aug-03 4.46 4.41 4.4372 131,100 27 16
27-Aug-03 28-Aug-03 28-Aug-03 4.48 4.44 4.459 91,700 17 13
28-Aug-03 29-Aug-03 31-Aug-03 4.33 4.27 4.2982 99,500 19 16
29-Aug-03 1-Sep-03 2-Sep-03 4.45 4.42 4.434 101,700 18 12
2-Sep-03 3-Sep-03 3-Sep-03 4.3 4.24 4.2739 91,000 13 12
3-Sep-03 4-Sep-03 4-Sep-03 4.34 4.3 4.3192 85,800 17 15
4-Sep-03 5-Sep-03 5-Sep-03 4.41 4.37 4.3936 75,300 13 11
5-Sep-03 6-Sep-03 8-Sep-03 4.365 4.31 4.3352 133,400 23 13
8-Sep-03 9-Sep-03 9-Sep-03 4.41 4.36 4.3772 150,100 19 12
9-Sep-03 10-Sep-03 10-Sep-03 4.4 4.35 4.3614 98,300 20 14
10-Sep-03 11-Sep-03 11-Sep-03 4.39 4.37 4.3791 35,300 7 5
11-Sep-03 12-Sep-03 12-Sep-03 4.45 4.39 4.4214 126,400 18 9
12-Sep-03 13-Sep-03 15-Sep-03 4.25 4.15 4.2033 126,300 19 13
15-Sep-03 16-Sep-03 16-Sep-03 4.25 4.23 4.2479 160,100 24 15
16-Sep-03 17-Sep-03 17-Sep-03 4.26 4.205 4.2216 137,300 22 13
17-Sep-03 18-Sep-03 18-Sep-03 4.255 4.22 4.2384 179,400 29 16
18-Sep-03 19-5ep-03 19-5ep-03 4.12 4.04 4.0609 121,300 20 16
19-5ep-03 20-Sep-03 22-Sep-03 3.9 3.74 3.7828 101,700 16 8
Sumas
22-Sep-03 23-Sep-03 23-Sep-03 4.04 3.86 3.9035 112,700 19 13
23-Sep-03 24-Sep-03 24-Sep-03 4.19 4.05 4.1406 137,000 22 15
24-Sep-03 25-Sep-03 25-Sep-03 4.26 4.22 4.2401 142,400 23 13
25-Sep-03 26-Sep-03 26-Sep-03 4.18 4.11 4.1536 171,600 22 12
26-Sep-03 27-Sep-03 29-Sep-03 3.95 3.87 3.9009 246,500 37 14
29-Sep-03 30-Sep-03 30-Sep-03 4.14 4.09 4.119 141,900 20 12
30-Sep-03 1-0ct-03 1-0ct-03 4.305 4.26 4.2855 216,300 30 14
1-0ct-03 2-0ct-03 2-0ct-03 4.18 4.12 4.1436 200,200 31 19
2-0ct-03 3-0ct-03 3-0ct-03 4.13 4.07 4.0937 191,600 29 19
3-0ct-03 4-0ct-03 6-0ct-03 4.1 3.87 3.9194 154,800 22 13
6-0ct-03 7-0ct-03 7-0ct-03 4.09 3.99 4.042 229,200 32 16
7-0ct-03 8-0ct-03 8-0ct-03 4.31 4.24 4.2683 239,500 32 20
8-0ct-03 9-0ct-03 9-0ct-03 4.44 4.39 4.4234 193,300 23 15
9-0ct-03 10-0ct-03 10-0ct-03 4.4 4.28 4.3282 166,200 22 14
10-0ct-03 11-0ct-03 14-0ct-03 4.4 4.3 4.3475 159,400 19 17
13-0ct-03 14-0ct-03 14-0ct-03 4.47 4.4 4.4336 78,400 13 9
14-0ct-03 15-0ct-03 15-0ct-03 4.46 4.35 4.3947 131,500 20 14
15-0ct-03 16-0ct-03 16-0ct-03 4.5 4.45 4.4678 139,700 20 11
16-0ct-03 17-0ct-03 17-0ct-03 4.61 4.57 4.5924 156,200 26 15
17-0ct-03 18-0ct-03 20-0ct-03 4.195 4.15 4.18 84,300 14 10
20-0ct-03 21-0ct-03 21-0ct-03 4.02 3.85 3.9597 211,900 33 19
21-0ct-03 22-0ct-03 22-0ct-03 4.29 4.01 4.1497 235,400 37 18
22-0ct-03 23-0ct-03 23-0ct-03 4.3 4.16 4.2093 189,700 28 17
23-0ct-03 24-0ct-03 24-0ct-03 4.08 3.94 4.0068 253,000 37 19
24-0ct-03 25-0ct-03 27-0ct-03 3.92 3.68 3.7846 136,600 20 17
27-0ct-03 28-0ct-03 28-0ct-03 3.95 3.8 3.8938 187,600 26 16
28-0ct-03 29-0ct-03 29-0ct-03 3.94 3.8 3.8774 86,000 17 14
29-0ct-03 30-0ct-03 30-0ct-03 4.26 4.1 4.2096 137,300 27 20
30-0ct-03 31-0ct-03 31-0ct-03 4.25 4.23 4.2488 141,200 24 13
31-0ct-03 1-Nov-03 3-Nov-03 3.82 3.7 3.796 188,000 29 15
3-Nov-03 4-Nov-03 4-Nov-03 4.13 4.035 4.0579 160,800 24 16
4-Nov-03 5-Nov-03 5-Nov-03 4.15 4 4.08 191,100 25 14
5-Nov-03 6-Nov-03 6-Nov-03 4.35 4.2 4.3029 182,500 27 13
6-Nov-03 7-Nov-03 7-Nov-03 4.51 4.35 4.4864 142,800 21 14
7-Nov-03 8-Nov-03 10-Nov-03 4.4 4.35 4.3685 133,000 22 16
10-Nov-03 11-Nov-03 11.Nov-03 4.18 4.12 4.1553 106,200 17 13
11-Nov-03 12-Nov-03 12-Nov-03 4.2 4.135 4.149 87,300 22 13
12-Nov-03 13-Nov-03 13-Nov-03 4.3 4.2 4.2593 180,500 28 16
13-Nov-03 14-Nov-03 14-Nov-03 4.13 4.06 4.0896 202,000 35 17
14-Nov-03 15-Nov-03 17-Nov-03 4.15 4.06 4.0795 243,400 33 17
17-Nov-03 18-Nov-03 18-Nov-03 4.18 4,08 4.1219 148,500 29 12
18-Nov-03 19-Nov-03 19-Nov-03 4.07 3.985 4.0423 167,500 26 18
19-Nov-03 20-Nov-03 20-Nov-03 4.26 4.16 4.2304 179,200 29 13
20-Nov-03 21-Nov-03 21-Nov-03 4.35 4.25 4.2717 183,400 28 17
21.Nov-03 22-Nov-03 24-Nov-03 4.32 4.15 4.2386 126,400 21 11
24-Nov-03 25-Nov-03 25-Nov-03 4.52 4.4 4.4491 128,900 17 12
25-Nov-03 26-Nov-03 30-Nov-03 4.295 4.25 4.2843 81,200 15 10
26-Nov-03 1-Dec-03 1-Dec-03 4.53 4.48 4.5016 117,600 16 12
1-Dec-03 2-Dec-03 2-Dec-03 4.48 4.4 4.4472 129,700 26 13
2-Dec-03 3-Dec-03 3-Dec-03 4.8 4.71 4.7595 144,300 22 12
3-Dec-03 4-Dec-03 4-Dec-03 4.68 4.6 4.6422 152,800 21 11
4-Dec-03 5-Dec-03 5-Dec-03 4.77 4.7 4.7173 139,400 25 14
5-Dec-03 6-Dec-03 8-Dec-03 5.25 5.2 5.226 122,100 17 10
8-Dec-03 9-Dec-03 9-Dec-03 5.2 5.12 5.1714 145,700 21 11
9-Dec-03 10-Dec-03 10-Dec-03 5.7 5.51 5.55 159,800 28 15
10-Dec-03 11-Dec-03 11-Dec-03 5.76 5.58 5.6576 191,300 29 17
11-Dec-03 12-Dec-03 12-Dec-03 5.75 5.67 5.7172 232,400 30 16
12-Dec-03 13-Dec-03 15-Dec-03 5.82 5.75 5.7792 262,700 36 17
15-Dec-03 16-Dec-03 16-Dec-03 5.76 5.68 5.7073 243,500 34 15
16-Dec-03 17-Dec-03 17-Dec-03 5.79 5.7 5.7617 198,200 27 15
17-Dec-03 18-Dec-03 18-Dec-03 5.69 5.6 5.6441 243,100 32 16
18-Dec-03 19-Dec-03 19-Dec-03 6.01 5.9 5.9522 184,500 25 18
19-Dec-03 20-Dec-03 22-Dec-03 5.93 5.85 5.9019 157,000 15 10
Sumas
22-Dec-03 23-Dec-03 23-Dec-03 5.55 5.33 5.4592 224,900 36 18
23-Dec-03 24-Dec-03 24-Dec-03 4.82 4.55 4.6814 186,300 25 14
24-Dec-03 25-Dec-03 29-Dec-03 4.73 4.45 4.5998 76,700 15 11
29-Dec-03 30-Dec-03 30-Dec-03 5.26 4.77 5.1714 83,600 14 13
30-Dec-03 31-Dec-03 31-Dec-03 5.59 5.52 5.5487 84,100 14 13
31-Dec-03 1-Jan-04 5-Jan-04 5.5 5.25 5.3439 87,800 18 13
5-Jan-04 6-Jan-04 6-Jan-04 6.22 5.95 6.1155 141,300 25 12
6-Jan-04 7-Jan-04 7-Jan-04 6.7 6.4 6.6192 125,100 22 15
7-Jan-04 8-Jan-04 8-Jan-04 5.88 5.76 5.8235 98,100 15 10
8-Jan-04 9-Jan-04 9-Jan-04 5.8 5.58 5.6321 114,400 21 13
9-Jan-04 10-Jan-04 12-Jan-04 6.2 6.12 6.1606 40,200 9 9
12-Jan-04 13-Jan-04 13-Jan-04 5.5 5.28 5.3524 176,400 30 14
13-Jan-04 14-Jan-04 14-Jan-04 5.5 5.3 5.3697 177,600 24 10
14-Jan-04 15-Jan-04 15-Jan-04 5.285 5.07 5.178 141,500 23 12
15-Jan-04 16-Jan-04 16-Jan-04 5.6 5.44 5.5431 125,900 17 8
16-Jan-04 17-Jan.04 20-Jan-04 5.05 4.98 5.0054 130,500 18 9
20-Jan-04 21-Jan-04 21-Jan-04 5.52 5.42 5.4842 140,400 19 10
21-Jan-04 22-Jan-04 22-Jan-04 5.6 5.54 5.5749 125,100 15 9
22-Jan-04 23-Jan-04 23-Jan-04 5.54 5.39 5.4841 118,800 20 9
23-Jan-04 24-Jan-04 26-Jan-04 5.48 5.35 5.4344 114,100 15 10
26-Jan-04 27-Jan-04 27-Jan-04 5.34 5.2 5.2973 135,100 26 13
27-Jan-04 28-Jan-04 28-Jan-04 5.55 5.43 5.4952 152,800 25 14
28-Jan-04 29-Jan-04 29.Jan-04 5.655 5.58 5.6265 147,900 23 13
29-Jan-04 30-Jan-04 31-Jan-04 5.32 5.265 5.2832 135,100 21 12
30-Jan-04 1-Feb-04 2-Feb-04 5.2 5.08 5.1641 63,500 14 7
2-Feb-04 3-Feb-04 3-Feb-04 4.96 4.9 4.9405 112,000 26 9
3-Feb-04 4-Feb-04 4-Feb-04 5.05 4.98 5.0272 140,500 23 8
4-Feb-04 5-Feb-04 5-Feb-04 5.11 5.07 5.0879 156,500 25 9
5-Feb-04 6-Feb-04 6-Feb-04 4.975 4.9 4.95 149,500 18 10
6-Feb-04 7-Feb-04 9-Feb-04 4.87 4.7 4.8259 86,300 14 10
9-Feb-04 10-Feb-04 10-Feb-04 4.93 4.79 4.899 173,000 23 8
10-Feb-04 11-Feb-04 11-Feb-04 5 4.8 4.8738 81,800 21 13
11-Feb-04 12-Feb-04 12-Feb-04 4.85 4.7 4.7713 139,900 24 15
12-Feb-04 13-Feb-04 13-Feb-04 4.76 4.68 4.708 78,200 17 14
13.Feb-04 14-Feb-04 17-Feb-04 4.97 4.865 4.891 89,600 22 14
17-Feb-04 18-Feb-04 18-Feb-04 4.81 4.71 4.7541 149,400 23 12
18-Feb-04 19-Feb-04 19-Feb-04 4.7 4.66 4.6776 165,000 24 14
19-Feb-04 20-Feb-04 20-Feb-04 4.705 4.675 4.6869 157,700 23 11
20-Feb-04 21-Feb-04 23-Feb-04 4.7 4.61 4.6715 173,100 32 13
23-Feb-04 24-Feb-04 24-Feb-04 4.49 4.44 4.4589 135,700 23 17
24-Feb-04 25-Feb-04 25-Feb-04 4.445 4.415 4.4283 80,000 19 14
25-Feb-04 26-Feb-04 26-Feb-04 4.45 4.415 4.4305 137,400 22 13
26-Feb-04 27-Feb-04 29-Feb-04 4.56 4.43 4.4563 135,000 22 14
27-Feb-04 1-Mar-04 1-Mar-04 4.66 4.58 4.6197 148,100 23 14
1-Mar-04 2-Mar-04 2-Mar-04 4.67 4.6 4.6376 153,100 30 13
2.Mar-04 3-Mar-04 3-Mar-04 4.93 4.86 4.9086 140,100 25 19
3-Mar-04 4-Mar-04 4-Mar-04 4.92 4.84 4.8768 167,200 26 19
4-Mar-04 5-Mar-04 5-Mar-04 4.7 4.67 4.6806 89,900 19 16
5-Mar-04 6-Mar-04 8-Mar-04 4.86 4.78 4.8063 183,600 25 17
8-Mar-04 9-Mar-04 9-Mar-04 4.8 4.76 4.7887 137,800 17 11
9-Mar-04 10-Mar-04 10-Mar-04 4.7 4.58 4.624 143,600 22 15
10-Mar-04 11-Mar-04 11-Mar-04 4.61 4.57 4.5903 157,600 18 11
11-Mar-04 12-Mar-04 12-Mar-04 4.67 4.6 4.636 139,400 19 14
12-Mar-04 13-Mar-04 15-Mar-04 4.85 4.73 4.7859 206,000 27 11
15-Mar-04 16-Mar-04 16-Mar-04 4.87 4.82 4.8324 102,500 14 12
16-Mar-04 17-Mar-04 17-Mar-04 4.83 4.75 4.7968 161,600 24 13
17-Mar-04 18-Mar-04 18-Mar-04 4.85 4.74 4.8115 110,400 14 12
18-Mar-04 19-Mar-04 19-Mar-04 4.86 4.84 4.8459 110,000 18 10
19-Mar-04 20-Mar-04 22-Mar-04 4.78 4.6 4.6846 99,800 15 9
22-Mar-04 23.Mar-04 23-Mar-04 4.71 4.685 4.7006 115,800 21 13
23-Mar-04 24-Mar-04 24-Mar-04 4.64 4.53 4.5834 176,000 28 12
24-Mar-04 25-Mar-04 25-Mar-04 4.6 4.57 4.5878 110,600 22 13
25-Mar-04 26-Mar-04 26-Mar-04 4.54 4.48 4.5072 128,000 25 17
Sumas
26-Mar-04 27-Mar-04 29-Mar-04 4.4 4.35 4.3766 127,400 25 13 ,
29-Mar-04 30-Mar-04 30-Mar-04 4.46 4.43 4.4442 156,800 29 14
30-Mar-04 31-Mar-04 31-Mar-04 4.62 4.59 4.599 172,100 24 14
31-Mar-04 1-Apr-04 1-Apr-04 4.92 4.75 4.8369 112,300 22 14
1-Apr-04 2-Apr-04 2-Apr-04 5.13 5.05 5.1088 137,400 23 13
2-Apr-04 3-Apr-04 5-Apr-04 5 4.905 4.9432 138,000 30 13
5-Apr-04 6-Apr-04 6-Apr-04 5.16 5.03 5.0709 231,700 37 19
6-Apr-04 7-Apr-04 7-Apr-04 5.01 4.955 4.9725 148,500 28 19
7-Apr-04 8-Apr-04 8-Apr-04 5.03 4.98 5.006 167,600 28 19
8-Apr-04 9-Apr-04 12-Apr-04 5.04 5.01 5.0243 183,000 30 19
12-Apr-04 13-Apr-04 13-Apr-04 5.105 5.03 5.0832 107,000 19 16
13-Apr-04 14-Apr-04 14-Apr-04 5.1 5.03 5.0639 184,600 33 23
14-Apr-04 15-Apr-04 15-Apr-04 4.97 4.89 4.9197 209,600 32 19
15-Apr-04 16-Apr-04 16-Apr-04 4.95 4.88 4.9173 159,100 30 21
16-Apr-04 17-Apr-04 19-Apr-04 4.88 4.79 4.8432 188,800 32 16
19-Apr-04 20-Apr-04 20-Apr-04 4.79 4.71 4.7407 188,300 32 20
20-Apr-04 21-Apr-04 21-Apr-04 4.72 4.65 4.6814 211,000 39 19
21-Apr-04 22-Apr-04 22-Apr-04 4.81 4.75 4.7784 222,300 40 24
22-Apr-04 23-Apr-04 23-Apr-04 4.85 4.79 4.8198 152,300 31 18
23-Apr-04 24-Apr-04 26-Apr-04 4.84 4.71 4.7619 163,400 31 18
26-Apr-04 27-Apr-04 27-Apr-04 4.96 4.84 4.9167 192,400 33 20
27-Apr-04 28-Apr-04 28-Apr-04 5.15 5.08 5.1234 142,200 28 22
28-Apr-04 29-Apr-04 29-Apr-04 5.13 5.055 5.0984 207,300 27 19
29-Apr-04 30-Apr-04 30-Apr-04 5.07 5.04 5.0497 172,200 30 21
30-Apr-04 1-May-04 3-May-04 5.09 4.9 5.0179 141,900 25 19
3-May-04 4-May-04 4-May-04 5.1 5 5.0469 223,300 38 22
4-May-04 5-May-04 5-May-04 5.45 5.33 5.3847 140,600 28 22
5-May-04 6-May-04 6-May-04 5.27 5.2 5.2226 189,600 34 25
6-May-04 7-May-04 7-May-04 5.38 5.32 5.344 125,600 27 21
7-May-04 8-May-04 10-May-04 5.34 5.25 5.3002 77,800 16 16
10-May-04 11-May-04 11-May-04 5.25 5.21 5.2319 93,700 21 17
11-May-04 12-May-04 12-May-04 5.36 5.33 5.3514 131,800 28 22
12-May-04 13-May-04 13-May-04 5.52 5.44 5.4932 83,500 15 15
13~May-04 14-May-04 14-May-04 5.425 5.37 5.4029 79,400 16 15
14-May-04 15-May-04 17-May-04 5.42 5.36 5.3888 99,000 21 18
17-May-04 18-May-04 18-May-04 5.46 5.35 5.4096 132,000 26 18
18-May-04 19-May-04 19-May-04 5.275 5.215 5.2383 145,300 24 19
19-May-04 20-May-04 20-May-04 5.15 5.08 5.1101 129,700 21 21
20-May-04 21-May-04 21-May-04 5.4 5.32 5.374 90,700 23 17
21-May-04 22-May-04 25-May-04 5.245 5.17 5.2126 107,700 24 14
25-May-04 26-May-04 26-May-04 5.51 5.45 5.4783 124,700 22 19
26-May-04 27-May-04 27-May-04 5.54 5.37 5.4433 101,100 18 11
27-May-04 28-May-04 31-May-04 5.24 5.14 5.187 104,600 22 14
28-May-04 1-Jun-04 1-Jun-04 5.4 5.33 5.3575 125,800 25 15
1-Jun-04 2-Jun-04 2-Jun-04 5.55 5.47 5.522 192,300 30 18
2-Jun-04 3-Jun-04 3-Jun-04 5.62 5.575 5.5858 160,300 29 15
3-Jun-04 4-Jun-04 4-Jun-04 5.575 5.52 5.5558 136,800 25 18
4-Jun-04 5-Jun-04 7-Jun-04 5.21 5.155 5.1655 123,400 21 15
7-Jun-04 8-Jun-04 8-Jun-04 5.13 5.095 5.1059 113,400 22 13
8-Jun-04 9-Jun-04 9-Jun-04 5.165 5.12 5.1432 111,600 23 18
9-Jun-04 10-Jun-04 10-Jun-04 4.93 4.85 4.8808 137,900 26 15
10-Jun-04 11-Jun-04 14-Jun-04 4.825 4.78 4.8028 191,900 34 15
14-Jun-04 15-Jun-04 15-Jun-04 5.17 5.11 5.1509 94,300 17 14
15-Jun-04 16-Jun-04 16-Jun-04 5.38 5.27 5.3251 91,300 16 12
16-Jun-04 17-Jun-04 17-Jun-04 5.31 5.24 5.2673 148,700 29 16
17-Jun-04 18-Jun-04 18-Jun-04 5.48 5.4 5.4466 179,400 28 20
18-Jun-04 19-Jun-04 21-Jun-04 5.29 5.17 5.2105 95,500 21 14
21-Jun-04 22-Jun-04 22-Jun-04 5.29 5.25 5.2653 107,200 18 12
22-Jun-04 23-Jun-04 23-Jun-04 5.215 5.135 5.1626 167,000 29 23
23-Jun-04 24-Jun-04 24-Jun-04 5.26 5.12 5.201 149,300 28 18
24-Jun-04 25-Jun-04 25-Jun-04 5.3 5.26 5.2783 96,300 21 16
25-Jun-04 26-Jun-04 28-Jun-04 5.155 5.09 5.123 91,300 21 14
28-Jun-04 29-Jun-04 29-Jun-04 5.16 5.11 5.1317 122,400 24 17
Sumas
29-Jun-04 30-Jun-04 30-Jun-04 5.0125 4.97 4.9942 102,700 19 12
30-Jun-04 1-Jul-04 2-Jul-04 4.95 4.925"4.9408 197,500 33 17
2-Jul-04 3-Jul-04 6-Jul-04 4.8 4.68 4.743 164,600 22 15
6-Jul-04 7-Jul-04 7-Jul-04 5.24 5.13 5.1559 218,600 34 17
7-Jul-04 8-Jul-04 8-Jul-04 5.35 5.32 5.3338 224,700 28 17
8-Jul-04 9-Jul-04 9-Jul-04 5.365 5.27 5.3307 190,500 31 15
9-Jul-04 10-Jul-04 12-Jul-04 4.98 4.83 4.8932 170,600 23 12
12-Jul-04 13-Jul-04 13-Jul-04 5.2 5.15 5.1736 149,000 21 16
13-Jul-04 14-Jul-04 14-Jul-04 5.2 5.12 5.1361 122,600 18 14
14-Jul-04 15-Jul-04 15-Jul-04 5.3 5.24 5.2607 135,000 20 11
15-Jul-04 16-Jul-04 16-Jul-04 5.27 5.22 5.2483 142,900 21 13
16-Jul-04 17-Jul-04 19-Jul-04 5.265 5.18 5.2397 79,500 16 13
19-Jul-04 20-Jul-04 20-Jul-04 5.24 5.17 5.207 119,900 21 17
20-Jul-04 21-Jul-04 21-Jul-04 5.385 5.25 5.3276 124,600 26 18
21-Jul-04 22-Jul-04 22-Jul-04 5.55 5.42 5.5004 103,800 20 14
22-Jul-04 23-Jul-04 23-Jul-04 5.42 5.33 5.3808 69,500 13 11
23-Jul,04 24-Jul-04 26-Jul-04 5.58 5.42 5.5023 108,300 23 16
26-Jul-04 27-Jul-04 27-Jul-04 5.515 5.36 5.4498 122,400 27 15
27-Jul-04 28-Jul-04 28-Jul-04 5.35 5.28 5.3204 136,200 20 13
28-Jul-04 29-Jul-04 29-Jul-04 5.25 5.22 5.2331 166,000 28 13
29-Jul-04 30-Jul-04 31-Jul-04 5.39 5.3 5.3351 136,200 25 13
30-Jul-04 1-Aug-04 3-Aug-04 5.55 5.51 5.5335 116,000 18 13
2-Aug-04 3-Aug-04 3-Aug-04 5.4 5.34 5.3652 31,600 7 5
3-Aug-04 4-Aug-04 4-Aug-04 5.31 5.25 5.2928 147,200 22 13
4-Aug-04 5-Aug-04 5-Aug-04 5.325 5.25 5.2988 105,600 20 12
5-Aug-04 6-Aug-04 6-Aug-04 5.34 5.26 5.2972 124,900 25 14
6-Aug-04 7-Aug-04 9-Aug-04 5.24 5.2 5.2291 101,500 22 11
9-Aug-04 10-Aug-04 10-Aug-04 5.39 5.29 5.3536 131,300 29 13
10-Aug-04 11-Aug-04 11-Aug-04 5.43 5.24 5.3147 109,200 21 14
11-Aug-04 12-Aug-04 12-Aug-04 5.19 5.125 5.1524 146,300 26 13
12-Aug-04 13-Aug-04 13-Aug-04 5.11 5.09 5.1009 121,100 23 12
13-Aug-04 14-Aug-04 16-Aug-04 5.01 4.9 4.9369 151,100 30 14
16-Aug-04 17-Aug-04 17-Aug-04 5.07 5 5.0349 145,100 27 15
17-Aug-04 18-Aug-04 18-Aug-04 4.945 4.88 4.9244 169,700 31 11
18-Aug-04 19-Aug-04 19-Aug-04 4.97 4.89 4.9343 149,400 29 12
19-Aug-04 20-Aug-04 20-Aug-04 4.84 4.79 4.8141 124,900 24 13
20-Aug-04 21-Aug-04 23-Aug-04 4.85 4.8 4.8255 154,100 31 13
23-Aug-04 24-Aug-04 24-Aug-04 4.82 4.75 4.7781 175,100 33 15
24-Aug-04 25-Aug-04 25-Aug-04 4.6 4.58 4.5894 243,100 38 17
25-Aug-04 26-Aug-04 26-Aug-04 4.7 4.6 4.6712 267,300 46 16
26-Aug-04 27-Aug-04 27-Aug-04 4.56 4.46 4.4988 283,000 45 18
27-Aug-04 28-Aug-04 30-Aug-04 4.38 4.33 4.3469 126,400 21 13
30-Aug-04 31-Aug-04 31-Aug-04 4.4 4.32 4.3454 200,700 33 14
31-Aug-04 1-Sep-04 1-Sep-04 4.56 4.36 4.4572 131,900 27 17
1-Sep-04 2-Sep-04 2-Sep-04 4.555 4.48 4.5357 150,600 29 16
2-Sep-04 3-Sep-04 3-Sep-04 4.43 4.335 4.3658 169,100 26 16
3-Sep-04 4-Sep-04 7-Sep-04 4.07 3.94 4.0238 164,600 28 15
7-Sep-04 8-Sep-04 8-Sep-04 4.24 4.1 4.199 130,400 27 13
8-Sep-04 9-Sep-04 9-Sep-04 4.38 4.36 4.3714 65,100 12 14
9-Sep-04 10-Sep-04 10-Sep-04 4.23 4.195 4.2129 99,400 22 12
10-Sep-04 11-Sep-04 13-Sep-04 4.25 4.22 4.2353 69,300 11 12
13-Sep-04 14-Sep-04 14-Sep-04 4.48 4.42 4.4562 116,600 25 15
14-Sep-04 15-Sep-04 15-Sep-04 4.42 4.35 4.371 88,500 20 14
15-Sep-04 16-Sep-04 16-Sep-04 4.32 4.245 4.2726 92,300 19 17
16-Sep-04 17-Sep-04 17-Sep-04 4.17 4.11 4.1498 180,000 33 16
17-Sep-04 18-Sep-04 20-Sep-04 4.2 4.1 4.1438 70,600 13 10
20-Sep-04 21-Sep-04 21-Sep-04 4.7 4.45 4.6221 180,200 32 15
21-Sep-04 22-Sep-04 22-Sep-04 4.83 4.75 4.7778 130,700 21 13
22-Sep-04 23-Sep-04 23-Sep-04 4.9 4.8 4.8711 136,200 23 15
23-Sep-04 24-Sep-04 24-Sep-04 4.8 4.735 4.7695 133,000 28 13
24-Sep-04 25-Sep-04 27-Sep-04 4.6 4.49 4.5317 101,800 19 13
27-Sep-04 28-Sep-04 28-Sep-04 4.47 4.43 4.4464 113,000 27 12
28-Sep-04 29-Sep-04 29-Sep-04 4.6 4.54 4.5687 112,000 22 15
Sumas
29-Sep-04 30-Sep-04 30-Sep-04 5.5 5 5.3389 123,000 25 15
30-Sep-04 1-0ct-04 1-0ct-04 5.15 4.8 4.9403 118,200 29 22
1-0ct-04 2-0ct-04 4-0ct-04 4.16 3.78 3.8835 109,900 23 16
4-0ct-04 5-0ct-04 5-0ct-04 4.48 4.36 4.4014 84,700 13 12
5-0ct-04 6-0ct-04 6-0ct-04 5.05 4.99 5.0173 119,700 26 16
6-0ct-04 7-0ct-04 7-0ct-04 4.985 4.85 4.9318 140,200 33 17
7-0ct-04 8-0ct-04 8-0ct-04 4.82 4.64 4.7867 146,800 30 17
8-0ct-04 9-0ct-04 12-0ct-04 4.03 3.75 3.788 181,000 31 19
12-0ct.04 13-0ct-04 13-0ct-04 4.41 4.22 4.3222 142,300 29 17
13-0ct-04 14-0ct-04.14-0ct-04 4.38 4.2 4.3265 127,000 27 16
14-0ct-04 15-0ct-04 15-0ct-04 4.9 4.79 4.8486 138,600 28 17
15-0ct-04 16-0ct-04 18-0ct-04 4.74 4.5 4.6123 144,500 26 17
18-0ct.04 19-0ct-04 19-0ct-04 5.05 4.88 5.0052 132,200 25 13
19-0ct-04 20-0ct-04 20-0ct-04 5.53 5.36 5.4544 122,100 26 17
20-0ct-04 21-0ct-04 21-0ct-04 6.24 6.15 6.1905 127,900 23 13
21-0ct-04 22-0ct-04 22-0ct-04 6.38 6.34 6.3648 87,500 15 11
22-0ct-04 23-0ct-04 25-0ct-04 6.55 6.35 6.4458 144,000 30 17
25-0ct-04 26-0ct-04 26-0ct-04 7.12 7 7.069 164,800 34 19
26-0ct-04 27-0ct-04 27-0ct-04 7.16 7.03 7.1239 150,400 30 15
27-0ct-04 28-0ct-04 28-0ct-04 7.51 7.24 7.3487 143,300 30 17
28-0ct-04 29-0ct-04 31-0ct-04 6.4 5.7 5.9412 142,100 33 18
29-0ct-04 1-Nov-04 1-Nov-04 6.41 6 6.2699 214,400 39 21
1-Nov-04 2-Nov-04 2-Nov-04 6.67 6.54 6.6135 212,600 38 17
2-Nov-04 3-Nov-04 3-Nov-04 6.61 6.375 6.4519 196,700 36 19
3-Nov-04 4-Nov-04 4-Nov-04 6.9 6.8 6.8356 144,400 31 18
4-Nov-04 5-Nov-04 5-Nov-04 6.925 6.7 6.8992 159,300 30 16
5-Nov-04 6-Nov-04 8-Nov-04 5.94 , 5.76 5.8048 90,200 15 13
8-Nov-04 9-Nov-04 9-Nov-04 6.55 6.05 6.4104 137,100 28 18
9-Nov-04 10-Nov-04 10-Nov-04 5.54 5.32 5.4287 226,200 42 20
10-Nov-04 11-Nov-04 11-Nov-04 5.85 5.58 5.7005 183,300 35 15
11-Nov-04 12-Nov"04 12-Nov-04 5.85 5.65 5.7305 102,700 20 12
12-Nov-04 13-Nov-04 15-Nov-04 5.55 5.35 5.4026 204,100 36 17
15-Nov-04 16-Nov-04 16-Nov-04 5.625 5.48 5.5659 188,600 42 20
16-Nov-04 17-Nov-04 17-Nov-04 6.15 5.75 5.9567 103,500 22 15
17-Nov-04 18-Nov-04 18-Nov-04 5.36 5.225 5.2866 174,500 39 14
18-Nov-04 19-Nov-04 19-Nov-04 5.32 5.24 5.2821 182,000 30 13
19-Nov-04 20-Nov-04 22-Nov-04 4.55 4.3 4.4716 134,100 24 12
22~Nov-04 23-Nov-04 23-Nov-04 5.58 5.27 5.5272 181,500 31 15
23-Nov-04 24-Nov-04 24-Nov-04 5.55 5.33 5.4261 159,600 27 18
24.Nov-04 25-Nov-04 29-Nov-04 5.35 4.95 5.1605 161,400 38 19
29-Nov-04 30-Nov-04 30-Nov-04 7.15 6.45 6.9135 205,900 45 21
30-Nov-04 1-Dec-04 1-Dec-04 6.82 6.7 6.7785 114,600 22 15
1-Dec-04 2-Dec-04 2-Dec-04 6.9 6.7 6.82 133,700 28 18
2-Dec-04 3-Dec-04 3-Dec-04 6.6 6.42 6.5207 118,100 16 11
3-Dec-04 4-Dec-04 6-Dec-04 6.1 5.95 6.0027 99,000 26 16
6-Dec-04 7-Dec-04 7-Dec-04 6.18 6.11 6.1302 178,500 35 21
7-Dec-04 8-Dec-04 8-Dec-04 6.1 6 6.0652 85,500 21 14
8-Dec-04 9-Dec-04 9-Dec-04 5.76 5.7 5.7458 81,800 16 12
9-Dec-04 10-Dec-04 10-Dec-04 5.76 5.71 5.7287 121,700 26 16
10-Dec-04 11-Dec-04 13-Dec.04 5.92 5.815 5.8401 98,800 21 14
13-Dec-04 14-Dec-04 14-Dec-04 6.5 6.03 6.2229 74,800 16 10
14-Dec-04 15-Dec-04 15-Dec-04 6.35 6.18 6.2368 203,000 30 18
15-Dec-04 16-Dec-04 16-Dec-04 6.13 5.92 6.0105 185,100 32 17
16-Dec-04 17-Dec-04 17-Dec-04 6.05 5.93 5.9906 136,900 23 17
17-Dec-04 18-Dec-04 20-Dec-04 6.32 6.15 6.2537 130,800 26 16
20-Dec-04 21-Dec-04 21-Dec-04 6.22 6.15 6.1903 168,200 30 15
21-Dec-04 22-Dec-04 22-Dec.04 6.07 5.9 5.9938 154,600 29 17
22-Dec-04 23-Dec-04 23-Dec-04 6.28 6.18 6.2221 89,300 19 13
23-Dec-04 24-Dec-04 28-Dec-04 6.08 6.03 6.0581 88,100 17 15
28-Dec-04 29-Dec-04 29-Dec-04 5.47 5.41 5.4372 98,500 16 11
30-Dec-04 1-Jan-05 3-Jan-05 5.61 5.4 5.5279 79,100 17 13
3-Jan-05 4-Jan-05 4-Jan-05 5.29 5 5.1856 83,600 14 11
4-Jan-05 5-Jan-05 5-Jan-05 5.8 5.5 5.6561 157,900 25 18
Sumas
5-Jan-05 6-Jan-05 6-Jan-05 6 5.8 5.8806 126,100 24 18
6"Jan-05 7-Jan-05 7-Jan-05 6 5.68 5.8586 127,500 23 15
7-Jan-05 8-Jan-05 10-Jan-05 5.75 5.62 5.666 94,000 17 16
10-Jan-05 11-Jan-05 11-Jan-05 6.1 5.9 5.9659 148,300 26 16
11-Jan-05 12-Jan-05 12-Jan-05 5.82 5.71 5.7686 127,300 25 15
12-Jan-05 13-Jan-05 13-Jan-05 5.87 5.74 5.8116 86,500 16 13
13-Jan-05 14-Jan-05 14-Jan-05 6.11 5.835 5.9771 81,600 14 12
14-Jan-05 15-Jan-05 18-Jan-05 6 5.88 5.9459 105,400 13 11
18-Jan-05 19-Jan-05 19-Jan.05 5.85 5.74 5.7761 179,200 33 20
19-Jan-05 20-Jan-05 20-Jan-05 5.35 5.29 5.3064 154,500 23 14
20-Jan-05 21-Jan-05 21-Jan-05 5.43 5.4 5.4092 170,200 27 17
21-Jan-05 22-Jan-05 24-Jan-05 5.63 5.56 5.5833 218,900 31 15
24-Jan-05 25-Jan-05 25-Jan-05 5.6 5.5 5.5441 225,600 36 20
25-Jan-05 26-Jan-05 26-Jan-05 5.57 5.43 5.4647 157,000 22 18
26-Jan-05 27-Jan-05 27-Jan-05 5.535 5.49 5.5137 101,500 17 14
27-Jan-05 28-Jan-05 28-Jan-05 5.6 5.545 5.5759 120,300 19 12
28-Jan-05 29-Jan-05 31-Jan-05 5.48 5.41 5.4541 103,800 20 14
31-Jan-05 1-Feb-05 1-Feb-05 5.43 5.31 5.364 148,500 23 17
1-Feb-05 2-Feb-05 2-Feb-05 5.63 5.5 5.5669 180,600 30 16
2-Feb-05 3-Feb-05 3-Feb-05 5.62 5.52 5.5643 189,600 32 21
3-Feb-05 4-Feb-05 4-Feb-05 5.545 5.51 5.5243 134,900 21 16
4-Feb-05 5-Feb-05 7-Feb-05 5.55 5.375 5.4346 119,400 20 17
7-Feb-05 8-Feb-05 8-Feb-05 5.47 5.44 5.4595 73,100 19 17
8-Feb-05 9-Feb-05 9-Feb-05 5.445 5.37 5.3983 152,800 23 12
9-Feb-05 10"Feb-05 10-Feb-05 5.62 5.57 5.5975 163,600 25 13
10-Feb-05 11-Feb-05 11-Feb-05 5.6 5.54 5.5695 136,300 25 15
11-Feb-05 12-Feb-05 14-Feb-05 5.55 5.37 5.4746 105,400 27 14
14-Feb-05 15-Feb-05 15-Feb-05 5.47 5.42 5.4496 98,200 23 11
15-Feb-05 16-Feb-05 16-Feb-05 5.53 5.48 5.4944 100,000 25 15
16-Feb-05 17-Feb-05 17-Feb-05 5.59 5.52 5.5529 107,700 25 20
17-Feb-05 18-Feb-05 18-Feb-05 5.58 5.51 5.5639 93,800 26 18
18-Feb-05 19-Feb-05 22-Feb-05 5.425 5.36 5.4031 100,800 26 17
22-Feb-05 23-Feb-05 23-Feb-05 5.42 5.3 5.3286 49,900 12 10
23-Feb-05 24-Feb-05 24-Feb-05 5.48 5.41 5.4282 56,000 15 11
24-Feb-05 25-Feb-05 25-Feb-05 5.76 5.6 5.7072 111,800 26 12
25-Feb-05 26-Feb-05 28-Feb-05 5.76 5.66 5.7 182,000 30 18
28-Feb-05 1-Mar-05 1-Mar-05 5.93 5.88 5.9064 94,600 20 18
1-Mar-05 2.Mar-05 2-Mar-05 5.95 5.86 5.9011 90,700 23 18
2.Mar-05 3-Mar-05 3-Mar-05 5.87 5.84 5.8577 96,800 17 16
3-Mar-05 4-Mar-05 4-Mar-05 6.08 5.96 6.0082 150,000 28 19
4-Mar-05 5-Mar-05 7-Mar-05 5.83 5.78 5.7996 92,500 17 13
7-Mar-05 8-Mar-05 8-Mar-05 5.92 5.88 5.8941 58,100 15 10
8-Mar-05 9-Mar-05 9-Mar-05 5.98 5.935 5.9536 113,700 22 16
9-Mar-05 10-Mar-05 10-Mar-05 6.18 6.09 6.1444 166,700 26 18
10-Mar-05 11-Mar-05 11-Mar-05 6.05 5.93 5.9738 141,800 29 17
11-Mar-05 12-Mar-05 14-Mar-05 5.86 5.82 5.8405 70,900 15 13
14-Mar-05 15-Mar-05 15-Mar-05 6.14 6.02 6.0693 49,300 13 11
15-Mar-05 16-Mar-05 16-Mar-05 6.44 6.4 6.4287 129,700 24 18
16-Mar-05 17-Mar-05 17-Mar-05 6.4 6.35 6.3701 130,700 28 18
17-Mar-05 18-Mar-05 18-Mar-05 6.6 6.54 6.554 125,400 23 16
18-Mar-05 19-Mar-05 21-Mar-05 6.45 6.38 6.4276 99,300 25 17
21-Mar-05 22-Mar-05 22-Mar-05 6.58 6.51 6.5256 117,300 25 18
22-Mar-05 23-Mar-05 23-Mar-05 6.67 6.55 6.6282 142,300 28 19
23-Mar-05 24-Mar-05 24-Mar-05 6.54 6.49 6.5171 143,500 29 21
24-Mar-05 25-Mar-05 28-Mar-05 6.52 6.49 6.4988 49,600 12 13
28-Mar-05 29-Mar-05 29-Mar-05 6.32 6.25 6.289 86,700 14 14
29-Mar-05 30-Mar-05 30-Mar-05 6.3 6.275 6.2899 116,500 26 19
30-Mar-05 31-Mar-05 31-Mar-05 6.5 6.45 6.466 97,500 23 17
31-Mar-05 1-Apr-05 1-Apr-05 6.68 6.62 6.6413 147,500 27 23
1-Apr-05 2-Apr-05 4-Apr-05 6.67 6.59 6.6193 139,800 24 15
4-Apr-05 5-Apr-05 5-Apr-05 6.905 6.85 6.8731 190,200 32 20
5-Apr-05 6-Apr-05 6-Apr-05 6.56 6.535 6.5475 155,100 26 15
6-Apr-05 7-Apr-05 7-Apr-05 6.7 6.52 6.5761 130,700 22 17
Sumas
7-Apr-05 8-Apr-05 8-Apr-05 6.805 6.66 6.7497 190,800 35 21
8-Apr-05 9-Apr-05 11-Apr-05 6.54 6.51 6.5318 126,000 29 17
11-Apr-05 12-Apr-05 12-Apr-05 6.55 6.45 6.5224 154,200 31 14
12-Apr-05 13-Apr-05 13-Apr-05 6.67 6.625 6.6523 142,700 31 15
13-Apr-05 14-Apr-05 14-Apr-05 6.5 6.41 6.4435 183,700 36 16
14-Apr-05 15-Apr-05 15-Apr-05 6.41 6.3 6.3956 187,500 36 20
15-Apr-05 16-Apr-05 18-Apr-05 6.385 6.27 6.3171 161,100 34 15
18-Apr-05 19-Apr-05 19-Apr-05 6.35 6.27 6.3129 136,900 27 15
19-Apr-05 20-Apr-05 20-Apr-05 6.42 6.27 6.3339 133,900 30 21
20-Apr-05 21-Apr-05 21-Apr-05 6.38 6.34 6.361 143,500 29 20
21-Apr-05 22-Apr-05 22-Apr-05 6.2 6.16 6.1789 251,500 43 20
22-Apr-05 23-Apr-05 25-Apr-05 6.28 6.2 6.2469 177,600 31 18
25-Apr-05 26-Apr-05 26-Apr-05 6.5 6.38 6.4216 154,000 25 12
26-Apr-05 27-Apr-05 27-Apr-05 6.36 6.32 6.3344 112,100 29 19
27-Apr-05 28-Apr-05 28-Apr-05 6.45 6.395 6.4289 117,400 26 16
28-Apr-05 29-Apr-05 30-Apr-05 5.95 5.9 5.921 181,000 29 20
29-Apr-05 1-May-05 2-May-05 5.87 5.81 5.8502 173,600 36 21
2-May-05 3-May-05 3-May-05 5.71 5.61 5.6513 169,200 33 22
3-May-05 4-May-05 4-May-05 5.88 5.84 5.858 133,000 32 22
4-May-05 5-May-05 5-May-05 5.83 5.78 5.7984 176,000 35 23
5-May-05 6-May-05 6-May-05 5.97 5.92 5.9498 183,100 34 19
6-May-05 7-May-05 9-May-05 5.955 5.89 5.9286 110,600 20 15
9-May-05 10-May-05 10-May-05 5.87 5.82 5.8515 185,300 38 23
10-May-05 11-May-05 11-May-05 5.94 5.89 5.9173 172,000 41 20
11-May-05 12-May-05 12-May-05 5.86 5.805 5.8226 193,100 38 20
12-May-05 13-May-05 13-May-05 5.82 5.8 5.805 125,100 29 21
13-May-05 14-May-05 16-May-05 5.55 5.43 5.4848 178,100 39 21
16-May-05 17-May-05 17-May-05 5.65 5.58 5.6245 224,900 45 19
17-May-05 18-May-05 18-May-05 5.55 5.45 5.474 193,600 40 22
18-May-05 19-May-05 19-May-05 5.61 5.56 5.5804 183,900 30 18
19-May-05 20-May-05 20.May-05 5.46 5.395 5.4358 103,700 20 16
20-May-05 21-May-05 23-May-05 5.33 5.32 5.3288 17,100 3 5
23-May-05 24-May-05 24-May-05 5.49 5.35 5.4502 29,300 7 8
24-May-05 25-May-05 25-May-05 5.56 5.53 5.5468 146,000 33 20
25-May-05 26-May-05 26-May-05 5.49 5.43 5.4492 158,300 34 22
26-May-05 27-May-05 27-May-05 5.41 5.375 5.4012 128,600 30 20
27-May-05 28-May-05 31-May-05 5.27 5.24 5.2545 137,500 23 16
31-May-05 1-Jun-05 1-Jun-05 5.4 5.335 5.3497 175,400 36 21
1-Jun-05 2-Jun-05 2-Jun-05 5.36 5.335 5.3443 178,300 33 19
2-Jun-05 3-Jun-05 3-Jun-05 5.53 5.48 5.4981 151,100 21 17
3-Jun-05 4-Jun-05 6-Jun-05 5.37 5.3 5.3333 106,300 21 16
6-Jun-05 7-Jun-05 7-Jun-05 5.9 5.85 5.8758 257,900 44 21
7-Jun-05 8-Jun-05 8-Jun-05 5.88 5.81 5.8302 263,200 48 22
8-Jun-05 9-Jun-05 9-Jun-05 5.92 5.835 5.8867 161,200 30 19
9-Jun-05 10-Jun-05 10-Jun-05 5.755 5.68 5.7184 193,000 39 20
10-Jun-05 11-Jun-05 13-Jun-05 5.7 5.49 5.5647 153,600 27 16
13-Jun-05 14-Jun-05 14-Jun-05 5.82 5.7 5.7289 270,800 57 27
14-Jun-05 15-Jun-05 15-Jun-05 5.945 5.89 5.9247 217,200 41 24
15-Jun-05 16-Jun-05 16-Jun-05 5.99 5.94 5.9622 173,600 35 20
16-Jun-05 17-Jun-05 17-Jun-05 6 5.94 5.9742 212,500 40 17
17-Jun-05 18-Jun-05 20-Jun-05 6.15 5.92 5.985 179,100 35 20
20-Jun.05 21-Jun-05 21-Jun-05 6.53 6.41 6.478 302,700 55 24
21-Jun-05 22-Jun-05 22-Jun-05 6.35 6.2725 6.2998 238,700 43 19
22-Jun-05 23-Jun-05 23-Jun-05 6.33 6.25 6.2763 280,400 52 21
23.Jun-05 24-Jun-05 24-Jun-05 6.34 6.26 6.3063 189,100 41 20
24-Jun-05 25-Jun-05 27-Jun-05 6.18 6.13 6.1553 164,500 35 19
27-Jun-05 28-Jun-05 28-Jun-05 6.11 6.01 6.0586 204,300 39 22
28.Jun-05 29-Jun-05 29-Jun-05 5.76 5.7 5.7296 223,800 42 24
29-Jun-05 30-Jun-05 30-Jun-05 5.8 5.69 5.7164 199,100 37 18
30-Jun-05 1-Jul-05 5-Jul-05 5.88 5.85 5.8612 101,600 18 16
5-Jul-05 6-Jul-05 6-Jul-05 6.45 6.2 6.3489 177,400 34 25
6-Jul-05 7-Jul-05 7-Jul-05 6.52 6.45 6.4736 175,300 33 23
7-Jul-05 8-Jul-05 8-Jul-05 6.31 6.27 6.2817 162,700 35 20
Sumas
8-Jul-05 9-Jul-05 11-Jul-05 6.25 6.13 6.1781 176,900 36 22
11-Jul-05 12-Jul-05 12-Jul-05 6.275 6.16 6.2177 265,100 46 24
12-Jul-05 13-Jul-05 13-Jul-05 6.54 6.45 6.5013 290,900 56 23
13-Jul-05 14-Jul-05 14-Jul-05 6.48 6.42 6.4517 263,000 47 23
14-Jul-05 15-Jul-05 15-Jul-05 6.7 6.55 6.6621 269,300 52 24
15-Jul-05 16-Jul-05 18-Jul-05 6.56 6.5 6.5238 227,700 43 28
18-Jul-05 19-Jul-05 19-Jul-05 6.6 6.43 6.5247 306,300 54 29
19-Jul-05 20-Jul-05 20-Jul-05 6.435 6.32 6.3963 268,000 56 25
20-Jul-05 21-Jul-05 21-Jul-05 6.45 6.385 6.4132 301,000 51 24
21-Jul-05 22"Jul-05 22-Jul-05 6.33 6.3 6.3169 292,300 56 27
22-Jul-05 23-Jul-05 25-Jul-05 6.08 5.975 6.0397 180,500 32 21
25-Jul-05 26-Jul-05 26-Jul-05 6.08 6 6.0467 181,400 33 22
26-Jul-05 27-Jul-05 27-Jul-05 6.08 6.04 6.0636 219,700 38 25
27-Jul-05 28-Jul-05 28-Jul-05 6.08 6.04 6.058 182,900 39 22
28-Jul-05 29-Jul-05 31-Jul-05 6.14 6.07 6.1089 171,500 34 23
29-Jul-05 1-Aug-05 2-Aug-05 6.36 6.2 6.3054 136,400 32 2
1-Aug-05 2-Aug-05 2-Aug-05 6.62 6.59 6.6058 10,600 4 4
2-Aug-05 3.Aug-05 3-Aug-05 7 6.8 6.9256 128,000 23 17
3-Aug-05 4-Aug-05 4-Aug-05 7.32 7.03 7.1411 142,200 32 17
4-Aug-05 5-Aug-05 5-Aug-05 7.02 6.83 6.8725 124,200 24 14
5-Aug-05 6-Aug-05 8-Aug-05 7.07 6.96 6.9958 108,300 28 18
8-Aug-05 9-Aug-05 9-Aug-05 7.4 7.3 7.345 119,500 28 21
9-Aug-05 10-Aug-05 10-Aug-05 7.28 7.19 7.2352 120,100 29 22
10-Aug-05 11-Aug-05 11-Aug-05 7.41 7.33 7.3672 104,900 31 17
11-Aug-05 12-Aug-05 12-Aug-05 7.86 7.65 7.734 83,500 19 14
12-Aug-05 13-Aug-05 15-Aug-05 7.83 7.73 7.7806 148,100 29 20
15-Aug-05 16-Aug-05 16-Aug-05 7.785 7.72 7.7472 67,900 16 16
16-Aug-05 17-Aug-05 17-Aug-05 7.82 7.7 7.7356 111,700 24 15
17-Aug-05 18-Aug-05 18-Aug-05 7.985 7.93 7.9571 109,600 25 18
18-Aug-05 19-Aug-05 19-Aug-05 7.38 7.31 7.3481 105,500 27 15
19-Aug-05 20-Aug-05 22-Aug-05 7.25 7.12 7.1627 114,100 25 17
22-Aug-05 23-Aug-05 23-Aug-05 7.6 7.5 7.5692 106,600 21 17
23-Aug-05 24-Aug-05 24-Aug-05 8.08 7.98 8.0468 113,900 25 17
24-Aug-05 25-Aug-05 25-Aug-05 8.04 7.98 8.019 99,800 19 17
25-Aug-05 26-Aug-05 26-Aug-05 7.97 7.8 7.8979 81,500 19 13
26-Aug-05 27-Aug-05 29-Aug-05 8.05 7.97 7.9998 89,200 20 17
29-Aug-05 30-Aug-05 30-Aug-05 9.1 9 9.0682 73,600 14 14
30-Aug-05 31-Aug-05 31-Aug-05 9.4 9.15 9.2279 98,800 22 15
31-Aug-05 1-Sep-05 1-Sep-05 9.49 9.4 9.4346 119,500 32 18
1-Sep-05 2-Sep-05 2-Sep-05 9.05 8.9 8.9749 127,300 29 20
2-Sep-05 3-Sep-05 6-Sep-05 8.92 8.85 8.8788 142,100 29 17
6-Sep-05 7-Sep-05 7-Sep-05 9.1 8.98 9.0165 106,600 22 14
7-Sep-05 8-Sep-05 8-Sep-05 8.62 8.5 8.5416 75,000 15 13
8-Sep-05 9-Sep-05 9-Sep-05 8.63 8.4 8.5074 60,900 13 15
9-Sep-05 10-Sep-05 12-Sep-05 8.68 8.5 8.5848 61,000 14 17
12-Sep-05 13-Sep-05 13-Sep-05 8.61 8.55 8.5834 95,300 24 17
13-Sep-05 14-Sep-05 14-Sep-05 8.9 8.65 8.8411 101,900 25 17
14-Sep-05 15-Sep-05 15-Sep-05 8.92 8.85 8.9012 73,500 16 15
15-Sep-05 16-Sep-05 16-Sep-05 9.1 8.93 9.0381 65,200 15 17
16-Sep-05 17-Sep-05 19-5ep-05 9.05 8.97 9.0164 98,000 22 17
19-5ep-05 20-Sep-05 20-Sep-05 9.6 9.49 9.5046 92,200 28 17
20-Sep-05 21-Sep-05 21-Sep-05 10.24 9.8 10.1547 120,100 26 17
21-Sep-05 22-Sep.05 22-Sep-05 11 10.7 10.8665 54,700 14 14
22-Sep-05 23-Sep-05 26-Sep-05 10.55 10.5 10.5189 26,500 6 7
26-Sep-05 27-Sep-05 27-Sep-05 9.335 9.3 9.3229 44,600 11 12
27-Sep-05 28-Sep-05 28-Sep-05 9.73 9.69 9.7105 139,600 27 18
28-Sep-05 29-Sep-05 29-Sep-05 10.05 9.9 9.9734 122,800 27 15
29-Sep-05 30-Sep-05 30-Sep-05 11.35 11 11.1893 132,500 23 18
30-Sep-05 1-0ct-05 3-0ct-05 10.9 10.695 10.7925 117,300 23 13
3-0ct-05 4-0ct-05 4-0ct-05 10.99 10.7 10.8781 85,100 18 15
4-0ct-05 5-0ct-05 5-0ct-05 11.1 11.02 11.0612 153,200 35 19
5-0ct-05 6-0ct-05 6-0ct-05 11.57 11.44 11.4876 177,900 44 22
6-0ct-05 7-0ct-05 7-0ct-05 11.455 11.38 11.4322 126,600 30 19
Sumas
7-0ct-05 8-0ct-05 11-0ct-05 10.67 10.53 10.5663 126,800 29 20
11-0ct-05 12-0ct-05 12-0ct.05 11 10.91 10.9528 104,000 24 16
12-0ct-05 13-0ct-05 13-0ct-05 11.365 11.21 11.2694 87,500 21 13
13-0ct-05 14-0ct-05 14-0ct-05 11.26 11 11.1164 160,100 32 18
14-0ct-05 15-0ct-05 17-0ct-05 10.47 10.1 10.2511 109,200 21 14
17-0ct-05 18-0ct-05 18-0ct-05 11.28 11.18 11.241 98,200 21 15
18-0ct-05 19-0ct-05 19-0ct-05 11.01 10.9 10.9659 156,900 32 19
19-0ct-05 20-0ct-05 20-0ct-05 10.92 10.85 10.8873 127,500 26 19
20-0ct-05 21-0ct-05 21 "Oct-05 10.55 10.33 10.3681 175,100 33 21
21-0ct-05 22-0ct-05 24-0ct-05 10 9.56 9.692 170,500 37 23
24-0ct-05 25-0ct-05 25-0ct-05 9.95 9.75 9.8487 160,000 37 19
25-0ct-05 26-0ct-05 26-0ct-05 10.7 10.55 10.5894 83,500 22 15
26-0ct-05 27"Oct-05 27.0ct-05 11.54 11.25 11.3862 48,000 14 14
27-0ct-05 28-0ct-05 28-0ct-05 10.35 10.15 10.2456 81,700 19 14
28-0ct-05 29-0ct-05 31-0ct-05 9.85 9.45 9.6715 108,400 29 19
31-0ct-05 1-Nov-05 1-Nov-05 9.4 8.95 9.2652 131,900 26 12
1-Nov-05 2-Nov-05 2-Nov-05 7.5 6.3 6.7489 174,200 30 18
2-Nov-05 3-Nov-05 3-Nov-05 8.66 7.4 8.0566 176,300 39 21
3-Nov-05 4-Nov~05 4-Nov-05 8.27 7.79 8.0034 159,800 36 20
4-Nov-05 5-Nov-05 7-Nov-05 7.47 6.4 7.215 204,800 44 19
7-Nov-05 8-Nov-05 8-Nov-05 8.11 7.75 8.0043 179,500 38 20
8-Nov-05 9"Nov-05 9-Nov-05 8 7.65 7.8826 284,200 47 25
9-Nov-05 10-Nov-05 10-Nov-05 8.1 7.9 7.9964 118,100 26 18
10-Nov-05 11-Nov-05 11-Nov-05 8.16 7.9 8.0942 66,200 15 15
11-Nov-05 12-Nov-05 14-Nov-05 7.65 7.51 7.5499 81,700 18 15
14-Nov-05 15-Nov-05 15-Nov-05 7.75 7.58 7.6536 106,900 22 16
15-Nov-05 16-Nov-05 16-Nov-05 7.95 7.55 7.7538 128,600 28 16
16-Nov-05 17-Nov-05 17-Nov-05 9.25 9.13 9.1729 137,900 29 17
17-Nov-05 18-Nov-05 18-Nov-05 10.29 9.95 10.1257 150,500 30 19
18-Nov-05 19-Nov-05 21-NOv-05 8.79 8.15 8.646 142,800 34 18
21-Nov-05 22-Nov-05 22-Nov-05 9.05 8.57 8.6495 134,300 26 17
22-Nov-05 23-Nov-05 23-Nov-05 9.025 8.85 8.8953 127,800 31 21
23-Nov-05 24-Nov-05 28-Nov-05 8.8 8.1 8.384 80,500 16 15
28-Nov-05 29-Nov-05 29-Nov-05 10 9.61 9.894 264,900 45 24
29-Nov-05 30-Nov-05 30-Nov-05 10.05 9.9 9.9688 218,00 34 23
30-Nov-05 1-Dec-05 1-Dec-05 10.4 10.1 10.1973 83,100 18 14
1-Dec-05 2-Dec-05 2-Dec-05 10.935 10.89 10.909 85,700 22 16
2-Dec-05 3-Dec-05 5-Dec-05 11.22 11.08 11.1419 106,700 25 17
5-Dec-05 6-Dec-05 6-Dec-05 12.45 12.27 12.3507 103,500 23 16
6-Dsc-05 7-Dec-05 7-Dec-05 12.14 12 12.0637 143,100 25 21
7-Dec-05 8-Dec-05 8-Dec-05 12.71 12.55 12.6556 110,000 25 23
8-Dec-05 9-Dec-05 9-Dec-05 13.1 12.8 12.9237 80,900 16 14
9-Dec-05 10.Dec-05 12-Dec-05 13.45 13.3 13.3855 138,300 24 17
12-Dec-05 13-Dec-05 13-Dec-05 13.31 13.14 13.2295 74,500 18 16
13-Dec-05 14-Dec-05 14-Dec-05 14 13.82 13.9503 104,200 22 18
14-Dec-05 15-Dec-05 15-Dec-05 13.3 13.2 13.275 59,800 1ß 14
15-Dec-05 16-Dec-05 16-Dec-05 12.85 12.5 12.7218 88,800 20 18
16-Dec-05 17-Dec-05 19-Dec-05 12.32 12.2 12.2895 67,800 19 17
19-Dec-05 20-Dec-05 20-Dec-05 12.6 12.1 12.4741 77,700 20 15
20-Dec-05 21-Dec-05 21-Dec-05 12.1 12 12.0381 129,600 26 16
21-Dec-05 22-Dec-05 22-Dec-05 11.7 11.65 11.6755 144,600 28 18
22.Dec-05 23-Dec-05 23-Dec-05 11.25 11.06 11.1337 128,400 28 15
23-Dec-05 24-Dec-05 27-Dec-05 9.695 9.51 9.6113 73,900 15 12
27-Dec-05 28-Dec-05 28-Dec-05 8.9 8.6 8.704 127,600 23 18
28-Dec-05 29-Dec-05 29-Dec-05 8.45 8.32 8.3587 169,200 33 18
29-Dec-05 30-Dec-05 31-Dec-05 8.75 8.565 8.6682 151,500 32 19
30-Dec-05 1-Jan-06 3-Jan-06 8.3 8.18 8.2364 173,300 27 17
3-Jan-06 4-Jan-06 4-Jan-06 8.41 8.33 8.3863 94,800 17 13
4-Jan-06 5-Jan-06 5-Jan-06 8.19 7.79 7.8815 59,600 15 13
5-Jan-06 6-Jan-06 6-Jan-06 8.09 7.9 8.0292 157,400 31 15
6-Jan-06 7-Jan-06 9-Jan-06 8.15 7.88 8.0648 161,500 24 12
9-Jan-06 10-Jan-06 10-Jan-06 7.82 7.74 7.7656 140,500 21 14
10-Jan-06 11-Jan.06 11-Jan-06 7.79 7.72 7.7493 195,800 28 12
Sumas
11-Jan-06 12-Jan-06 12-Jan-06 7.95 7.7 7.8259 204,200 30 14
12-Jan-06 13.Jan-06 13-Jan-06 8.15 7.91 7.9534 142,700 25 13
13-Jan-06 14-Jan-06 17-Jan-06 7.74 7.67 7.7202 65,500 13 8
17-Jan-06 18-Jan-06 18-Jan-06 7.74 7.685 7.7136 112,400 18 14
18-Jan-06 19-Jan-06 19-Jan-06 7.945 7.83 7.8903 79,700 18 15
19-Jan-06 20-Jan-06 20-Jan-06 7.34 7.3 7.3194 136,100 21 14
20-Jan-06 21-Jan-06 23-Jan-06 7.93 7.75 7.8168 118,800 24 17
23-Jan-06 24-Jan-06 24-Jan-06 7.52 7.37 7.476 206,100 39 18
24-Jan-06 25-Jan-06 25-Jan.06 7.4 7.22 7.3024 178,000 23 15
25-Jan-06 26-Jan-06 26-Jan-06 7.32 7.27 7.3006 108,900 20 14
26-Jan-06 27-Jan-06 27-Jan-06 6.84 6.71 6.745 123,400 17 12
27-Jan-06 28-Jan-06 30-Jan-06 7.29 7.05 7.1063 137,700 22 11
30-Jan-06 31-Jan-06 31-Jan-06 7.27 7.18 7.212 194,100 33 17
31-Jan-06 1-Feb-06 1-Feb-06 7.68 7.53 7.5994 132,000 30 16
1-Feb-06 2-Feb-06 2-Feb-06 7.7 7.63 7.6566 179,300 27 18
2-Feb-06 3-Feb-06 3-Feb-06 6.86 6.78 6.8226 133,900 23 12
3-Feb-06 4-Feb-06 6-Feb-06 6.9 6.79 6.8462 118,500 23 15
6-Feb-06 7-Feb-06 7-Feb-06 7.08 6.98 7.04 137,200 26 15
7-Feb-06 8-Feb-06 8-Feb-06 6.77 6.655 6.6978 191,900 32 17
8-Feb-06 9-Feb-06 9-Feb-06 6.84 6.75 6.8033 134,400 27 15
9-Feb-06 10-Feb.06 10-Feb-06 6.65 6.59 6.6212 150,000 29 15
10-Feb-06 11-Feb-06 13-Feb-06 6.64 6.55 6.5964 103,100 23 13
13-Feb-06 14-Feb-06 14-Feb-06 6.63 6.54 6.5714 114,300 15 12
14-Feb-06 15-Feb-06 15-Feb-06 6.52 6.42 6.493 137,800 23 14
15-Feb-06 16-Feb-06 16-Feb-06 6.98 6.85 6.9319 69,500 17 13
16-Feb-06 17-Feb-06 17-Feb-06 7.3 6.85 7.1352 186,400 32 16
17-Feb-06 18-Feb-06 21-Feb-06 7.1 6.83 6.9974 117,900 22 15
21-Feb-06 22-Feb-06 22-Feb-06 6.77 6.58 6.6724 142,100 23 13
22-Feb-06 23-Feb-06 23-Feb-06 6.75 6.6 6.6489 116,900 28 14
23-Feb-06 24-Feb-06 24-Feb-06 6.54 6.45 6.5022 68,700 18 13
24-Feb-06 25-Feb-06 27-Feb-06 6.49 6.4 6.4342 130,200 26 15
27-Feb-06 28-Feb-06 28-Feb-06 6.15 6.03 6.1164 147,600 26 20
28-Feb-06 1-Mar-06 1-Mar-06 5.7 5.6 5.6383 153,300 31 15
1-Mar-06 2-Mar-06 2-Mar-06 5.6 5.45 5.4808 132,700 29 20
2-Mar-06 3-Mar-06 3-Mar.06 5.65 5.55 5.6118 123,900 23 16
3-Mar-06 4-Mar-06 6-Mar-06 5.61 5.54 5.5914 88,100 15 12
6-Mar-06 7-Mar-06 7-Mar-06 5.66 5.62 5.6419 151,200 28 15
7-Mar-06 8-Mar-06 8-Mar-06 5.66 5.6 5.6428 111,200 20 18
8-Mar-06 9-Mar-06 9-Mar-06 5.72 5.67 5.7059 90,300 18 13
9-Mar-06 10-Mar-06 10-Mar-06 5.75 5.7 5.7268 141,600 25 17
10-Mar-06 11-Mar-06 13-Mar-06 5.76 5.68 5.7301 85,200 20 15
13-Mar-06 14-Mar-06 14-Mar-06 5.92 5.8 5.8291 126,900 25 18
14-Mar-06 15-Mar-06 15-Mar-06 6.2 6.09 6.131 128,600 29 20
15-Mar-06 16-Mar-06 16-Mar-06 6.27 6.18 6.2223 102,400 27 16
16-Mar-06 17-Mar-06 17-Mar-06 6.2 6.15 6.1695 85,500 21 15
17-Mar-06 18_Mar-06 20-Mar-06 6.34 6.25 6.2859 98,600 24 18
20-Mar-06 21-Mar-06 21-Mar-06 6.15 6.09 6.1063 168,300 32 15
21-Mar-06 22-Mar-06 22-Mar-06 5.97 5.87 5.9223 186,500 39 19
22-Mar-06 23-Mar-06 23-Mar-06 5.97 5.865 5.8902 237,900 47 18
23-Mar-06 24-Mar-06 24-Mar-06 5.93 5.89 5.9114 124,500 21 12
24-Mar-06 25-Mar-06 27-Mar-06 6.23 6.18 6.2072 124,100 24 15
27-Mar-06 28-Mar-06 28-Mar-06 5.88 5.84 5.8572 143,200 29 13
28-Mar-06 29-Mar-06 29-Mar-06 5.87 5.79 5.8125 162,600 22 13
29-Mar-06 30-Mar-06 30-Mar-06 5.875 5.85 5.8654 131,600 23 14
30-Mar-06 31-Mar-06 31-Mar-06 6.04 6 6.0221 167,400 30 18
31-Mar-06 1-Apr-06 3-Apr-06 5.84 5.76 5.7963 168,200 32 17
3-Apr-06 4-Apr-06 4-Apr-06 5.88 5.84 5.8634 145,900 31 18
4-Apr-06 5-Apr-06 5-Apr-06 6.05 5.9 5.9925 189,600 38 14
5-Apr-06 6-Apr-06 6-Apr-06 6.12 5.98 6.061 166,200 33 19
6-Apr-06 7-Apr-06 7-Apr-06 6.15 5.985 6.0698 192,400 37 17
7-Apr-06 8-Apr-06 10-Apr-06 5.7 5.64 5.6685 191,900 41 22
10-Apr-06 11-Apr-06 11-Apr-06 5.63 5.58 5.6131 163,600 32 16
11-Apr-06 12-Apr-06 12-Apr-06 5.74 5.7 5.7276 126,000 29 17
Sumas
12-Apr-06 13-Apr-06 13-Apr-06 5.65 5.53 5.615 157,600 30 15
13-Apt-06 14-Apr-06 17-Apr-06 5.26 5.21 5.2277 130,000 27 16
17-Apr-06 18-Apr-06 18-Apr-06 5.69 5.61 5.6484 153,300 27 15
18-Apr-06 19-Apr-06 19-Apr-06 6.02 5.97 5.9921 224,100 40 20
19-Apr-06 20-Apr-06 20"Apr-06 6.35 6.18 6.2193 191,600 40 22
20-Apr-06 21-Apr-06 21-Apr-06 6.61 6.52 6.5422 176,800 32 19
21-Apr-06 22-Apt-06 24-Apr-06 6.27 6 6.1455 130,300 25 18
24-Apr-06 25-Apr-06 25-Apr-06 6.23 6.15 6.1874 70,700 17 13
25-Apr-06 26-Apr-06 26-Apr-06 5.97 5.9 5.9233 68,700 15 13
26-Apr-06 27-Apr-06 27-Apr-06 5.75 5.69 5.7074 150,200 31 17
27-Apr-06 28-Apr-06 30-Apr-06 5.49 5.39 5.4251 160,400 27 14
28-Apr-06 1-May-06 1-May-06 5.35 5.3 5.3125 132,900 23 17
1-May-06 2-May-06 2-May-06 5.32 5.29 5.2964 161,200 33 21
2-May-06 3-May-06 3-May-06 5.56 5.51 5.545 170,200 34 20
3-May-06 4-May-06 4-May-06 5.56 5.48 5.5374 156,800 35 22
4-May-06 5-May-06 5-May-06 5.28 5.18 5.2388 163,700 33 23
5-May-06 6.May-06 8-May-06 5.55 5.2 5.4217 161,100 33 22
8-May-06 9-May-06 9-May-06 5.3 5.23 5.2507 237,200 38 18
9-May-06 10-May-06 10-May-06 5.35 5.29 5.3313 240,100 41 21
10-May-06 11-May-06 11-May-06 5.34 5.24 5.2929 179,900 34 21
11-May-06 12-May-06 12-May-06 5.45 5.39 5.4073 259,000 37 19
12-May-06 13-May-06 15-May-06 5.07 4.96 5.0044 200,500 34 20
15-May-06 16-May-06 16-May-06 5.15 4.92 4.9802 222,500 48 21
16-May-06 17cMay-06 17-May-06 5.18 5.1 5.1257 245,700 44 20
17-May-06 18-May-06 18-May-06 5.25 5.18 5.2096 250,500 44 22
18-May-06 19-May-06 19-May-06 4.99 4.96 4.9727 167,900 32 19
19-May-06 20-May-06 23-May-06 4.91 4.83 4.8492 235,400 40 18
23-May-06 24-May-06 24-May-06 5.49 5.425 5.4477 255,500 45 19
24-May-06 25-May-06 25-May-06 4.95 4.84 4.8929 224,300 43 19
25-May-06 26-May-06 26-May-06 4.82 4.73 4.752 319,800 51 19
26-May-06 27-May-06 30-May-06 4.84 4.69 4.7779 317,200 55 22
30-May-06 31-May-06 31-May-06 5.1 5.04 5.0708 428,200 62 23
31-May-06 1-Jun-06 1-Jun-06 5.05 4.98 5.0163 412,500 54 21
1-Jun-06 2-Jun-06 2-Jun-06 5.55 5.4 5.4972 359,000 49 18
2-Jun-06 3-Jun-06 5-Jun-06 5.48 5.29 5.4108 474,800 66 22
5-Jun-06 6-Jun-06 6-Jun-06 5.92 5.54 5.7177 515,700 70 22
6-Jun-06 7-Jun-06 7-Jun-06 5.56 5.3 5.4035 432,000 67 24
7-Jun-06 8-Jun-06 8-Jun-06 5.22 4.97 5.0292 520,000 69 22
8-Jun-06 9-Jun-06 9-Jun-06 5.05 4.88 4.9567 528,600 72 25
9-Jun-06 10-Jun-06 12-Jun-06 5.1 4.98 5.0245 462,900 67 20
12-Jun-06 13-Jun-06 13-Jun-06 5.28 5.14 5.2126 371,700 57 22
13-Jun-06 14-Jun-06 14-Jun-06 5.22 5.1 5.136 382,800 60 22
14-Jun-06 15-Jun-06 15-Jun-06 5.29 5.21 5.2453 292,000 52 19
15-Jun-06 16-Jun-06 16-Jun-06 5.53 5.405 5.4877 300,300 54 18
16-Jun-06 17-Jun-06 19-Jun-06 5.75 5.6 5.6728 243,300 35 19
19-Jun-06 20-Jun-06 20-Jun-06 5.84 5.72 5.7699 353,000 51 21
20-Jun-06 21-Jun-06 21-Jun-06 5.75 5.62 5.6799 370,900 59 26
21-Jun-06 22-Jun-06 22-Jun-06 5.68 5.64 5.6621 318,500 48 22
22-Jun-06 23-Jun-06 23-Jun-06 5.7 5.58 5.6627 327,800 46 17
23-Jun-06 24-Jun-06 26-Jun-06 5.225 5.08 5.1394 392,600 63 22
26-Jun-06 27-Jun-06 27-Jun-06 5.135 5.05 5.1061 311,700 48 22
27-Jun-06 28-Jun-06 28-Jun-06 5.21 5.05 5.1773 257,900 40 17
28-Jun-06 29-Jun-06 29-Jun-06 5.18 5.11 5.1462 349,200 55 22
29-Jun-06 30-Jun-06 30-Jun-06 5.175 5.13 5.1592 304,600 45 18
30-Jun-06 1-Jul-06 5-Jul-06 5 4.83 4.9046 288,800 58 28
5-Jul-06 6-Jul-06 6-Jul-06 5.15 5 5.0946 192,700 38 20
6-Jul-06 7-Jul-06 7-Jul-06 4.83 4.685 4.7299 261,700 49 25
7-Jul-06 8-Jul-06 10-Jul-06 4.55 4.5 4.5159 263,300 45 21
10-Jul-06 11"Jul-06 11-Jul-06 4.84 4.72 4.7776 312,500 56 23
11-Jul-06 12-Jul-06 12-Jul-06 5 4.915 4.9396 202,400 36 25
12-Jul-06 13-Jul-06 13-Jul-06 5.18 5 5.1084 186,700 35 21
13-Jul-06 14-Jul-06 14-Jul-06 5.2 5.14 5.1511 176,200 34 19
14-Jul-06 15-Jul-06 17-Jul-06 5.49 5.31 5.405 144,100 34 23
Sumas
17-Jl.l-06 18-Jul-06 18-Jul-06 5.53 5.42 5.4674 101,300 22 18
18-Jul-06 19-Jul-06 19-Jul-06 5.36 5.27 5.3435 163,500 29 19
19-Jul-06 20-Jul-06 20-Jul-06 5.33 5.21 5.2761 182,500 31 20
20-Jul-06 21-Jul-06 21-Jul-06 5.355 5.325 5.3419 122,400 23 20
21-Jul-06 22-Jul-06 24-Jul-06 5.37 5.2 5.2819 108,700 20 15
24-Jul-06 25-Jul-06 25-Jul-06 6 5.75 5.8768 110,500 23 18
25-Jul-06 26-Jul-06 26-Jul-06 6.58 6.35 6.4768 180,100 37 21
26-Jul-06 27-Jul-06 27-Jul-06 6.2 5.98 6.0945 153,000 36 24
27-Jul-06 28-Jul-06 28-Jul-06 6.12 6.02 6.0507 207,300 41 20
28-Jul-06 29-Jul-06 31-Jul-06 6.2 6.05 6.1425 185,800 38 19
31-Jul-06 1-Aug-06 1-Aug-06 6.65 6.5 6.5917 225,800 42 21
1-Aug-06 2-Aug-06 2-Aug-06 7.06 6.93 6.9809 219,300 38 23
2-Aug-06 3-Aug-06 3-Aug-06 7.05 6.56 6.9305 212,400 40 20
3-Aug-06 4-Aug-06 4-Aug-06 6.28 6.05 6.1894 176,600 32 19
4-Aug-06 5-Aug-06 7-Aug-06 6.27 6.06 6.2103 160,600 31 17
7-Aug-06 8-Aug-06 8-Aug-06 6.4 6.2 6.334 182,500 28 15
8-Aug-06 9-Aug-06 9-Aug-06 6.215 6.085 6.1877 166,600 28 16
9-Aug-06 10-Aug-06 10-Aug-06 6.49 6.44 6.4711 116,700 25 20
10-Aug-06 11-Aug-06 11-Aug-06 6.88 6.585 6.691 227,100 42 22
11-Aug-06 12-Aug-06 14-Aug-06 6.6 6.49 6.5365 123,100 23 19
14-Aug-06 15-Aug-06 15-Aug-06 6.1 5.99 6.0309 165,700 29 18
15-Aug-06 16-Aug-06 16-Aug-06 6.05 5.97 6.0065 217,900 41 22
16-Aug-06 17-Aug-06 17-Aug-06 6.09 6.03 6.0701 176,300 29 19
17.Aug-06 18-Aug-06 18-Aug-06 5.96 5.89 5.9217 132,500 25 16
18-Aug-06 19-Aug-06 21-Aug-06 5.76 5.65 5.7255 181,000 35 21
21-Aug-06 22-Aug-06 22-Aug-06 5.81 5.72 5.7764 160,100 26 19
22-Aug-06 23-Aug-06 23-Aug-06 5.8 5.72 5.7494 222,500 38 20
23-Aug-06 24-Aug-06 24-Aug-06 6.15 5.98 6.0671 260,500 42 20
24-Aug-06 25-Aug-06 25-Aug-06 6.07 5.97 6.0111 230,800 36 20
25-Aug-06 26-Aug-06 28-Aug-06 6.15 6.06 6.0945 184,900 30 20
28-Aug-06 29-Aug-06 29-Aug-06 5.5 5.35 5.3922 168,700 33 21
29-Aug-06 30-Aug-06 30-Aug-06 5.45 5.25 5.3641 172,400 32 18
30-Aug-06 31-Aug-06 31-Aug-06 5.49 5.35 5.4351 146,900 26 19
31-Aug-06 1-Sep-06 1-Sep-06 5.12 4.9 5.0289 149,000 27 18
1-Sep-06 2-Sep-06 5-Sep-06 4.95 4.55 4.8707 165,800 23 17
5-Sep-06 6-Sep-06 6-Sep-06 5.28 5.1 5.1857 160,000 26 16
6-Sep-06 7-Sep-06 7-Sep-06 5.44 5.37 5.4065 251,700 38 20
7-Sep-06 8-Sep-06 8-Sep-06 5.44 5.31 5.3339 176,000 33 19
8-Sep-06 9-Sep-06 11-Sep-06 5.21 5.05 5.1639 174,100 31 22
11-Sep-06 12-Sep-06 12-Sep-06 5.04 4.88 4.9527 130,800 25 19
12-Sep-06 13-Sep-06 13-Sep-06 5.1 4.9 4.9917 234,000 44 23
13-Sep-06 14-Sep-06 14-Sep-06 4.77 4.67 4.7321 195,000 39 22
14-Sep-06 15-Sep-06 15-Sep-06 4.72 4.45 4.5733 198,400 35 18
15-Sep-06 16-Sep-06 18-Sep-06 4.06 3.79 3.9188 220,100 39 24
18-Sep-06 19-5ep-06 19-5ep-06 4.66 4.5 4.5927 202,900 39 23
19-5ep-06 20-Sep-06 20-Sep-06 4.71 4.52 4.6556 217,300 38 19
20-Sep-06 21-Sep-06 21-Sep-06 4.58 4.455 4.493 205,800 34 16
21-Sep-06 22-Sep-06 22-Sep-06 4.37 4.22 4.3198 202,200 39 22
22-Sep-06 23-Sep-06 25-Sep-06 4.03 3.87 3.923 174,000 29 19
25-Sep-06 26-Sep-06 26-Sep-06 3.95 3.89 3.9031 142,200 25 13
26-Sep-06 27-Sep-06 27-Sep-06 3.975 3.9 3.9478 195,800 35 17
27-Sep-06 28-Sep-06 28-Sep-06 4.065 4 4.0391 192,700 33 20
28-Sep-06 29-Sep-06 30-Sep-06 3.92 3.855 3.8741 195,300 36 19
29-Sep-06 1-0ct-06 2-0ct-06 3.73 3.515 3.6535 283,800 49 21
2-0ct-06 3-0ct-06 3-0ct-06 3.815 3.6 3.7641 186,900 35 21
3-0ct-06 4-0ct-06 4-0ct-06 3.9 3.7 3.7575 299,900 44 20
4-0ct-06 5-0ct-06 5-0ct-06 4.08 4.025 4.0477 239,300 45 22
5-0ct-06 6-0ct-06 6-0ct-06 4.34 4.22 4.2823 213,000 34 17
6-0ct-06 7-0ct-06 10-0ct-06 4.13 3.97 4.0361 240,300 34 15
10-0ct-06 11-0ct-06 11-0ct-06 4.68 4.6 4.6459 204,400 43 18
11-0ct-06 12-0ct-06 12-0ct-06 5.17 5.06 5.1095 155,700 28 15
12-0ct-06 13-0ct-06 13-0ct-06 4.8 4.72 4.7594 170,500 31 14
13-0ct-06 14-0ct-06 16-0ct-06 4.25 4.085 4.1291 163,400 24 18
Sumas
16-0ct-06 17-0ct-06 17-0ct-06 5.15 4.93 5.0053 253,100 47 22
17-0ct-06 18-0ct-06 18-0ct-06 5.9 5.84 5.8637 162,700 23 21
18-0ct-06 19-0ct-06 19-0ct-06 5.97 5.78 5.8436 199,600 33 17
19-0ct-06 20-0ct-06 20-0ct-06 6.48 6.33 6.4259 154,100 31 18
20-0ct-06 21-0ct-06 23-0ct-06 6.57 6.41 6.4879 227,900 38 21
23-0ct-06 24-0ct-06 24-0ct-06 7.12 6.98 7.058 197,300 39 20
24-0ct-06 25-0ct-06 25-0ct-06 7.025 6.92 6.9798 218,300 34 20
25-0ct-06 26-0ct-06 26-0ct-06 7.025 6.97 6.9977 241,300 40 21
26-0ct-06 27-0ct-06 27-0ct-06 7.52 7.43 7.4677 217,700 38 20
27-0ct-06 28-0ct-06 30-0ct-06 7.25 6.93 7.0329 198,000 36 21
30-0ct-06 31-0ct-06 31-0ct-06 7.4 7.19 7.2524 242,700 40 22
31-0ct-06 1-Nov-06 1-Nov-06 6.9 6.65 6.7913 247,000 43 26
1-Nov-06 2-Nov-06 2-Nov-06 7.2 6.96 7.0501 168,700 33 19
2-Nov-06 3-Nov-06 3-Nov-06 6.87 6.8 6.8435 189,900 35 22
3-Nov-06 4-Nov-06 6-Nov-06 7 6.87 6.9689 179,000 27 21
6-Nov-06 7-Nov-06 7-Nov-06 6.6 6.3 6.3737 168,300 25 15
7-Nov-06 8-Nov-06 8-Nov-06 6.64 6.5 6.5442 241,100 36 20
8-Nov-06 9-Nov-06 9-Nov-06 7.05 6.905 6.9842 248,200 39 20
9-Nov-06 10-Nov-06 10-Nov-06 6.9 6.86 6.8824 214,600 30 19
10-Nov-06 11-Nov-06 13-Nov-06 6.78 6.62 6.6731 157,000 26 17
13-Nov-06 14-Nov-06 14-Nov-06 7.15 7.07 7.1066 115,100 19 15
14-Nov-06 15-Nov-06 15-Nov-06 7.16 7.11 7.1327 202,300 33 16
15.Nov-06 16-Nov-06 16-Nov-06 7~ 14 7.07 7.1005 167,100 29 17
16-Nov-06 17-Nov-06 17-Nov-06 7.23 7.15 7.1825 188,300 34 19
17-Nov-06 18-Nov-06 20-Nov-06 7.02 6.975 6.9906 159,300 31 20
20-Nov-06 21-Nov-06 21-Nov-06 7.08 7.03 7.0578 193,200 41 23
21-Nov-06 22-Nov-06 22-Nov-06 7.12 7.04 7.0644 155,100 36 18
22-Nov-06 23-Nov-06 27-Nov-06 7.28 7.15 7.1982 145,700 32 17
27-Nov-06 28-Nov-06 28-Nov-06 8.98 7.85 8.666 159,700 28 20
28-Nov-06 29.Nov-06 29-Nov-06 9.85 9 9.5468 204,100 35 22
29-Nov-06 30-Nov-06 30-Nov-06 9.65 9.05 9.4076 238,900 37 21
30-Nov-06 1-Dec-06 1-Dec-06 8.55 8.27 8.4256 181,100 36 18
1-Dec-06 2-Dec-06 4-Decc06 8.5 8.2 8.4212 170,000 32 19
4-Dec-06 5-Dec-06 5-Dec-06 7.93 7.555 7.8008 247,400 45 18
5-Dec-06 6-Dec-06 6-Dec-06 7.5 7.29 7.4272 308,800 52 25
6-Dec-06 7-Dec-06 7.Dec-06 7.38 7.215 7.3438 266,100 48 23
7-Dec-06 8-Dec-06 8-Dec-06 7.4 7.3 7.3281 251,700 40 19
8-Dec-06 9-Dec-06 11-Dec-06 7.41 7.35 7.3891 205,900 35 18
11-Dec-06 12-Dec-06 12-Dec-06 6.85 6.8 6.8295 151,500 30 18
12-Dec-06 13-Dec-06 13-Dec-06 6.97 6.9 6.9153 165,400 30 21
13-Dec-06 14-Dec-06 14-Dec-06 7.16 7.1 7.1321 187,400 36 23
14-Dec-06 15-Dec-06 15-Dec-06 7.22 7.15 7.1822 184,500 37 21
15-Dec-06 16-Dec-06 18-Dec-06 7.11 6.95 7.0515 123,900 28 16
18-Dec-06 19-Dec-06 19-Dec-06 7.12 6.9 7.045 169,800 35 18
19-Dec-06 20-Dec-06 20-Dec-06 6.92 6.75 6.8842 158,900 32 16
20-Dec-06 21-Dec-06 21-Dec-06 7.03 6.83 6.9729 321,600 57 24
21-Dec-06 22-Dec-06 22-Dec-06 6.75 6.44 6.5641 225,900 36 21
22-Dec-06 23-Dec-06 27-Dec-06 6.45 6.345 6.363 201,100 41 18
27-Dec-06 28-Dec-06 28-Dec-06 5.9 5.82 5.8552 74,500 19 12
28-Dec-06 29-Dec-06 31-Dec-06 6.14 6.07 6.0951 163,700 34 19
29-Dec-06 1-Jan-07 2-Jan-07 5.98 5.855 5.9362 211,400 39 21
2-Jan-07 3-Jan-07 3-Jan-07 5.85 5.7 5.7698 224,000 41 22
3-Jan-07 4-Jan-07 4-Jan-07 5.94 5.86 5.8915 187,400 35 24
4-Jan-07 5-Jan-07 5-Jan-07 6.1 5.89 5.9927 234,600 47 23
5-Jan-07 6-Jan-07 8-Jan-07 5.91 5.815 5.841 221,600 42 22
8-Jan-07 9-Jan-07 9-Jan-07 6.32 6.24 6.2783 160,700 30 21
9-Jan-07 10-Jan-07 10-Jan-07 6.67 6.37 6.5816 156,700 36 19
10-Jan-07 11-Jan-07 11-Jan-07 7.65 7.05 7.433 294,900 54 24
11-Jan-07 12-Jan-07 12-Jan-07 7.2 6.98 7.0911 186,700 36 20
12-Jan-07 13-Jan-07 16-Jan-07 6.75 6.58 6.6442 177600 34 19
16-Jan-07 17-Jan-07 17-Jan-07 6.98 6.78 6.9185 262,400 43 21
17-Jan-07 18-Jan-07 18-Jan-07 6.68 6.52 6.6213 266,500 44 23
18-Jan-07 19-Jan-07 19-Jan-07 6.27 6.15 6.1679 237,000 36 19
Sumas
19-Jan-07 20-Jan-07 22-Jan-07 6.55 6.22 6.3161 147,400 27 17
22-Jan-07 23-Jan-07 23-Jan-07 6.96 6.865 6.912 167,800 32 15
23-Jan-07 24-Jan-07 24-Jan-07 7.02 6.9 6.9307 145,600 32 19
24-Jan-07 25-Jan-07 25-Jan-07 7.02 6.89 6.9344 185,600 31 20
25-Jan-07 26-Jan-07 26-Jan-07 6.87 6.8 6.8515 131,600 23 15
26-Jan-07 27-Jan-07 29-Jan-07 6.9 6.79 6.8444 177,300 27 20
29-Jan-07 30-Jan-07 30-Jan-07 7 6.81 6.8593 106,100 23 15
30-Jan-07 31-Jan-07 31-Jan-07 7.05 6.76 6.9384 208,400 39 22
31-Jan-07 1-Feb-07 1-Feb-07 7.48 7.35 7.4069 151,100 27 17
1-Feb-07 2-Feb-07 2-Feb-07 7.86 7.73 7.8128 221,600 40 25
2-Feb-07 3-Feb-07 5-Feb-07 7.52 7.42 7.484 143,000 25 22
5-Feb-07 6-Feb-07 6-Feb-07 7.67 7.42 7.5984 196,600 33 21
6-Feb-07 7-Feb"07 7-Feb-07 7.35 7.05 7.1996 172,000 38 24
7-Feb-07 8-Feb-07 8-Feb-07 7.22 7.07 7.1162 165,700 33 20
8-Feb-07 9-Feb-07 9-Feb-07 7.22 7.14 7.17 288,600 53 20
9-Feb-07 10-Feb-07 12-Feb-07 7.3 7.2 7.2411 194,800 40 22
12-Feb-07 13-Feb-07 13-Feb-07 6.92 6.83 6.8754 145,500 29 20
13-Feb-07 14-Feb-07 14-Feb-07 7.02 6.85 6.9194 230,500 42 20
14-Feb-07 15-Feb-07 15-Feb-07 7 6.91 6.9423 208,500 39 22
15-Feb-07 16-Feb-07 16-Feb-07 6.89 6.835 6.8615 167,600 32 19
16-Feb-07 17-Feb-07 20-Feb-07 6.94 6.86 6.8844 269,900 44 22
20-Feb-07 21-Feb-07 21-Feb-07 6.97 6.88 6.9248 236,000 43 20
21-Feb-07 22-Feb-07 22-Feb-07 7.24 7 7.1609 243,000 46 24
22-Feb-07 23-Feb-07 23-Feb-07 7.23 7.15 7.2058 163,500 33 22
23-Feb-07 24-Feb-07 26-Feb-07 7.26 7.16 7.2096 191,600 42 20
26-Feb-07 27-Feb-07 27-Feb-07 7.32 7.25 7.2872 220,500 48 21
27-Feb-07 28-Feb-07 28-Feb-07 7.17 7.05 7.1302 170,300 35 20
28-Feb-07 1-Mar-07 1-Mar-07 7 6.93 6.9806 101,200 21 16
1-Mar-07 2-Mar-07 2-Mar-07 6.82 6.745 6.7706 161,500 35 21
2-Mar-07 3-Mar-07 5-Mar-07 6.78 6.69 6.751 192,300 33 22
5-Mar-07 6-Mar-07 6-Mar-07 6.74 6.655 6.6985 185,900 34 16
6-Mar-07 7-Mar-07 7-Mar-07 6.81 6.74 6.7779 171,400 36 16
7-Mar-07 8-Mar-07 8-Mar-07 6.83 6.8 6.8095 149,500 31 17
8-Mar-07 9-Mar-07 9-Mar-07 6.65 6.53 6.5875 191,200 35 16
9-Mar-07 10-Mar-07 12-Mar-07 6.67 6.6 6.6371 190,600 32 17
12-Mar-07 13-Mar-07 13-Mar-07 6.45 6.34 6.3963 158,500 30 14
13-Mar-07 14-Mar-07 14-Mar-07 6.32 6.25 6.274 176,800 37 18
14-Mar-07 15-Mar-07 15-Mar-07 6.3 6.26 6.2779 190,000 36 20
15-Mar-07 16-Mar-07 16-Mar-07 6.5 6.4 6.4431 205,000 41 18
16-Mar-07 17-Mar-07 19-Mar-07 6.35 6.15 6.2354 150,100 25 15
19-Mar-07 20-Mar-07 20-Mar-07 6.21 6.1 6.1463 188,200 32 20
20-Mar-07 21-Mar-07 21-Mar-07 6.36 6.27 6.3174 204,500 43 19
21-Mar-07 22-Mar-07 22-Mar-07 6.34 6.28 6.2956 211,800 39 16
22-Mar-07 23-Mar-07 23-Mar-07 6.55 6.45 6.4985 219,200 37 18
23-Mar-07 24-Mar-07 26-Mar-07 6.55 6.41 6.4548 137,400 21 15
26-Mar-07 27-Mar-07 27-Mar-07 6.4225 6.38 6.4027 114,300 30 13
27-Mar-07 28-Mar-07 28-Mar-07 6.44 6.36 6.4015 91,300 19 12
28-Mar-07 29-Mar-07 29-Mar-07 6.83 6.76 6.8092 133,400 26 16
29-Mar-07 30-Mar-07 31-Mar-07 6.68 6.66 6.6687 117,000 28 14
30-Mar-07 1-Apr-07 2-Apr-07 6.89 6.75 6.852 201,200 36 21
2-Apr-07 3-Apr"07 3-Apr-07 6.93 6.84 6.8867 151,400 29 18
3-Apr-07 4-Apr-07 4-Apr-07 6.88 6.7 6.8057 182,400 35 22
4-Apr-07 5-Apr-07 5-Apr-07 6.8 6.73 6.7605 247,100 43 22
5-Apr-07 6-Apr-07 9-Apr-07 6.76 6.68 6.7107 150,300 31 20
9-Apr-07 10-Apr-07 10-Apr-07 7.05 6.94 6.9901 251,800 37 16
10-Apr-07 11-Apr-07 11-Apr-07 7.08 6.89 6.9514 216,000 40 21
11-Apr-07 12-Apr-07 12-Apr-07 7.32 7.2 7.2602 222,700 33 22
12-Apr-07 13-Apr-07 13-Apr-07 7.21 7.12 7.1902 224,800 35 19
13-Apr-07 14-Apr-07 16-Apr-07 7.1 6.96 7.0684 273,600 51 21
16-Apr-07 17-Apr-07 17-Apr-07 6.81 6.7 6.7785 261,000 45 19
17-Apr-07 18-Apr-07 18-Apr-07 6.74 6.67 6.7099 313,200 52 23
18-Apr-07 19-Apr-07 19-Apr-07 6.705 6.61 6.6746 267,600 42 22
19-Apr-07 20-Apr-07 20-Apr-07 6.65 6.53 6.6029 276,300 50 23
Sumas
20-Apr-07 21-Apr-07 23-Apr-07 6.68 6.55 6.6056 193,000 33 19
23-Apr-07 24-Apr-07 24-Apr-07 6.5 6.43 6.4782 151,100 31 18
24-Apr-07 25-Apr-07 25-Apr-07 6.74 6.64 6.6937 163,800 29 17
25-Apr-07 26-Apr-07 26-Apr-07 6.79 6.76 6.7755 261,800 43 18
26-Apr-07 27-Apr-07 27-Apr-07 6.75 6.65 6.7116 145,800 29 17
27-Apr-07 28-Apr-07 30-Apr-07 6.75 6.59 6.6513 143,300 23 13
30-Apr-07 1-May-07 1-May-07 6.93 6.8 6.8599 132,600 25 14
1-May-07 2-May-07 2-May-07 6.84 6.78 6.8022 193,400 40 20
2-May-07 3-May-07 3-May-07 6.85 6.8 6.8218 183,700 38 22
3-May-07 4-May-07 4-May-07 6.75 6.7 6.7358 167,900 35 19
4-May-07 5-May-07 7-May-07 6.895 6.72 6.8374 146,500 33 16
7-May-07 8-May-07 8-May-07 6.85 6.805 6.8226 121,200 25 16
8-May-07 9-May-07 9-May-07 6.75 6.7 6.7318 219,400 43 23
9-May-07 10-May-07 10-May-07 6.72 6.7 6.7112 167,000 35 19
10-May-07 11-May-07 11-May-07 6.85 6.7 6.8031 149,900 28 18
11-May-07 12-May-07 14-May-07 6.76 6.69 6.728 201,400 35 17
14-May-07 15-May-07 15-May-07 7.05 6.92 6.9999 165,000 36 19
15-May-07 16-May-07 16-May-07 6.905 6.83 6.8755 180,800 35 21
16-May-07 17-May-07 17-May-07 6.85 6.74 6.7678 174,700 31 22
17-May-07 18-May-07 18-May-07 6.94 6.9 6.9177 207,300 47 23
18-May-07 19-May-07 22-May-07 7.35 7.15 7.2817 56,700 9 11
22-May-07 23-May-07 23-May-07 7 6.95 6.9724 100,600 21 17
23-May-07 24-May-07 24-May-07 6.82 6.77 6.7999 90,100 24 13
24-May-07 25-May-07 25-May-07 6.9 6.76 6.8593 119,900 26 15
25-May-07 26-May-07 29-May-07 6.75 6.56 6.7048 116,200 24 18
29-May-07 30-May-07 30-May-07 6.77 6.72 6.7499 97,600 20 11
30-May-07 31-May-07 31-May-07 6.85 6.7 6.8028 124,900 25 16
31-May-07 1-Jun-07 1-Jun-07 6.78 6.64 6.6914 97,200 20 15
1-Jun-07 2-Jun-07 4-Jun-07 6.73 6.59 6.6342 94,900 23 16
4-Jun-07 5-Jun-07 5-Jun-07 6.75 6.7 6.7275 97,100 20 11
5-Jun-07 6-Jun-07 6-Jun-07 6.85 6.81 6.8305 90,600 24 18
6-Jun-07 7.Jun-07 7-Jun-07 6.85 6.77 6.8066 75,600 17 17
7-Jun-07 8-Jun-07 8-Jun-07 6.65 6.585 6.6 69,300 13 14
8-Jun-07 9-Jun-07 11-Jun-07 6.32 6.285 6.2993 85,000 21 13
11-Jun-07 12-Jun-07 12-Jun-07 6.35 6.3 6.3217 69,500 15 14
12-Jun-07 13-Jun-07 13-Jun-07 6.45 6.3 6.3129 60,000 15 16
13-Jun-07 14-Jun-07 14-Jun-07 6.41 6.34 6.3658 81,200 17 14
14-Jun-07 15-Jun-07 15-Jun-07 6.33 6.26 6.2992 105,400 25 17
15-Jun-07 16-Jun-07 18-Jun-07 6.44 6.405 6.4178 95,500 20 20
18-Jun-07 19-Jun-07 19-Jun-07 6.75 6.59 6.6146 145,700 28 18
19-Jun-07 20-Jun-07 20-Jun-07 6.58 6.51 6.5414 93,200 22 17
20-Jun-07 21-Jun-07 21-Jun-07 6.53 6.47 6.5035 82,000 17 14
21-Jun-07 22-Jun-07 22-Jun-07 6.465 6.41 6.4465 78,900 18 17
22-Jun-07 23-Jun-07 25-Jun-07 6.26 6.17 6.2134 111,800 23 19
25-Jun-07 26-Jun-07 26-Jun-07 5.99 5.91 5.9469 59,200 13 12
26-Jun-07 27-Jun-07 27-Jun-07 5.95 5.92 5.9364 69,900 14 15
27-Jun-07 28-Jun-07 28-Jun-07 5.95 5.89 5.9207 111,300 18 16
28-Jun-07 29-Jun-07 30-Jun-07 6.035 6 6.0184 136,300 29 17
29-Jun-07 1-Jul-07 3-Jul-07 5.87 5.85 5.8605 125,000 21 14
3-Jul-07 4-Jul-07 5-Jul-07 6.205 5.98 6.1545 256,400 50 21
5-Jul-07 6-Jul-07 6-Jul-07 5.93 5.73 5.8479 167,900 34 16
6-Jul-07 7-Jul-07 9-Jul-07 5.66 5.6 5.623 229,600 39 19
9-Jul-07 10-Jul-07 10-Jul-07 5.795 5.75 5.7732 176,600 33 20
10-Jul-07 11-Jul-07 11-Jul-07 5.775 5.7 5.7563 125,600 23 17
11-Jul-07 12-Jul-07 12-Jul-07 5.855 5.73 5.8284 109,700 21 16
12-Jul-07 13-Jul-07 13-Jul-07 5.6 5.47 5.5131 125,600 26 16
13-Jul-07 14-Jul-07 16-Jul-07 5.9 5.6 5.7251 121,300 28 18
16-Jul-07 17-Jul-07 17-Jul-07 5.75 5.57 5.6665 82,600 18 16
17-Jul-07 18-Jul-07 18-Jul-07 5.61 5.5 5.5553 131,800 25 16
18-Jul-07 19-Jul-07 19-Jul-07 5.49 5.38 5.4065 116,600 22 17
19-Jul-07 20-Jul-07 20-Jul-07 5.74 5.7 5.7137 92,200 19 13
20-Jul-07 21-Jul-07 23-Jul-07 5.67 5.62 5.6602 56,000 13 11
23-Jul-07 24-Jul-07 24-Jul-07 5.26 5.23 5.2436 128,700 28 15
Sumas
24-Jul-07 25-Jul-07 25-Jul-07 5.19 5.11 5.1242 155,300 29 17
25-Jul-07 26-Jul-07 26-Jul-07 5.07 4.965 5.039 106,900 23 14
26-Jul-07 27-Jul-07 27-Jul-07 5.1 5.06 5.0759 101,000 19 14
27-Jul-07 28-Jul-07 30-Jul-07 5.05 4.98 5.006 81,500 13 10
30-Jul-07 31-Jul-07 31-Jul-07 5.53 5.34 5.3573 49,900 10 10
31-Jul-07 1-Aug-07 1-Aug-07 5.555 5.45 5.4999 66,800 14 10
1-Aug-07 2-Aug-07 2-Aug-07 5.45 5.27 5.3164 98,300 21 17
2-Aug-07 3-Aug-07 3-Aug-07 5.36 5.31 5.3344 62,500 14 14
3-Aug-07 4-Aug-07 7-Aug-07 5.2 5 5.1177 74,600 16 11
7-Aug-07 8-Aug-07 8-Aug-07 5.37 5.29 5.3261 81,500 12 10
8-Aug-07 9-Aug-07 9-Aug-07 5.17 5.12 5.1402 93,100 22 13
9-Aug-07 10-Aug-07 10-Aug-07 5.16 5.02 5.0806 110,600 21 12
10-Aug-07 11-Aug-07 13-Aug-07 5.3 5.21 5.2691 104,700 22 13
13-Aug-07 14-Aug-07 14-Aug-07 5.99 5.9 5.9398 125,700 23 14
14-Aug-07 15-Aug-07 15-Aug-07 5.87 5.82 5.8396 148,700 31 18
15-Aug-07 16-Aug-07 16-Aug-07 6.2 6.145 6.1762 166,200 27 17
16-Aug-07 17-Aug-07 17-Aug-07 5.95 5.83 5.856 71,500 14 13
17-Aug-07 18-Aug-07 20-Aug-07 6.07 6.02 6.0545 87,700 18 16
20-Aug-07 21-Aug-07 21-Aug-07 5.57 5.52 5.5481 77,000 15 11
21-Aug-07 22-Aug-07 22-Aug-07 5.22 5.13 5.1473 143,700 33 19
22-Aug-07 23-Aug-07 23-Aug-07 5.15 5.03 5.082 152,200 31 22
23-Aug-07 24-Aug-07 24-Aug-07 5.05 4.98 5.0139 105,400 20 16
24.Aug-07 25-Aug-07 27-Aug-07 5 4.87 4.9187 75,300 17 17
27-Aug-07 28-Aug-07 28-Aug-07 5.25 4.77 5.0448 133,400 28 18
28.Aug-07 29-Aug-07 29-Aug-07 5.67 5.34 5.5185 167,900 35 23
29-Aug-07 30-Aug-07 30-Aug-07 5.45 5.34 5.3941 142,400 28 17
30-Aug-07 31-Aug-07 31-Aug-07 5.2 5.02 5.0913 196,300 37 22
31-Aug-07 1.Sep-07 4-Sep-07 5.06 4.97 4.9946 92,700 20 17
4-Sep-07 5-Sep-07 5-Sep-07 4.725 4.67 4.7033 152,300 34 20
5-Sep-07 6-Sep-07 6.Sep-07 5.25 5.1 5.2093 94,000 18 16
6-Sep-07 7-Sep-07 7-Sep-07 5.36 5.33 5.3462 89,000 20 16
7-Sep-07 8-Sep-07 10-Sep-07 4.98 4.82 4.8586 68,500 15 14
10-Sep-07 11-Sep-07 11-Sep-07 5.05 4.99 5.0153 94,900 20 16
11-Sep-07 12-Sep-07 12-Sep-07 5.405 5.3 5.3731 119,800 22 18
12-Sep-07 13-Sep-07 13-Sep-07 5.49 5.44 5.4629 125,700 25 19
13-Sep-07 14-Sep-07 14-Sep-07 5.45 5.43 5.4393 153,700 26 14
14-Sep-07 15-Sep-07 17-Sep-07 5.42 5.36 5.3832 116,500 25 16
17-Sep-07 18-Sep-07 18-Sep-07 5.47 5.44 5.451 73,400 18 12
18-Sep-07 19-5ep-07 19-5ep-07 5.49 5.445 5.4616 74,000 16 13
19-5ep-07 20-Sep-07 20-Sep-07 5.48 5.42 5.4454 61,500 18 15
20-Sep-07 21-Sep-07 21-Sep-07 5.37 5.24 5.2878 60,300 14 11
21-Sep-07 22-Sep-07 24-Sep-07 5.4 5.1 5.2462 93,700 20 14
24-Sep-07 25-Sep-07 25-Sep-07 5.37 5.33 5.3469 68,000 15 13
25-Sep-07 26-Sep-07 26-Sep-07 5.8 5.7 5.7702 93,100 22 16
26-Sep-07 27-Sep-07 27-Sep-07 5.85 5.73 5.7979 139,600 27 16
27-Sep-07 28-Sep-07 30-Sep-07 5.59 5.5 5.5528 120,100 25 11
28-Sep-07 1-0ct-07 1-0ct-07 5.615 5.59 5.6014 100,400 22 17
1-0ct-07 2-0ct-07 2-0ct-07 6.05 5.74 5.9166 139,700 31 17
2-0ct-07 3-0ct-07 3-0ct-07 6.17 6.095 6.1486 130,800 28 16
3-0ct-07 4-0ct-07 4-0ct-07 6.69 6.55 6.6232 161,500 37 19
4-0ct-07 5-0ct-07 5-0ct-07 6.565 6.52 6.5476 130,600 30 16
5-0ct-07 6-0ct-07 9-0ct-07 6.55 6.42 6.4944 192,200 40 18
9-0ct-07 10-0ct-07 10-0ct-07 6.42 6.31 6.3616 52,900 15 10
10-0ct-07 11-0ct-07 11-0ct-07 6.55 6.42 6.4955 75,700 21 18
11-0ct-07 12-0ct-07 12-0ct-07 6.48 6.43 6.4645 105,500 27 16
12-0ct-07 13-0ct-07 15-0ct-07 6.25 6.16 6.1796 152,600 34 17
15-0ct-07 16-0ct-07 16-0ct-07 6.9 6.7 6.842 96,400 25 20
16-0ct-07 17-0ct-07 17-0ct-07 6.9 6.85 6.8754 130,900 28 19
17-0ct-07 18-0ct-07 18-0ct-07 7.22 6.8 7.0043 96,400 24 16
18-0ct-07 19-0ct-07 19-0ct-07 7.25 7.12 7.1988 94,200 24 16
19-0ct-07 20-0ct-07 22-0ct-07 7.12 7 7.0715 131,600 25 17
22-0ct-07 23-0ct-07 23-0ct-07 6.7 6.55 6.6595 117,700 27 20
23-0ct-07 24-0ct-07 24-0ct-07 6.53 6.49 6.5115 130,700 28 17
Sumas
24-0ct-07 25-0ct-07 25-0ct-07 6.75 6.6 6.7144 154,000 34 18
25-0ct-07 26-0ct-07 26-0ct-07 7.2 6.85 7.1113 138,900 26 15
26-0ct-07 27-0ct-07 29-0ct-07 7.16 6.55 7.065 220,600 48 20
29-0ct-07 30-0ct-07 30-0ct-07 7.4 7.2 7.3487 233,200 49 17
30-0ct-07 31-0ct-07 31-0ct-07 7.8 7.65 7.7372 177,600 36 17
31-0ct-07 1-Nov-07 1-Nov-07 7.71 7.4 7.6359 183,900 39 23
1-Nov-07 2-Nov-07 2-Nov-07 7.5 7.26 7.3518 237,600 48 24
2-Nov-07 3-Nov-07 5-Nov-07 7 6.7 6.8914 240,000 46 21
5-Nov-07 6-Nov-07 6-Nov-07 6.89 6.64 6.7526 169,500 28 18
6-Nov-07 7-Nov-07 7-Nov-07 7.7 7.55 7.6339 196,000 36 19
7-Nov-07 8-Nov-07 8-Nov-07 7.2 6.94 7.0251 182,800 30 15
8-Nov-07 9-Nov-07 9-Nov-07 6.58 6.41 6.4886 157,500 24 15
9-Nov-07 10-Nov-07 12-Nov-07 6.47 6.39 6.4258 220,600 35 16
12-Nov.07 13-Nov-07 13-Nov-07 6.9 6.45 6.6765 184,300 34 16
13-Nov-07 14-Nov-07 14-Nov-07 6.92 6.87 6.894 158,000 30 18
14-Nov-07 15-Nov-07 15-Nov-07 6.96 6.8 6.9143 136,800 25 18
15-Nov-07 16-Nov-07 16-Nov-07 7.24 7.12 7.2065 210,400 35 19
16-Nov-07 17-Nov-07 19-Nov-07 7.4 6.85 7.1547 204,500 37 20
19-Nov-07 20-Nov-07 20-Nov-07 7.625 7.38 7.4949 117,500 24 15
20-Nov-07 21-Nov-07 21-Nov-07 7.7 7.25 7.4364 90,400 17 11
21-Nov-07 22-Nov-07 26-Nov-07 7.4 7.3 7.362 164,100 31 16
26-Nov-07 27.Nov-07 27-Nov-07 8.22 8.1 8.154 183,100 37 20
27.Nov-07 28-Nov-07 28-Nov-07 8.95 8.4 8.726 205,300 40 20
28-Nov-07 29-Nov-07 29-Nov-07 8.95 8.25 8.8805 281,000 54 25
29-Nov-07 30-Nov-07 30-Nov-07 8.9 8 8.6367 299,400 53 26
30-Nov-07 1-Dec-07 3-Dec-07 8.1 7.5 7.8302 187,100 42 19
3-Dec-07 4-Dec-07 4-Dec-07 7.57 7.38 7.5008 227,000 37 17
4-Dec-07 5-Dec-07 5-Dec-07 7.8 7.65 7.7216 222,300 42 20
5-Dec-07 6-Dec-07 6-Dec-07 7.81 7.61 7.7006 139,300 26 18
6-Dec-07 7-Dec-07 7-Dec-07 7.82 7.65 7.7475 176,100 35 17
7-Dec-07 8-Dec-07 10-Dec-07 7.76 7.62 7.7276 148,300 30 16
10-Dec-07 11-Dec-07 11-Dec-07 7.5 7.42 7.4703 201,000 39 22
11.Dec-07 12-Dec-07 12-Dec-07 7.8 7.64 7.7218 206,700 32 18
12-Dec-07 13-Dec-07 13-Dec-07 7.72 7.58 7.6626 180,300 32 18
13-Dec-07 14-Dec-07 14-Dec-07 7.95 7.75 7.8776 162,000 32 15
14-Dec-07 15-Dec-07 17-Dec-07 7.94 7.6 7.761 243,300 44 17
17"Dec-07 18-Dec-07 18-Dec-07 7.5 7.33 7.4153 281,700 49 21
18-Dec-07 19-Dec-07 19-Dec-07 7.46 7.33 7.4145 168,300 31 15
Sumas
Henry Hub
ICE Day Ahead Natural Gas Price Report
Trade Date Begin Date End Date High Low Avg Vol # Deals # Cparties
(mmBTU)
2-Apr-01 3-Apr-01 3-Apr-01 5.08 4.92 5.0107 70,000 7 5
3-Apr-01 4-Apr-01 4-Apr-01 5.24 5.14 5.2026 97,500 15 8
4-Apr-01 5-Apr-01 5-Apr-01 5.25 5.18 5.2203 72,500 10 5
5-Apr-01 6-Apr-O1 6-Apr-01 5.24 5.17 5.2013 40,000 6 4
6-Apr-01 7-Apr-O1 9-Apr-01 5.38 5.3 5.3458 195,000 14 9
9-Apr-01 10-Apr-01 10-Apr-01 5.53 5.35 5.4355 150,000 24 8
10-Apr-01 11-Apr-01 11-Apr-01 5.58 5.48 5.5405 145,000 17 8
11-Apr-01 12-Apr-01 12-Apr-01 5.51 5.45 5.4709 140,000 16 7
12-Apr-01 13-Apr-01 16-Apr-01 5.355 5.31 5.3341 67,500 13 7
16-Apr-01 17-Apr-01 17-Apr-01 5.495 5.465 5.4746 90,000 11 5
17-Apr-01 18-Apr-01 18-Apr-01 5.42 5.27 5.3594 80,000 10 7
18-Apr-01 19-Apr-01 19-Apr-01 5.16 5.14 5.15 70,000 8 7
19-Apr-01 20-Apr-01 .20-Apr-01 5.1 5.06 5.0741 117,500 13 7
20-Apr-01 21-Apr-01 23-Apr-01 5.05 4.965 5.005 190,000 18 6
23-Apr-01 24-Apr-O1 24-Apr-01 5.135 5.04 5.0698 125,000 14 7
24-Apr-01 25-Apr-01 25-Apr-01 5.13 5.11 5.1194 120,000 11 7
25-Apr-01 26-Apr-01 26-Apr-01 5.035 4.98 5.0106 45,000 7 5
26-Apr-01 27-Apr-01 27-Apr-01 4.95 4.93 4.9369 40,000 6 5
27-Apr-01 28-Apr-01 30-Apr-01 4.85 4.78 4.806 125,000 16 4
30-Apr-01 1-May-01 1-May-01 4.76 4.715 4.7348 115,000 17 8
1-May-01 2-May-01 2-May-01 4.63 4.55 4.5728 80,000 5 5
2-May-01 3-May-01 3-May-01 4.57 4.52 4.5518 110,000 10 7
3-May-01 4-May-01 4-May-01 4.54 4.39 4.4504 170,000 22 9
4-May-01 5-May-01 7-May-01 4.54 4.465 4.4952 235,000 20 9
7-May-01 8-May-01 8-May-01 4.37 4.285 4.3256 135,000 16 8
8-May-01 9-May-01 9-May-01 4.28 4.185 4.2322 432,500 36 10
9-May-01 10-May-01 10-May-01 4.19 4.125 4.1467 305,000 18 8
10-May-01 11-May-01 11-May-01 4.25 4.135 4.1591 457,500 35 9
11-May-01 12-May-01 14-May-01 4.33 4.15 4.2818 237,500 19 9
14-May-01 15-May-01 15-May-01 4.3 4.255 4.2748 680,000 29 6
15-May-01 16-May-01 16-May-01 4.56 4.42 4.4573 905,000 46 11
16-May-01 17-May-01 17-May-01 4.5125 4.44 4.4772 995,000 43 16
17-May-01 18-May-01 18-May-01 4.27 4.135 4.2018 335,000 24 13
18-May-01 19-May-01 21-May-01 4.215 4.12 4.1617 345,000 34 12
21-May-01 22-May-01 22-May-01 4.175 4.135 4.1548 567,500 32 9
22-May-01 23-May-01 23-May-01 4.06 4.01 4.0319 322,500 30 12
23-May-01 24-May-01 24-May-01 4.13 4.05 4.092 247,500 19 9
24-May-01 25-May-01 25-May-01 4.155 4.1 4.1263 217,500 19 10
25-May-01 26-May-01 29-May-01 3.95 3.79 3.8864 365,000 21 11
29-May-01 30-May-01 30-May-01 3.92 3.825 3.8459 205,000 21 7
30-May-01 31-May-01 31-May-01 3.695 3.6075 3.6579 180,000 20 6
31-May-01 1-Jun-01 1-Jun-01 3.8 3.67 3.7318 222,500 20 9
1-Jun-01 2-Jun-01 4-Jun-01 3.85 3.65 3.6985 282,500 34 12
4-Jun-01 5-Jun-01 5-Jun-01 3.97 3.9 3.9382 140,000 16 8
5-Jun-01 6-Jun-01 6-Jun-01 4.065 3.91 4.0302 105,000 13 10
6-Jun-01 7-Jun-01 7-Jun-01 3.8 3.735 3.7622 252,500 25 11
7-Jun-01 8-Jun-01 8-Jun-01 3.73 3.66 3.6865 305,000 31 10
8-Jun-01 9-Jun-01 11-Jun-01 3.66 3.6 3.6262 268,300 20 11
11-Jun-01 12-Jun-01 12-Jun-01 3.92 3.84 3.878 165,400 15 10
12-Jun-01 13-Jun-01 13-Jun-01 4.31 3.94 4.0406 140,300 21 8
13"Jun-01 14-Jun-01 14-Jun-01 4.18 4.07 4.1232 318,500 33 12
14-Jun-01 15-Jun-01 15-Jun-01 4.0575 3.89 3.9511 185,500 31 12
15-Jun-01 16-Jun-01 18-Jun-01 3.905 3.86 3.8714 275,900 28 10
18-Jun-01 19-Jun-01 19-Jun-01 4.035 3.835 3.9108 326,300 27 11
19-Jun-01 20-Jun-01 20-Jun-01 4 3.83 3.9248 274,800 20 11
20-Jun-01 21-Jun-01 21-Jun-01 3.84 3.79 3.8188 261,000 36 14
21-Jun-01 22-Jun-01 22-Jun-01 3.75 3.67 3.689 175,000 21 11
Henry
22-Jun-01 23-Jun-01 25-Jun-01 3.745 3.67 3.6938 131,000 18 13
25-Jun-01 26-Jun-01 26-Jun-01 3.615 3.48 3.5739 137,300 20 11
26-Jun-01 27-Jun-01 27-Jun-01 3.5 3.4 3.4526 374,300 34 11
27-Jun-01 28-Jun-01 28-Jun-01 3.43 3.345 3.3715 138,000 20 10
28-Jun-01 1-Jul-01 2-Jul-01 3.26 3.26 3.26 5,000 1 13
29-Jun-01 1-Jul-01 2-Jul-01 3.17 3.065 3.1273 165,000 18 9
2-Jul-01 3-Jul-01 3-Jul-01 3.01 2.8625 2.8974 475,000 58 16
3-Jul-01 4-Jul-01 5-Jul-01 3.15 2.895 2.984 450,000 42 19
5-Jul-01 6-Jul-01 6-Jul-01 3.18 3.035 3.128 235,600 29 13
6-Jul-01 7-Jul-01 9-Jul-01 3.07 2.945 2.9963 280,500 38 15
9-Jul-01 10-Jul-01 10-Jul-01 3.25 3.03 3.1314 283,000 28 15
10-Jul-01 11-Jul-01 11-Jul-01 3.255 3.1 3.1925 184,400 19 11
11-Jul-01 12-Jul-01 12-Jul-01 3.265 3.125 3.2045 302,500 32 14
12-Jul-01 13-Jul-01 13-Jul-01 3.34 3.25 3.3031 329,000 30 13
13-Jul-01 14-Jul-01 16-Jul-01 3.2 3.13 3.1593 232,500 26 13
16-Jul-01 17-Jul-01 17-Jul-01 3.08 3.02 3.0698 375,000 29 9
17-Jul-01 18-Jul-01 18-Jul-01 3.16 3.08 3.1152 305,000 28 14
18-Jul-01 19-Jul-01 19-Jul-01 3.17 3.11 3.1361 209,000 18 10
19-Jul-01 20-Jul-01 20-Jul-01 3.09 2.88 3.0158 275,000 21 12
20-Jul-01 21-Jul-01 23-Jul-01 3.03 2.9 2.9504 207,100 28 14
23-Jul-01 24-Jul-01 24-Jul-01 3.04 2.96 3.009 244,000 28 13
24-Jul-01 25-Jul-01 25-Jul-01 3.05 2.97 3.0056 244,000 27 10
25-Jul-01 26-Jul-01 26-Jul-01 3.14 3.025 3.0734 280,000 26 11
26-Jul-01 27-Jul-01 27-Jul-01 3.32 3.23 3.2803 294,800 21 11
27.Jul-01 28-Jul-01 30-Jul-01 3.09 3.04 3.061 308,000 25 14
30-Jul-01 31-Jul-01 31-Jul-01 3.34 3.13 3.2798 200,000 19 11
31-Jul-01 1-Aug-01 1-Aug-01 3.36 3.26 3.3087 435,000 30 11 \
1-Aug-01 2-Aug-01 2-Aug-01 3.305 3.22 3.2572 356,400 43 16
2-Aug-01 3-Aug-01 3-Aug-01 3.175 3.1 3.1492 400,000 38 15
3-Aug-01 4-Aug-01 6-Aug-01 3.12 2.94 3.0449 357,100 31 13
6-Aug-01 7.Aug-01 7-Aug-01 3.09 3 3.0471 316,500 33 18
7-Aug-01 8-Aug-01 8-Aug-01 3.18 3.09 3.1429 336,200 31 14
8-Aug-01 9-Aug-01 9-Aug-01 3.14 3.055 3.0871 442,500 40 18
9-Aug-01 10-Aug-01 10-Aug-01 3.13 3.06 3.0945 709,600 58 19
10-Aug-01 11-Aug-01 13-Aug-01 3.09 2.915 2.9814 792,400 86 19
13-Aug-01 14-Aug-01 14-Aug-01 3.025 2.93 2.9936 405,000 37 16
14-Aug-01 15-Aug-01 15-Aug-01 3.1 3.005 3.0317 422,100 38 17
15-Aug-01 16-Augc01 16-Aug-01 3.18 3.11 3.1397 335,000 46 16
16-Aug-01 17-Aug-01 17-Aug-01 3.57 3.1675 3.4608 367,600 51 17
17-Aug-01 18-Aug-01 20-Aug-01 3.28 3.18 3.2415 415,900 47 17
20-Aug-01 21-Aug-01 21-Aug-01 3.21 3.115 3.1562 1,000,800 52 20
21.Aug-01 22-Aug-01 22-Aug-01 3.21 3.135 3.1596 637,500 44 19
22-Aug-01 23-Aug-01 23-Aug-01 3.215 3.17 3.1937 497,000 43 17
23-Aug-01 24-Aug-01 24-Aug-01 2.9 2.8 2.8647 661,300 56 19
24-Aug-01 25-Aug-01 27-Aug-01 2.815 2.73 2.7609 572,300 32 14
27-Aug-01 28-Aug-01 28-Aug-01 2.68 2.56 2.6018 912,500 62 21
28-Aug-01 29-Aug-01 29-Aug-01 2.575 2.525 2.552 1,044,400 57 18
29-Aug-01 30-Aug-01 30-Aug-01 2.49 2.4125 2.4412 1,235,700 54 22
30-Aug-01 31-Aug-01 31-Aug-01 2.53 2.41 2.4521 547,500 42 16
31-Aug-01 1-Sep-01 4-Sep-01 2.35 2.1 2.1737 341,700 31 16
4-Sep-01 5-Sep-01 5-Sep-01 2.315 2.165 2.2006 812,900 71 19
5-Sep-01 6-Sep-01 6.Sep-01 2.38 2.285 2.3321 413,400 49 17
6-Sep-01 7-Sep-01 7-Sep-01 2.455 2.35 2.3903 831,000 46 18
7-Sep-01 8-Sep-01 10-Sep-01 2.42 2.295 2.3369 401,500 41 20
10-Sep-01 11-Sep-01 11-Sep-01 2.43 2.31 2.3838 545,200 46 20
11-Sep-01 12.Sep-01 12-Sep-01 2.9 2.325 2.5035 278,100 26 15
12-Sep-01 13-Sep-01 13-Sep-01 2.5 2.4 2.4361 404,000 40 15
13-Sep-01 14-Sep-01 14-Sep-01 2.41 2.3 2.3811 356,000 39 18
14-Sep-01 15-Sep-01 17-Sep-01 2.45 2.295 2.4061 535,400 46 20
17-Sep-01 18-Sep-01 18-Sep-01 2.38 2.22 2.3432 764,500 42 16
18-Sep-01 19-5ep-01 19-5ep-01 2.22 2.15 2.1718 831,500 49 20
19-5ep-01 20-Sep-01 20-Sep-01 2.14 2.075 2.1166 911,400 57 24
20-Sep-01 21-Sep-01 21-Sep-01 2.08 2.02 2.0661 993,900 53 17
Henry
21-Sep-01 22-Sep-01 24-Sep-01 2.1 2.01 2.0294 792,100 56 19
24-Sep-01 25-Sep-01 25-Sep-01 2.02 1.89 1.9774 413,800 52 19
25-Sep-01 26-Sep-01 26-Sep-01 1.98 1.92 1.947 639,000 37 15
26-Sep"01 27-Sep-01 27-Sep-01 1.92 1.8 1.8979 794,600 45 21
27-Sep-01 28-Sep-01 30-Sep-01 1.91 1.86 1.8884 453,500 23 14
28-Sep-01 1-0ct-01 1-0ct-01 1.94 1.72 1.8628 810,800 63 21
1-0ct-01 2-0ct-01 2-0ct-01 1.82 1.73 1.7573 637,500 42 16
2-0ct-01 3-0ct-01 3-0ct-01 1.98 1.75 1.7879 712,500 61 19
3-0ct-01 4-0ct-01 4-0ct-01 2.07 1.89 1.9759 837,500 64 24
4-0ct-01 5-0ct-01 5-0ct-01 2.2 2.04 2.1294 1,034,000 66 25
5-0ct-01 6-0ct-01 8-0ct-01 2.19 2 2.1222 702,900 49 19
8.0ct-01 9-0ct-01 9-0ct-01 2.17 1.975 2.0288 646,000 57 23
9-0ct-01 10-0ct-01 10-0ct-01 2.22 2.04 2.124 550,100 54 18
10-0ct-01 11-0ct-01 11-0ct-01 2.3 2.175 2.234 644,000 57 19
11-0ct-01 12-0ct-01 12-0ct-01 2.44 2.34 2.4037 523,400 55 21
12-0ct-01 13-0ct-01 15-0ct-01 2.42 2.14 2.2681 161,500 19 13
15-0ct-01 16-0ct-01 16-0ct-01 2.36 2.19 2.2638 322,500 32 15
16-0ct-01 17-0ct-01 17-0ct-01 2.56 2.42 2.4946 454,300 39 16
17-0ct-01 18-0ct-01 18-0ct-01 2.72 2.5 2.6113 757,200 53 22
18-0ct-01 19-0ct-01 19-0ct-01 2.425 2.36 2.3991 494,000 31 10
19-0ct-01 20-0ct-01 22-0ct-01 2.4 2.255 2.3085 291,500 29 18
22-0ct-01 23-0ct-01 23-0ct-01 2.74 2.5325 2.609 518,000 46 19
23-0ct-01 24-0ct-01 24-0ct-01 2.87 2.76 2.814 672,300 50 22
24-0ct-01 25-0ct-01 25.0ct-01 2.8 2.61 2.675 1,269,400 73 21
25-0ct-01 26-0ct-01 26-0ct-01 3.21 2.9 3.1414 1,115,700 60 21
26~Oct-01 27-0ct-01 29-0ct-01 3.11 3 3.0478 1,347,800 63 24
29-0ct-01 30-0ct-01 30-0ct-01 3.25 3.15 3.2044 1,626,800 85 25
30-0ct-01 31-0ct-01 31-0ct-01 3.13 3.065 3.1006 863,200 54 25
31-0ct-01 1-Nov-01 1-Nov-01 3.2 2.9 3.0854 747,100 61 24
1-Nov-01 2-Nov-01 2-Nov-01 3.1025 2.935 3.001 842,700 86 22
2-Nov-01 3-Nov-01 5-Nov-01 3.05 2.9 2.9489 1,086,800 92 22
5-Nov-01 6-Nov-01 6-Nov-01 2.95 2.83 2.881 662,600 62 23
6-Nov-01 7-Nov-01 7-Nov-01 2.8 2.6 2.7574 963,300 90 24
7-Nov-01 8-Nov-01 8-Nov-01 2.78 2.68 2.7316 836,300 60 25
8-Nov-01 9-Nov-01 9-Nov-01 2.81 2.55 2.7209 1,035,300 104 27
9-Nov-01 10-Nov-01 12-Nov-01 2.735 2.5 2.6198 1,140,900 117 31
12-Nov-01 13-Nov-01 13-Nov-01 2.6 2.39 2.4574 1,437,300 148 29
13-Nov-01 14-Nov-01 14-Nov-01 2.49 2.35 2.3948 1,293,700 137 33
14-Nov-01 15.Nov-01 15-Nov-01 2.42 2.2 2.297 1,075,100 120 32
15-Nov-01 16-Nov-01 16-Nov-01 2.17 1.96 2.0384 1,110,000 127 32
16-Nov-01 17-Nov-01 19-Nov-01 1.92 1.6425 1.7196 1,073,500 124 28
19-Nov-01 20-Nov-01 20-Nov-01 2.46 1.93 2.0774 1,472,500 155 34
20-Nov-01 21-Nov-01 21-Nov-01 2.82 2.22 2.6179 1,539,000 166 28
21-Nov-01 22-Nov-01 26-Nov-01 2.29 1.67 1.9259 1,108,600 118 37
26-Nov-01 27-Nov-01 27-Nov-01 2.25 1.72 1.819 1,034,600 116 34
27-Nov-01 28-Nov-01 28-Nov-01 2.07 1.65 1.8922 1,349,500 144 36
28-Nov.01 29-Nov-01 29-Nov-01 2.55 1.975 2.3398 1,094,800 125 32
29-Nov-01 30-Nov-01 30-Nov-01 2.285 2.05 2.2032 969,000 115 33
30-Nov-01 1-Dec-01 3-Dec-01 2.24 1.455 1.7609 852,800 101 26
3-Dec-01 4-Dec-01 4-Dec-01 2.18 2.04 2.1036 937,800 87 24
4-Dec-01 5-Dec-01 5-Dec-01 2.1 1.9 1.9861 1,462,400 96 31
5-Dec-01 6-Dec-01 6-Dec-01 2.01 1.69 1.9033 1,273,800 145 35
6-Dec-01 7-Dec-01 7-Dec-01 2.1 1.71 1.8145 978,700 113 32
7-Dec-01 8-Dec-01 10-Dec-01 2.22 1.99 2.1227 1,270,800 131 34
10-Dec-01 11-Dec-01 11-Dec-01 2.455 2.14 2.3106 1,175,400 140 31
11-Dec-01 12-Dec-01 12-Dec-01 2.6 2.43 2.5445 1,366,500 155 33
12-Dec-01 13-Dec-01 13-Dec-01 2.58 2.35 2.4991 1,384,700 144 34
13-Dec-01 14-Dec-01 14-Dec-01 2.51 2.37 2.4176 1,001,000 116 34
14-Dec-01 15-Dec-01 17-Dec-01 2.54 2.33 2.4015 1,296,500 111 29
17-Dec-01 18-Dec-01 18-Dec-01 2.59 2.49 2.5461 893,100 107 31
18-Dec-01 19-Dec.01 19-Dec-01 2.57 2.48 2.5428 872,700 98 30
19-Dec-01 20-Dec-01 20-Dec-01 2.665 2.54 2.6161 1,824,200 156 35
20-Dec-01 21-Dec-01 21-Dec-01 2.64 2.49 2.5976 1,218,900 123 31
Henry
21-Dec-01 22-Dec-01 26-Dec-01 2.79 2.56 2,6279 845,600 101 28
26-Dec-01 27-Dec-01 27-Dec-01 3.005 2.83 2.9561 1,002,300 106 30
27-Dec-01 28-Dec-01 28-Dec-01 2.71 2.535 2.6302 935,100 103 28
28-Dec-01 29-Dec-01 31-Dec-01 2.78 2.59 2.6544 1,487,900 165 31
31-Dec-01 1-Jan-02 2-Jan-02 2.81 2.615 2.732 1,511,900 163 29
2-Jan-02 3-Jan-02 3-Jan-02 2.625 2.49 2.5621 1,354,000 152 35
3-Jan-02 4-Jan-02 4-Jan-02 2.56 2.4475 2.4931 1,211,800 136 33
4-Jan-02 5-Jan-02 7-Jan-02 2.4 2.305 2.3551 2,048,300 224 37
7-Jan-02 8-Jan-02 8-Jan-02 2.395 2.23 2.2947 1,712,100 189 34
8-Jan-02 9-Jan-02 9-Jan-02 2.415 2.33 2.3814 2,343,600 212 38
9-Jan-02 10-Jan-02 10-Jan-02 2.36 2.26 2.3096 2,520,800 226 38
10-Jan-02 11-Jan-02 11-Jan-02 2.35 2.29 2.3186 1,764,400 186 37
11-Jan-02 12-Jan-02 14-Jan-02 2.345 2.22 2.2974 2,023,800 234 35
14-Jan-02 15-Jan-02 15-Jan-02 2.375 2.25 2.3141 1,780,200 186 36
15-Jan-02 16-Jan-02 16-Jan-02 2.395 2.3 2.3609 2,188,500 198 39
16-Jan-02 17-Jan-02 17-Jan-02 2.425 2.3 2.3922 1,864,400 199 37
17-Jan-02 18-Jan-02 18-Jan-02 2.505 2.28 2.4129 2,040,700 184 33
18-Jan-02 19-Jan-02 22-Jan-02 2.305 2.2625 2.2863 1,912,200 194 38
21-Jan-02 23-Jan-02 23-Jan-02 2.25 2.22 2.2321 35,000 4 5
22-Jan-02 23-Jan-02 23-Jan-02 2.275 2.13 2.1898 1,826,300 199 36
23-Jan-02 24-Jan-02 24-Jan-02 2.16 2.0875 2.1094 2,197,000 185 35
24-Jan-02 25-Jan-02 25-Jan-02 2.1525 2.0825 2.1226 2,131,400 197 34
25-Jan-02 26-Jan-02 28-Jan-02 2.0575 2.01 2.0295 1,843,800 199 34
28-Jan-02 29-Jan-02 29-Jan-02 2.0375 1.9875 2.0136 1,763,000 150 34
29-Jan-02 30-Jan-02 30-Jan-02 2.03 1.93 1.9712 1,643,400 146 33
30.Jan-02 31-Jan-02 31-Jan-02 2.13 2.02 2.0732 1,607,400 136 28
31-Jan-02 1-Feb-02 1-Feb-02 2.2175 2.08 2.1377 2,928,100 233 36
1-Feb-02 2-Feb-02 4-Feb-02 2.235 2.14 2.1925 3,364,100 228 36
4-Feb-02 5-Feb-02 5-Feb-02 2.245 2.1375 2.1751 2,624,000 202 37
5-Feb-02 6-Feb-02 6-Feb-02 2.2175 2.155 2.1996 1,906,900 145 32
6-Feb.02 7-Feb-02 7-Feb-02 2.17 2.11 2.1379 2,374,400 177 34
7-Feb-02 8-Feb-02 8-Feb-02 2.185 2.12 2.1649 3,183,900 211 33
8-Feb-02 9-Feb-02 11-Feb-02 2.29 2.18 2.2126 2,768,200 195 35
11-Feb-02 12-Feb-02 12-Feb-02 2.26 2.18 2.2136 2,514,700 208 34
12-Feb-02 13-Feb-02 13-Feb-02 2.425 2.3325 2.3934 3,341,200 286 34
13-Feb-02 14-Feb-02 14-Feb-02 2.39 2.3325 2.3706 3,438,800 284 35
14-Feb-02 15-Feb-02 15-Feb-02 2.315 2.22 2.2716 4,785,000 327 36
15-Feb-02 16-Feb-02 19-Feb-02 2.25 2.1575 2.1865 4,719,100 360 37
19-Feb-02 20-Feb-02 20-Feb-02 2.39 2.28 2.319 3,161,200 233 32
20-Feb-02 21-Feb-02 21-Feb-02 2.47 2.32 2.432 2,954,400 214 33
21-Feb-02 22-Feb-02 22-Feb-02 2.43 2.3575 2.3992 3,439,900 298 33
22-Feb-02 23-Feb-02 25-Feb-02 2.44 2.365 2.4035 2,802,400 265 33
25-Febc02 26-Feb-02 26-Feb-02 2.42 2.3675 2.4 2,361,700 188 34
26-Feb-02 27-Feb-02 27-Feb-02 2.485 2.355 2.4576 2,377,200 181 35
27-Feb-02 28-Feb-02 28-Feb-02 2.4975 2.42 2.4822 2,935,800 235 31
28-Feb-02 1-Mar-02 1-Mar-02 2.54 2.44 2.483 2,187,300 183 33
1-Mar-02 2-Mar-02 4-Mar-02 2.6 2.445 2.4984 2,109,800 208 34
4-Mar-02 5-Mar-02 5-Mar-02 2.75 2.55 2.6654 2,811,700 250 36
5-Mar-02 6-Mar-02 6-Mar-02 2.6925 2.53 2.6292 3,363,400 332 41
6-Mar-02 7-Mar-02 7-Mar-02 2.64 2.48 2.5262 2,672,100 261 34
7-Mar-02 8-Mar-02 8-Mar-02 2.84 2.67 2.7342 3,101,700 271 40
8-Mar-02 9-Mar-02 11-Mar-02 2.8625 2.725 2.8182 2,136,800 193 32
11-Mar-02 12-Mar-02 12-Mar-02 2.9475 2.81 2.9012 2,255,700 211 39
12-Mar-02 13-Mar-02 13-Mar-02 3.02 2.85 2.9424 2,356,200 231 39
13-Mar-02 14-Mar-02 14-Mar-02 3.03 2.93 2.9647 2,592,800 258 34
14-Mar-02 15-Mar-02 15-Mar-02 2.83 2.76 2.7894 2,653,200 265 35
15-Mar-02 16-Mar-02 18-Mar-02 3.05 2.96 2.99 2,047,300 184 34
18-Mar-02 19.Mar-02 19-Mar-02 3.27,3.125 3.16 1,921,000 163 34
19-Mar-02 20-Mar-02 20-Mar-02 3.355 3.27 3.3278 2,649,300 196 39
20cMar-02 21-Mar~02 21-Mar-02 3.315 3.275 3.2952 2,196,300 201 36
21-Mar-02 22-Mar-02 22-Mar-02 3.2825 3.16 3.1933 2,147,700 177 41
22-Mar-02 23-Mar-02 25-Mar-02 3.61 3.375 3.567 2,961,800 217 37
25-Mar-02 26-Mar-02 26-Mar-02 3.555 3.4 3.4577 2,115,000 190 33
Henry
26-Mar-02 27-Mar-02 27-Mar-02 3.62 3.55 3.5902 2,093,700 205 37
27-Mar-02 28-Mar-02 31-Mar-02 3.45 3.2 3.3567 1,126,700 111 31
28-Mar-02 l-Apr-02 l-Apr-02 3.31 3.1075 3.1844 1,855,700 173 33
l-Apr-02 2-Apr-02 2-Apr-02 3.585 3.34 3.4206 1,375,600 138 34
2-Apr-02 3-Apr-02 3-Apr-02 3.775 3.63 3.7163 2,364,500 216 37
3-Apr-02 4-Apr-02 4-Apr-02 3.72 3.6 3.6761 2,028,100 204 36
4-Apr-02 5-Apr-02 5-Apr-02 3.62 3.39 3.5573 3,029,900 242 42
5-Apr-02 6-Apr-02 8-Apr-02 3.365 3.23 3.3123 2,428,900 223 36
8-Apr-02 9-Apr-02 9-Apr-02 3.4125 3.31 3.3538 1,986,700 182 38
9-Apr-02 10-Apr-02 10-Apr-02 3.27 3.2 3.2473 2,552,200 202 40
10-Apr-02 ll-Apr-02 ll-Apr-02 3.305 3.225 3.2513 2,009,900 184 34
ll-Apr-02 12-Apr-02 12-Apr-02 3.18 3.04 3.1414 3,025,000 246 33
12-Apr-02 13-Apr-02 15-Apr-02 3.24 3.0325 3.078 2,589,800 229 36
15-Apr-02 16-Apr-02 16-Apr-02 3.35 3.175 3.278 2,082,600 201 34
16-Apr-02 17-Apr-02 17-Apr-02 3.54 3.37 3.4415 2,084,900 188 38
17-Apr-02 18-Apr-02 18-Apr-02 3.43 3.3625 3.3961 1,707,200 156 39
18-Apr-02 19-Apr-02 19-Apr-02 3.53 3.4475 3.5042 2,298,800 177 36
19-Apr-02 20-Apr-02 22-Apr-02 3.46 3.365 3.3909 2,080,400 193 35
22-Apr-02 23-Apr-02 23-Apr-02 3.6 3.5425 3.5779 2,264,300 232 37
23-Apr-02 24-Apr-02 24-Apr-02 3.68 3.605 3.6292 1,905,400 175 35
24-Apr-02 25-Apr-02 25-Apr-02 3.5525 3.5125 3.5285 1,922,500 179 32
25-Apr-02 26-Apr-02 26-Apr-02 3.485 3.3825 3.4651 1,673,600 161 34
26-Apr-02 27-Apr-02 29-Apr-02 3.36 3.245 3.3218 1,116,500 106 28
29-Apr-02 30-Apr-02 30-Apr-02 3.555 3.38 3.4398 1,928,700 166 31
30-Apr-02 l-May-02 l-May-02 3.66 3.61 3.6461 1,620,200 137 28
l-May-02 2-May-02 2-May-02 3.82 3.75 3.7888 2,327,000 172 34
2-May-02 3-May-02 3-May-02 3.67 3.56 3.6512 1,787,400 148 30
3-May-02 4-May-02 6-May-02 3.755 3.56 3.7136 3,158,900 273 37
6-May-02 7-May-02 7-May-02 3.655 3.58 3.6094 1,929,300 169 35
7-May-02 8-May-02 8-May-02 3.57 3.4675 3.4923 2,132,100 173 33
8-May-02 9-May-02 9-May-02 3.88 3.68 3.7268 1,628,500 156 37
9-May-02 10-May-02 10-May-02 3.7525 3.65 3.7188 2,236,200 171 33
10-May-02 ll-May-02 13-May-02 3.7275 3.64 3.7027 1,801,400 158 34
13-May-02 14-May-02 14-May-02 3.65 3.555 3.6088 1,655,400 147 39
14-May-02 15-May-02 15-May-02 3.815 3.6 3.7498 1,383,800 129 35
15-May-02 16-May-02 16-May-02 3.7 3.55 3.6156 1,466,000 121 36
16-May-02 17-May-02 17-May-02 3.53 3.41 3.4489 1,693,100 154 36
17-May-02 18-May-02 20-May-02 3.495 3.355 3.4121 1,628,300 138 36
20-May-02 21-May-02 21-May-02 3.4775 3.36 3.4425 1,288,200 118 37
21-May-02 22-May-02 22-May-02 3.4 3.3 3.3304 1,313,300 123 37
22-May-02 23-May-02 23-May-02 3.41 3.34 3.3712 1,280,800 129 36
23-May-02 24-M¡;y-02 24-May-02 3.4075 3.28 3.3818 1,149,200 113 33
24-May-02 25-May-02 28-May-02 3.245 3.165 3.2146 829,200 91 33
28-May-02 29-May-02 29-May-02 3.29 3.165 3.2115 1,144,900 118 39
29-May-02 30-May-02 30-May-02 3.33 3.245 3.295 864,700 91 32
30-May-02 31-May-02 31-May-02 3.38 3.165 3.338 891,900 94 31
31-May-02 l-Jun-02 3-Jun-02 3.19 3.12 3.1548 1,640,900 173 34
3-Jun-02 4-Jun-02 4-Jun-02 3.275 3.1425 3.1821 1,998,100 175 30
4-Jun-02 5-Jun-02 5-Jun-02 3.33 3.25 3.2962 2,015,800 190 33
5-Jun-02 6-Jun-02 6-Jun-02 3.325 3.18 3.28 2,396,200 179 32
6-Jun-02 7-Jun-02 7-Jun-02 3.2525 3.1 3.1993 1,866,600 153 33
7-Jun-02 8-Jun-02 10-Jun-02 3.19 3.0725 3.1079 1,994,600 167 35
10-Jun-02 l1-Jun-02 ll-Jun-02 3.165 3.1175 3.1366 1,581,900 133 31
l1-Jun-02 12-Jun-02 12-Jun-02 3.165 3.06 3.1023 1,821,900 185 33
12-Jun-02 13-Jun-02 13-Jun-02 3.165 3.075 3.1464 1,776,700 155 34
13-Jun-02 14-Jun-02 14-Jun-02 3.135 2.995 3.0338 1,750,900 168 37
14-Jun-02 15-Jun-02 17-Jun-02 3.17 3.1 3.1243 1,712,900 160 33
17-Jun-02 18-Jun-02 18-Jun-02 3.365 3.27 3.3395 1,465,700 149 36
18-Jun-02 19-Jun-02 19-Jun-02 3.2675 3.2 3.2289 1,408,500 143 30
19-Jun-02 20-Jun-02 20-Jun-02 3.29 3.1825 3.2269 1,795,200 166 32
20-Jun-02 21-Jun-02 21-Jun-02 3.33 3.18 3.2905 1,886,900 152 30
21-Jun-02 22-Jun-02 24-Jun-02 3.1875 3.135 3.1677 1,669,100 160 36
24-Jun-02 25-Jun-02 25-Jun-02 3.385 3.295 3.3282 1,788,500 159 34
Henry
25-Jun-02 26-Jun-02 26-Jun-02 3.51 3.4475 3.4895 1,975,500 173 34
26-Jun-02 27-Jun-02 27-Jun-02 3.475 3.35 3.4217 1,790,000 159 33
28-Jun-02 1-Jul-02 1-Jul-02 3.27 3.16 3.1994 1,442,000 130 32
1-Jul-02 2-Jul-02 2-Jul-02 3.285 3.24 3.2671 1,213,900 127 28
2-Jul-02 3.Jul-02 3-Jul-02 3.185 3.14 3.1713 1,165,500 119 31
3-Jul-02 4-Jul-02 8-Jul-02 3.1275 3.06 3.0948 1,066,400 95 35
8-Jul-02 9-Jul-02 9-Jul-02 3.09 2.99 3.0605 1,262,800 122 33
9-Jul-D2 10-Jul-02 10-Jul-02 3.03 2.945 2.9769 1,177,500 123 39
10-Jul-02 11-Jul-02 11-Jul-02 3.08 3 3.0346 1,171,900 109 35
11-Jul-02 12-Jul-02 12-Jul-02 2.8725 2.8 2.8539 1,395,000 116 37
12-Jul-02 13-Jul-02 15-Jul-02 2.905 2.73 2.8618 1,047,300 111 35
15-Jul-02 16-Jul-02 16-Jul-02 2.9 2.78 2.8303 1,072,700 117 34
16-Jul-02 17-Jul-02 17-Jul-02 2.97 2.825 2.8897 1,114,700 128 37
17-Jul-02 18-Jul-02 18-Jul-02 3.01 2.86 2.9654 853,500 96 29
18-Jul-02 19-Jul-02 19-Jul-02 3 2.81 2.8545 788,200 82 30
19-Jul-02 20-Jul-02 22-Jul-02 3.01 2.84 2.9503 960,500 91 25
22-Jul-02 23-Jul-02 23-Jul-02 3.04 2.95 3.0125 915,500 99 29
23-Jul-02 24-Jul-02 24-Jul-02 2.995 2.93 2.9599 1,430,200 136 29
24-Jul-02 25-Jul-02 25-Jul-02 2.9525 2.86 2.9145 963,400 85 31
25-Jul-02 26-Jul-02 26-Jul-02 3.115 2.88 3.0508 1,607,300 154 32
26-Jul-02 27-Jul-02 29-Jul-02 2.9725 2.9 2.9416 1,427,200 140 31
29-Jul-02 30-Jul-02 30-Jul-02 3.145 3.005 3.0684 967,500 97 34
30-Jul-02 31-Jul-02 31-Jul-02 3 2.9175 2.9758 890,800 93 28
31-Jul-02 1-Aug-02 1-Aug-02 3.085 3 3.0339 855,000 87 33
1-Aug-02 2-Aug-02 2-Aug-02 3.11 2.99 3.0594 911,500 88 31
2-Aug-02 3-Aug-02 5-Aug-02 2.99 2.86 2.9043 725,500 79 33
5-Aug-02 6-Aug-02 6-Aug-02 2.8325 2.785 2.8093 785,200 80 32
6-Aug-02 7-Aug-02 7-Aug-02 2.83 2.75 2.7948 1,004,900 93 34
7-Aug-02 8-Aug-02 8-Aug-02 2.76 2.705 2.7282 1,480,100 111 35
8-Aug-02 9-Aug-02 9-Aug-02 2.855 2.7175 2.7529 734,600 78 31
9-Aug-02 10-Aug-02 12-Aug-02 2.86 2.75 2.8267 1,048,900 98 32
12-Aug-02 13-Aug-02 13-Aug-02 2.93 2.87 2.906 855,000 89 33
13-Aug-02 14-Aug-02 14-Aug-02 3.06 2.93 3.0131 1,078,500 122 34
14-Aug-02 15-Aug-02 15-Aug-02 3.075 2.99 3.0289 802,100 76 26
15-Aug-02 16-Aug-02 16-Aug-02 3.18 2.875 2.9162 800,600 87 28
16-Aug-02 17-Aug-02 19-Aug-02 3.145 3.06 3.0952 807,000 87 33
19-Aug-02 20-Aug-02 20-Aug-02 3.15 3.075 3.1009 750,900 76 29
20-Aug-02 21-Aug-02 21-Aug-02 3.31 3.2375 3.2578 1,014,000 105 29
21-Aug-02 22-Aug-02 22-Aug-02 3.29 3.16 3.2202 894,200 95 30
22-Aug-02 23-Aug-02 23-Aug-02 3.485 3.295 3.3642 883,100 95 32
23-Aug-02 24-Aug-02 26-Aug-02 3.5225 3.42 3.4825 773,700 82 31
26-Aug-02 27-Aug-02 27-Aug-02 3.565 3.45 3.5058 847,900 99 31
27-Aug-02 28-Aug-02 28-Aug-02 3.55 3.44 3.4761 886,300 86 33
28-Aug-02 29-Aug-02 29-Aug-02 3.385 3.2475 3.3161 939,100 98 34
29-Aug-02 30-Aug-02 31-Aug-02 3.29 3.08 3.2457 641,800 72 33
30-Aug-02 1-Sep-02 3-Sep-02 3.165 3.07 3.1225 796,000 87 30
3-Sep-02 4-Sep-b2 4-Sep-02 3.125 3.075 3.1031 645,200 71 31
4-Sep-02 5-Sep-02 5-Sep-02 3.26 3.09 3.1293 866,700 81 29
5-Sep-02 6-Sep-02 6-Sep-02 3.3 3.125 3.2021 829,100 91 31
6-Sep-02 7-Sep-02 9-Sep-02 3.435 3.34 3.3859 952,000 99 27
9-Sep-02 10-Sep-02 10-Sep-02 3.31 3.18 3.2296 765,600 97 33
19-5ep-02 11-Sep-02 11-Sep-02 3.41 3.315 3.3549 1,289,200 104 28
11-Sep-02 12-Sep-02 12-Sep-02 3.34 3.315 3.3295 768,600 84 26
12-Sep-02 13-Sep-02 13-Sep-02 3.24 3.18 3.2193 679,300 66 27
13-Sep-02 14-Sep-02 16-Sep-02 3.475 3.3225 3.3673 887,900 91 28
16-Sep-02 17-Sep-02 17-Sep-02 3.51 3.415 3.4541 605,700 72 24
17-Sep-02 18-Sep-02 18-Sep-02 3.67 3.4275 3.4617 955,800 92 26
18-Sep-02 19-5ep-02 19-5ep-02 3.8375 3.75 3.7978 799,700 80 27
19-5ep-02 20-Sep-02 20-Sep-02 3.93 3.84 3.9007 777,500 62 28
20-Sep-02 21-Sep-02 23-Sep-02 4.02 3.8 3.9376 787,800 87 26
23-Sep-02 24"Sep-02 24-Sep-02 3.97 3.84 3.8751 864,400 85 28
24-Sep-02 25-Sep-02 25-Sep-02 4.08 3.85 4.0041 526,900 52 25
25-Sep-02 26-Sep-02 26-Sep-02 3.83 3.7 3.7594 235,300 27 17
Henry
26-Sep-02 27-Sep-02 27-Sep-02 3.7 3.55 3.612 316,000 39 22
27-Sep-02 28-Sep-02 30-Sep-02 3.87 3.7 3.7654 400,300 47 22
30-Sep-02 1-0ct-02 1-0ct-02 4.19 4.01 4.0889 920,600 90 29
1-0ct-02 2-0ct-02 2-0ct-02 4.57 4.17 4.3981 632,000 74 29
2-0ct-02 3-0ct-02 3-0ct-02 4.45 4.15 4.2628 532,300 50 21
3-0ct-02 4-0ct-02 4-0ct-02 4.385 3.98 4.2283 394,200 41 17
4-0ct-02 5-0ct-02 7-0ct-02 3.95 3.75 3.8586 856,700 90 27
7-0ct-02 8-0ct-02 8-0ct-02 3.82 3.74 3.7744 830,100 85 25
8-0ct-02 9-0ct-02 9-0ct-02 3.905 3.795 3.8588 737,900 84 32
9-0ct-02 10-0ct-02 10-0ct-02 3.935 3.86 3.9127 791,200 78 33
10-0ct-02 11-0ct-02 11-0ct-02 3.985 3.75 3.9392 668,600 70 30
11-0ct-02 12-0ct-02 14-0ct-02 4.035 3.7575 3.799 946,600 77 32
14-0ct-02 15-0ct-02 15-0ct-02 4.25 4.15 4.1876 776,500 80 29
15-0ct-02 16-0ct-02 16-0ct-02 4.2475 4.08 4.1941 781,700 78 29
16-0ct-02 17-0ct-02 17-0ct-02 4.14 4.05 4.0981 705,500 76 30
17-0ct-02 18-0ct-02 18-0ct-02 4.17 4.07 4.0957 606,000 57 25
18-0ct-02 19-0ct-02 21-0ct-02 4.15 4.09 4.1108 682,500 59 24
21-0ct-02 22-0ct-02 22-0ct-02 4.3325 4.17 4.2328 555,700 59 26
22-0ct-02 23-0ct-02 23-0ct-02 4.255 4.15 4.2013 957,000 72 27
23-0ct-02 24-0ct-02 24-0ct-02 4.275 4.21 4.2368 868,200 87 29
24-0ct-02 25-0ct-02 25-0ct-02 4.34 4.23 4.3062 980,600 86 28
25-0ct-02 26-0ct.02 28-0ct-02 4.145 4.07 4.1155 902,100 87 31
28.0ct-02 29-0ct-02 29-0ct-02 4.21 4.125 4.1648 665,700 65 25
29-0ct-02 30.0ct-02 30-0ct-02 4.28 4.135 4.1948 435,800 52 26
30-0ct-02 31-0ct-02 31-0ct-02 4.395 4.3 4.3346 896,200 81 27
31-0ct-02 1-Nov-02 1-Nov-02 4.44 4.15 4.3907 871,100 90 29
1-Nov-02 2-Nov-02 4-Nov-02 4.1 4.01 4.0671 845,500 76 26
4-Nov-02 5-Nov-02 5-Nov-02 4.02 3.9 3.9411 513,400 55 26
5-Nov-02 6-Nov-02 6-Nov.02 3.94 3,86 3.9005 665,800 76 25
6-Nov-02 7-Nov-02 7-Nov-02 3.955 3.86 3.924 789,300 68 27
7-Nov-02 8-Nov-02 8-Nov-02 3.96 3.855 3.9021 599,200 58 27
8-Nov-02 9-Nov-02 11-Nov-02 3.92 3.7 3.7631 646,500 60 29
11-Nov-02 12-Nov-02 12-Nov-02 3.8675 3.8 3.8261 647,200 73 24
12-Nov-02 13-Nov-02 13-Nov-02 3.885 3.76 3.8311 957,300 81 23
13-Nov-02 14-Nov-02 14-Nov-02 3.855 3.77 3.8298 713,500 76 30
14-Nov-02 15-Nov-02 15-Nov-02 3.94 3.82 3.8969 752,900 69 28
15-Nov-02 16-Nov-02 18-Nov-02 3.965 3.875 3.9148 643,700 63 25
18-Nov-02 19-Nov-02 19-Nov-02 4.22 4.1475 4.1823 712,200 68 26
19-Nov-02 20-Nov-02 20-Nov-02 4.305 4.165 4.2493 756,100 78 30
20-Nov-02 21-Nov-02 21-Nov-02 4.35 4.2 4.2724 1,004,600 97 25
21-Nov-02 22-NoÍJ-02 22-Nov-02 4.3 4.205 4.2441 694,000 73 27
22-Nov-02 23-Nov-02 25-Nov-02 4.355 4.25 4.3224 519,200 62 25
25-Nov-02 26-Nov-02 26-Nov-02 4.35 4.3 4.3336 430,400 51 25
26-Nov-02 27-Nov-02 30-Nov-02 4.25 4.1925 4.2251 877,200 75 26
27-Nov-02 1-Dec-02 2-Dec-02 4.21 4.15 4.187 782,800 73 23
2-Dec-02 3.Dec-02 3-Dec-02 4.29 4.15 4.2249 1,098,400 98 32
3-Dec-02 4-Dec-02 4-Dec-02 4.385 4.23 4.3517 1,386,400 78 30
4-Dec-02 5-Dec-02 5-Dec-02 4.34 4.185 4.2385 1,148,300 102 31
5-Dec-02 6-Dec-02 6-Dec-02 4.39 4.26 4.3521 1,129,900 111 33
6-Dec-02 7-Dec-02 9-Dec-02 4.43 4.34 4.3895 887,000 85 32
9-Dec-02 10-Dec-02 10-Dec-02 4.35 4.29 4.3186 997,600 78 29
10-Dec-02 11-Dec-02 11-Dec-02 4.56 4.3625 4.3984 1,011,600 78 30
11-Dec-02 12.Dec-02 12-Dec-02 4.7 4.6 4.6353 1,310,500 111 26
12-Dec-02 13-Dec-02 13-Dec-02 5 4.75 4.8121 961,500 75 28
13-Dec-02 14-Dec-02 16-Dec-02 5.205 4.96 5.0457 1,215,600 104 32
16-Dec-02 17-Dec-02 17-Dec-02 5.405 5.1 5.3119 859,600 71 29
17-Dec-02 18-Dec-02 18-Dec-02 5.26 5.03 5.1351 1,345,500 107 32
18-Dec-02 19-Dec-02 19-Dec-02 5.1 4.89 4.9828 1,342,500 121 34
19-Dec-02 20-Dec-02 20-Dec-02 5.2 5.0725 5.1409 1,376,600 119 35
20-Dec-02 21-Dec-02 23-Dec-02 5.105 5 5.0472 1,222,800 114 33
23-Dec-02 24-Dec-02 26-Dec-02 5.075 4.95 5.0293 1,061,400 105 30
26-Dec-02 27-Dec-02 27-Dec-02 5.05 4.815 4.9847 768,600 75 29
27-Dec-02 28-Dec-02 30-Dec-02 4.91 4.675 4.8038 787,300 72 28
Henry
30-Dec-02 31-Dec-02 31-Dec-02 4.8375 4.665 4.7409 532,000 62 26
31-Dec-02 1-Jan-03 2-Jan-03 4.61 4.56 4.593 595,400 61 27
2-Jan-03 3-Jan-03 3-Jan-03 5.13 4.86 4.928 631,300 51 28
3-Jan-03 4-Jan-03 6-Jan-03 5.21 5.105 5.1321 942,500 82 28
6-Jan-03 7-Jan-03 7-Jan-03 5.02 4.8 4.9464 758,700 75 27
7-Jan-03 8-Jan-03 8-Jan-03 4.93 4.82 4.8897 727,500 73 28
8-Jan-03 9-Jan-03 9-Jan-03 5.185 5.03 5.0734 732,600 64 26
9-Jan-03 10-Jan-03 10-Jan-03 5.095 4.9 5.0447 618,800 53 29
10-Jan-03 11-Jan-03 13-Jan-03 5.29 5.05 5.1863 785,400 99 34
13-Jan-03 14-Jan-03 14-Jan-03 5.28 5.17 5.2249 794,700 85 28
14-Jan-03 15-Jan-03 15-Jan-03 5.28 5.12 5.2507 1,193,500 100 30
15-Jan-03 16-Jan-03 16-Jan-03 5.43 5.15 5.2085 825,200 82 32
16-Jan-03 17-Jan-03 17-Jan-03 5.65 5.475 5.5053 895,900 84 36
17-Jan-03 18-Jan-03 21-Jan-03 5.73 5.49 5.6563 822,700 83 33
21-Jan-03 22-Jan-03 22-Jan-03 5.525 5.43 5.4742 633,500 78 36
22-Jan-03 23-Jan-03 23-Jan-03 6.35 5.5325 5.7211 751,400 87 36
23-Jan-03 24-Jan-03 24-Jan-03 6.8 6.05 6.5348 679,500 99 37
24-Jan-03 25-Jan-03 27-Jan-03 6.35 5.65 5.9308 1,011,700 118 36
27-Jan-03 28-Jan-03 28-Jan-03 6.115 5.68 5.9111 884,100 96 37
28-Jan-03 29-Jan-03 29-Jan-03 5.69 5.44 5.507 869,700 93 36
29-Jan-03 30-Jan-03 30-Jan-03 5.71 5.55 5.6202 573,600 62 30
30-Jan-03 31-Jan-03 31-Jan-03 5.87 5.6 5.7675 510,500 61 30
31-Jan-03 1-Feb-03 3-Feb-03 5.67 5.55 5.5848 1,063,700 114 34
3-Feb-03 4-Feb-03 4-Feb-03 5.87 5.62 5.7102 1,009,900 106 37
4-Feb-03 5-Feb-03 5-Feb-03 6.49 6.05 6.2624 958,100 108 38
5-Feb-03 6-Feb-03 6-Feb-03 6.365 5.9 6.2231 1,217,700 119 33
6-Feb-03 7-Feb-03 7-Feb-03 6.14 6 6.0817 671,900 73 33
7-Feb-03 8-Feb-03 10-Feb-03 6.38 6.25 6.2964 842,300 99 34
10-Feb-03 11-Feb-03 11-Feb-03 6.46 6.2825 6.3443 608,300 77 31
11-Feb-03 12-Feb-03 12-Feb-03 6.27 6.08 6.1877 998,300 118 32
12-Feb-03 13-Feb-03 13-Feb-03 6.25 5.98 6.192 829,100 90 30
13-Feb-03 14-Feb-03 14-Feb-03 5.925 5.75 5.825 671,500 68 31
14-Feb-03 15-Feb-03 18-Feb-03 5.93 5.79 5.8826 1,042,000 113 35
18-Feb-03 19-Feb-03 19-Feb-03 6.16 6.04 6.0932 967,100 100 29
19-Feb-03 20-Feb-03 20-Feb-03 6.4 6.04 6.094 829,700 91 36
20-Feb-03 21-Feb-03 21-Feb-03 6.42 6.33 6.385 765,300 81 35
21-Feb-03 22-Feb-03 24-Feb-03 7.55 6.5 6.7512 823,400 111 38
24-Feb-03 25-Feb-03 25-Feb-03 16 8.4 11.9563 630,000 82 33
25-Feb-03 26-Feb-03 26-Feb-03 22 16 18.4137 656,600 82 34
26-Feb-03 27-Feb-03 27-Feb-03 12.5 9 10.4661 278,700 34 25
27-Feb-03 28-Feb-03 28-Feb-03 9.4 8.18 8.4235 691,900 73 34
28-Feb-03 1-Mar-03 3-Mar-03 12 10.15 10.7793 472,000 56 26
3-Mar-03 4-Mar-03 4-Mar-03 9.35 7.99 8.5016 266,400 33 25
4-Mar-03 5-Mar-03 5-Mar-03 8.3 7.35 7.7286 486,200 72 33
5-Mar-03 6-Mar-03 6-Mar-03 8.05 7.3 7.8008 324,400 41 30
6-Mar-03 7-Mar-03 7-Mar-03 7.93 7.07 7.5714 499,200 58 32
7-Mar-03 8-Mar-03 10-Mar-03 7.7 7.2 7.415 467,700 58 30
10-Mar-03 11-Mar-03 11-Mar-03 7.15 6.685 6.7834 434,100 52 33
11-Mar-03 12-Mar.03 12-Mar-03 6.305 6.16 6.2459 372,500 48 30
12-Mar-03 13-Mar-03 13-Mar-03 5.98 5.69 5.7983 476,000 58 30
13-Mar-03 14-Mar-03 14-Mar-03 5.83 5.3 5.7159 318,700 44 28
14-Mar-03 15-Mar-03 17-Mar-03 5.24 5.07 5.1732 408,900 53 26
17-Mar-03 18-Mar-03 18-Mar-03 5.41 5.19 5.3188 456,900 55 25
18-Mar-03 19-Mar-03 19-Mar-03 5.2 5.09 5.1279 546,900 57 26
19-Mar-03 20-Mar-03 20-Mar-03 5.235 5.15 5.195 471,900 57 27
20-Mar-03 21-Mar-03 21-Mar-03 5.4125 5.145 5.2085 534,700 64 27
21-Mar-03 22-Mar-03 24-Mar-03 5.12 5.01 5.0562 619,500 79 26
24-Mar-03 25-Mar-03 25-Mar-03 5.16 5 5.0718 621,000 64 28
25-Mar-03 26-Mar-03 26-Mar-03 5.1275 4.97 5.0653 798,600 65 25
26-Mar-03 27-Mar-03 27-Mar-03 5.02 4.84 4.9002 548,400 54 26
27-Mar-03 28-Mar-03 28-Mar-03 5.01 4.805 4.8745 514,700 59 27
28-Mar-03 29-Mar-03 31-Mar-03 5.14 4.925 5.0612 365,800 40 23
31-Mar-03 1-Apr-03 1-Apr-03 5.165 4.815 5.0109 509,900 66 31
Henry
1-Apr-03 2-Apr-03 2-Apr-03 5.01 4.84 4.9 505,100 68 29
2-Apr-03 3-Apr-03 3-Apr-03 4.965 4.83 4.8861 555,000 68 28
3-Apr-03 4-Apr-03 4-Apr-03 4.94 4.87 4.9121 490,700 56 23
4-Apr-03 5-Apr-03 7-Apr-03 4.895 4.8325 4.8615 272,200 38 22
7-Apr-03 8-Apr-03 8-Apr-03 5.27 4.87 4.9822 450,500 57 25
8-Apr-03 9-Apr-03 9-Apr-03 5.24 5.17 5.2137 429,400 61 31
9-Apr-03 10-Apr-03 10-Apr-03 5.1325 5.08 5.1089 378,000 51 24
10-Apr-03 11-Apr-03 11-Apr-03 5.39 5.14 5.1875 465,700 57 25
11-Apr-03 12-Apr-03 14-Apr-03 5.305 5.25 5.278 449,300 62 27
14-Apr-03 15-Apr-03 15-Apr-03 5.44 5.21 5.2891 515,200 60 24
15-Apr-03 16-Apr-03 16-Apr-03 5.62 5.455 5.5303 535,100 87 28
16-Apr-03 17-Apr-03 17-Apr-03 5.75 5.38 5.6131 574,700 73 28
17-Apr-03 18-Apr-03 21-Apr-03 5.61 5.45 5.5427 525,300 68 28
21-Apr-03 22-Apr-03 22-Apr-03 5.62 5.49 5.5535 397,200 56 26
22-Apr-03 23-Apr-03 23-Apr-03 5.63 5.55 5.579 390,800 52 26
23-Apr-03 24-Apr-03 24-Apr-03 5.625 5.47 5.5832 462,100 57 28
24-Apr-03 25-Apr-03 25-Apr-03 5.5 5.41 5.4634 295,500 46 22
25-Apr-03 26-Apr-03 28-Apr-03 5.45 5.35 5.3873 354,500 39 22
28-Apr-03 29-Apr-03 29-Apr-03 5.35 5.28 5.2992 317,800 41 23
29-Apr-03 30-Apr-03 30-Apr-03 5.185 5.07 5.1201 317,300 47 25
30-Apr-03 1-May-03 1-May-03 5.37 5.2 5.2543 546,900 76 30
1-May-03 2-May-03 2-May-03 5.3425 5.27 5.3187 647,200 73 26
2-May-03 3-May-03 5-May-03 5.295 5.1725 5.2349 408,600 50 22
5-May-03 6-May-03 6-May-03 5.45 5.27 5.3624 679,300 89 30
6-May-03 7-May-03 7-May-03 5.68 5.55 5.6369 543,100 68 30
7-May-03 8-May-03 8-May-03 5.6 5.43 5.485 653,800 72 25
8-May-03 9-May-03 9-May-03 5.75 5.575 5.652 599,400 75 30
9-May-03 10-May-03 12-May-03 5.81 5.6 5.7319 789,700 85 30
12-May-03 13-May-03 13-May-03 6.01 5.82 5.915 581,100 75 27
13-May-03 14-May-03 14-May-03 6.07 5.86 5.9785 794,000 92 31
14-May-03 15-May-03 15-May-03 6.23 6.07 6.1678 979,000 95 27
15-May-03 16-May-03 16-May-03 6.28 6.07 6.2362 626,800 77 26
16-May-03 17-May-03 19-May-03 5.99 5.91 5.9571 572,300 75 26
19-May-03 20-May-03 20-May-03 6.3 6 6.0811 771,200 95 29
20-May-03 21-May-03 21-May-03 6.03 5.89 5.9322 975,900 121 32
21-May-03 22-May-03 22-May-03 6.2 6 6.0804 1,028,400 129 32
22-May-03 23-May-03 23-May-03 6.145 5.99 6.0893 787,500 100 33
23-May-03 24-May-03 27-May-03 6.03 5.85 5.916 653,500 78 28
27-May-03 28-May-03 28-May-03 5.905 5.79 5.8476 367,600 44 24
28-May-03 29-May-03 29-May-03 5.76 5.68 5.7112 476,100 60 26
29-May-03 30-May-03 31-May-03 5.815 5.65 5.766 504,400 67 28
30-May-03 1-Jun-03 2-Jun-03 6.04 5.95 5.9851 923,500 103 37
2-Jun-03 3-Jun-03 3-Jun-03 6.34 6.165 6.2209 781,900 100 32
3-Jun-03 4-Jun-03 4-Jun-03 6.3 6.22 6.2537 743,900 95 32
4-Jun-03 5-Jun-03 5-Jun-03 6.47 6.2 6.3909 886,200 104 32
5-Jun-03 6-Jun-03 6-Jun-03 6.22 6.08 6.1659 655,500 80 29
6-Jun-03 7-Jun-03 9-Jun-03 6.45 6.06 6.2474 654,900 83 33
9-Jun-03 10-Jun-03 10-Jun-03 6.31 6.2 6.2512 730,700 86 30
10-Jun-03 11-Jun-03 11-Jun-03 6.12 6.035 6.0838 556,700 62 28
11-Jun-03 12-Jun-03 12-Jun-03 6.1 6.01 6.0601 542,300 65 29
12-Jun-03 13-Jun-03 13-Jun-03 5.97 5.725 5.863 757,900 93 25
13-Jun-03 14-Jun-03 16-Jun-03 5.49 5.37 5.4353 968,600 110 25
16-Jun-03 17-Jun-03 17-Jun-03 5.58 5.385 5.4512 485,100 55 25
17-Jun-03 18-Jun-03 18-Jun-03 5.705 5.57 5.6573 684,700 95 30
18-Jun-03 19-Jun-03 19-Jun-03 5.6 5.4 5.5324 424,000 49 25
19-Jun-03 20-Jun-03 20-Jun-03 5.7 5.46 5.5351 620,100 88 29
20-Jun-03 21-Jun-03 23-Jun-03 5.76 5.63 5.6817 669,000 73 32
23-Jun-03 24-Jun-03 24-Jun-03 6.05 5.75 5.8894 561,700 64 31
24-Jun-03 25-Jun-03 25-Jun-03 5.9 5.77 5.8413 555,200 60 24
25-Jun-03 26-Jun-03 26-Jun-03 5.75 5.575 5.6423 394,900 51 25
26-Jun-03 27-Jun-03 27-Jun-03 5.63 5.3 5.497 467,800 51 22
27-Jun-03 28-Jun-03 30-Jun-03 5.375 5.105 5.2007 459,800 63 25
30-Jun-03 1-Jul-03 1-Jul-03 5.45 5.25 5.3159 493,500 50 25
Henry
1-Jul-03 2-Jul-03 2-Jul-03 5.3 5.17 5.2279 621,700 67 23
2-Jul-03 3-Jul-03 3-Jul-03 5.12 4.98 5.0534 498,800 50 23
3-Jul-03 4-Jul-03 7-Jul-03 5.14 4.885 4.9656 577,900 77 20
7-Jul-03 8-Jul-03 8-Jul-03 5.285 5.07 5.1971 536,600 62 24
8-Jul-03 9-Jul-03 9-Jul-03 5.445 5.3 5.3986 626,500 75 27
9-Jul-03 10-Jul-03 10-Jul-03 5.615 5.45 5.5631 714,000 70 24
10-Jul-03 11-Jul-03 11-Jul-03 5.45 5.315 5.3976 613,400 58 24
11-Jul-03 12-Jul-03 14-Jul-03 5.37 5.15 5.2259 390,700 43 20
14-Jul-03 15-Jut-03 15-Jul-03 5.19 5.09 5.1458 544,800 57 22
15-Jul-03 16-Jul-03 16.Jul-03 5.21 5.11 5.1679 523,700 55 24
16-Jul-03 17-Jul-03 17-Jul-03 5.065 4.95 4.9984 731,300 74 31
17-Jul-03 18-Jul-03 18-Jul-03 5.02 4.93 4.9627 1,020,700 96 30
18-Jul-03 19-Jul-03 21-Jul-03 5.05 4.98 5.0095 893,900 101 31
21-Jul-03 22-Jul-03 22-Jul-03 5.1475 5.05 5.1072 749,100 76 24
22-Jul-03 23-Jul-03 23-Jul-03 5.09 4.97 5.0396 577,900 64 23
23-Jul-03 24-Jul-03 24-Jul-03 4.92 4.8 4.8848 622,100 72 22
24-Jul-03 25-Jul-03 25-Jul-03 4.905 4.74 4.8571 342,500 45 20
25-Jul-03 26-Jul-03 28-Jul-03 4.7 4.65 4.6765 583,000 56 19
28-Jul-03 29-Jul-03 29-Jul-03 4.8 4.63 4.675 240,400 33 19
29-Jul-03 30-Jul-03 30-Jul-03 4.79 4.66 4.7171 452,900 56 22
30-Jul-03 31-Jul-03 31-Jul-03 4.705 4.6425 4.6785 340,700 36 20
31-Jul-03 1-Aug-03 1-Aug-03 4.68 4.6 4.6276 507,300 57 25
1-Aug-03 2-Aug-03 4-Aug-03 4.78 4.67 4.7083 474,800 65 29
4-Aug-03 5-Aug-03 5-Aug-03 4.85 4.775 4.8105 251,900 40 19
5-Aug-03 6-Aug-03 6-Aug-03 4.73 4.66 4.7117 500,700 65 24
6-Aug-03 7-Aug-03 7-Aug-03 4.76 4.67 4.7363 431,600 62 31
7.Aug-03 8-Aug-03 8-Aug-03 5.05 4.78 4.8573 402,200 64 27
8-Aug-03 9-Aug-03 11-Aug-03 5.075 4.97 5.0205 455,300 64 28
11-Aug-03 12-Aug-03 12-Aug-03 5.105 5.045 5.0801 369,900 47 23
12-Aug-03 13-Aug-03 13-Aug-03 5.13 5.035 5.063 612,400 74 30
13-Aug.03 14-Aug-03 14-Aug-03 5.21 5.135 5.1733 362,200 50 26
14-Aug-03 15-Aug-03 15-Aug-03 5.22 4.84 5.0994 470,600 62 28
15-Aug-03 16-Aug-03 18-Aug-03 4.88 4.795 4.8344 578,200 68 25
18-Aug-03 19-Aug-03 19-Aug-03 5.03 4.865 4.9425 723,400 89 30
19-Aug-03 20-Aug-03 20-Aug-03 5.04 4.925 4.9938 759,700 72 27
20-Aug-03 21-Aug-03 21-Aug-03 5.08 4.98 5.032 529,500 70 29
21-Aug-03 22-Aug-03 22-Aug-03 5.195 5.08 5.1353 539,800 72 26
22-Aug-03 23-Aug-03 25-Aug-03 5.29 5.2125 5.2392 702,500 85 27
25-Aug-03 26-Aug-03 26-Aug-03 5.315 5.15 5.2609 535,500 60 27
26-Aug-03 27-Aug-03 27-Aug-03 5.13 5.035 5.0921 622,500 70 29
27-Aug-03 28-Aug-03 28-Aug-03 5.14 5.07 5.1081 583,000 75 28
28-Aug.03 29-Aug-03 31-Aug-03 5.01 4.84 4.9366 489,800 63 26
29-Aug-03 1-Sep-03 2-Sep-03 4.95 4.7 4.8641 348,200 49 26
2-Sep-03 3-Sep-03 3-Sep-03 4.67 4.55 4.6173 510,800 62 24
3-Sep-03 4-Sep-03 4-Sep-03 4.71 4.65 4.6819 632,700 78 30
4.Sep-03 5-Sep-03 5-Sep-03 4.76 4.67 4.7012 543,300 72 24
5-Sep-03 6-Sep-03 8-Sep-03 4.8375 4.72 4.7655 554,900 74 28
8-Sep-03 9-Sep-03 9-Sep-03 4.9 4.79 4.8213 650,000 86 30
9-Sep-03 10-Sep-03 10-Sep-03 4.75 4.67 4.7017 867,900 114 32
10-Sep-03 11-Sep-03 11-Sep-03 4.8275 4.74 4.7797 877,500 119 30
11-Sep-03 12-Sep-03 12-Sep-03 4.88 4.76 4.8491 777,300 101 27
12-Sep-03 13-Sep-03 15-Sep-03 4.715 4.55 4.6608 698,700 85 25
15-Sep-03 16-Sep-03 16-Sep-03 4.665 4.61 4.647 598,400 77 30
16-Sep-03 17-Sep-03 17-Sep-03 4.68 4.64 4.6688 588,200 79 27
17-Sep-03 18-Sep-03 18-Sep-03 4.64 4.57 4.6118 487,800 59 27
18-Sep-03 19-5ep-03 19-5ep-03 4.57 4.39 4.5068 532,600 60 28
19-5ep-03 20-Sep-03 22-Sep-03 4.4 4.29 4.3318 680,700 72 25
22-Sep-03 23-Sep-03 23-Sep-03 4.48 4.355 4.3763 730,300 90 26
23-Sep-03 24-Sep-03 24-Sep-03 4.55 4.46 4.5068 696,400 90 28
24-Sep-03 25-Sep-03 25-Sep-03 4.615 4.55 4.585 912,600 88 24
25-Sep-03 26-Sep-03 26-Sep-03 4.5775 4.52 4.5502 687,600 65 25
26-Sep-03 27-Sep-03 29-Sep-03 4.44 4.385 4.4143 555,000 64 24
29-Sep-03 30-Sep-03 30-Sep-03 4.78 4.53 4.575 500,500 65 28
Henry
30-Sep-03 1-0ct-03 1-0ct-03 4.7425 4.52 4.6614 879,100 105 35
1-0ct-03 2-0ct-03 2-0ct-03 4.51 4.43 4.4707 843,400 85 29
2-0ct-03 3-0ct-03 3-0ct-03 4.44 4.38 4.4186 548,600 67 26
3-0ct-03 4-0ct-03 6-0ct-03 4.47 4.3 4.3431 681,600 84 29
6-0ct-03 7-0ct-03 7-0ct-03 4.57 4.36 4.4074 396,400 47 27
7-0ct-03 8-0ct-03 8-0ct-03 4.8 4.6 4.6575 817,400 83 27
8-0ct-03 9-0ct-03 9-0ct-03 4.9 4.76 4.834 597,600 74 27
9-0ct-03 10-0ct-03 10-0ct-03 4.84 4.735 4.7764 325,000 40 23
10-0ct-03 11-0ct-03 13-0ct-03 5 4.85 4.9124 586,000 58 24
13-0ct-03 14-0ct-03 14-0ct-03 5.1 4.88 4.9587 447,100 56 23
14-0ct-03 15-0ct-03 15-0ct-03 4.95 4.775 4.8461 521,100 59 25
15-0ct-03 16-0ct-03 16-0ct-03 5.01 4.82 4.9302 411,900 52 23
16-0ct-03 17-0ct-03 17-0ct-03 4.98 4.87 4.9244 412,300 53 21
17-0ct-03 18-0ct-03 20-0ct-03 4.765 4.34 4.5359 553,100 76 30
20-0ct-03 21-0ct-03 21-0ct-03 4.525 4.2 4.2894 368,700 43 22
21-0ct-03 22-0ct-03 22-0ct-03 4.78 4.48 4.6417 461,100 57 26
22-0ct-03 23-0ct-03 23-0ct-03 4.95 4.77 4.8872 494,300 59 25
23-0ct-03 24-0ct-03 24-0ct-03 4.975 4.7975 4.8992 669,300 67 24
24-0ct-03 25-0ct-03 27-0ct-03 4.8975 4.735 4.7834 537,300 71 29
27-0ct-03 28-0ct-03 28-0ct-03 4.625 4.52 4.5595 439,200 60 25
28-0ct-03 29-0ct-03 29-0ct-03 4.475 4.3975 4.4469 544,400 63 26
29-0ct-03 30-0ct-03 30-0ct-03 4.54 4.46 4.4987 248,500 33 20
30-0ct-03 31-0ct-03 31-0ct-03 4.5 4.29 4.3939 398,800 53 25
31-0ct-03 1-Nov-03 3-Nov-03 4.13 3.8 3.9759 728,700 85 24
3-Nov-03 4-Nov-03 4-Nov-03 4.35 4 4.1248 516,100 70 29
4-Nov-03 5-Nov-03 5-Nov-03 4.16 3.86 4.0189 538,300 68 30
5-Nov-03 6-Nov-03 6-Nov-03 4.595 4.23 4.4578 656,400 80 28
6-Nov-03 7-Nov-03 7-Nov-03 4.815 4.55 4.7329 602,800 69 28
7-Nov-03 8-Nov-03 10-Nov-03 4.54 4.43 4.4782 781,100 89 31
10-Nov-03 11-Nov-03 11-Nov-03 4.48 4.37 4.4199 329,300 41 23
11-Nov-03 12-Nov-03 12-Nov-03 4.59 4.4 4.5186 623,000 83 34
12-Nov-03 13-Nov-03 13-Nov-03 4.825 4.6 4.7507 782,300 82 29
13-Nov-03 14-Nov-03 14-Nov-03 4.645 4.53 4.5986 532,800 63 27
14-Nov-03 15-Nov-03 17-Nov-03 4.85 4.58 4.6326 653,100 68 27
17-Nov-03 18-Nov-03 18-Nov-03 4.6 4.385 4.4717 442,200 57 26
18-Nov-03 19-Nov-03 19-Nov-03 4.44 4.29 4.3588 372,300 55 27
19-Nov-03 20-Nov-03 20-Nov-03 4.5 4.4 4.4601 597,900 79 26
20-Nov-03 21-Nov-03 21-Nov-03 4.43 4.29 4.3566 583,200 74 27
21-Nov-03 22-Nov-03 24-Nov-03 4.4 4 4.1471 500,500 63 31
24-Nov-03 25-Nov-03 25-Nov-03 4.63 4.4 4.5696 597,200 66 31
25-Nov-03 26-Nov-03 30-Nov-03 4.66 4.25 4.4909 632,000 84 31
26-Nov-03 1-Dec-03 1-Dec-03 4.93 4.78 4.8591 503,700 67 26
1-Dec-03 2-Dec-03 2-Dec-03 5.155 4.88 5.0199 728,300 91 31
2-Dec-03 3-Dec-03 3-Dec-03 5.52 5.37 5.4484 662,200 72 31
3-Dec-03 4-Dec-03 4-Dec-03 5.48 5.41 5.4502 566,700 60 24
4-Dec-03 5-Dec-03 5-Dec-03 5.975 5.625 5.7009 820,000 101 31
5-Dec-03 6-Dec-03 8-Dec-03 6.4 6.08 6.2737 656,100 85 35
8-Dec-03 9-Dec-03 9-Dec-03 6.32 5.97 6.0638 701,000 80 34
9-Dec-03 10-Dec-03 10-Dec-03 6.78 6.29 6.5182 895,300 93 34
10-Dec-03 11-Dec-03 11-Dec-03 7 6.54 6.6665 1,113,300 119 35
11-Dec-03 12-Dec-03 12-Dec-03 6.6725 6.4 6.5625 657,400 79 30
12-Dec-03 13-Dec-03 15-Dec-03 6.81 6.67 6.7281 653,600 81 34
15-Dec-03 16-Dec-03 16-Dec-03 6.735 6.575 6.6261 609,000 70 29
16-Dec-03 17-Dec-03 17-Dec-03 . 6.655 6.545 6.5833 692,200 70 28
17"Dec-03 18-Dec-03 18-Dec-03 6.93 6.5 6.563 626,800 76 32
18-Dec-03 19-Dec-03 19-Dec"03 7.08 6.82 6.9846 678,300 78 32
19-Dec-03 20-Dec-03 22-Dec-03 7 6.75 6.9178 526,300 60 33
22-Dec-03 23-Dec-03 23-Dec-03 6.59 6.07 6.3149 299,800 50 24
23-Dec-03 24-Dec-03 24-Dec-03 5.85 5.39 5.5783 375,200 52 29
24-Dec-03 25-Dec-03 29-Dec-03 5.6 5.37 5.5034 355,700 48 29
29-Dec-03 30-Dec-03 30-Dec-03 5.55 5.4 5.4631 383,700 51 30
30-Dec-03 31-Dec-03 31-Dec-03 6.1 5.85 5.9562 403,400 51 23
31-Dec-03 1-Jan-04 5-Jan-04 6.05 5.6 5.7648 461,300 64 29
Henry
5-Jan-04 6-Jan-04 6-Jan-04 6.41 6.2 6.279 626,500 86 36
6-Jan-04 7-Jan-04 7-Jan-04 7.25 6.78 7.0414 695,100 81 35
7-Jan-04 8.Jan-04 8-Jan-04 6.77 6.41 6.6051 782,600 90 34
8.Jan-04 9-Jan-04 9-Jan-04 6.515 6.3 6.4051 675,700 67 27
9-Jan-04 10.Jan-04 12.Jan-04 7.2 6.8 6.9051 617,400 84 38
12-Jan-04 13-Jan-04 13-Jan-04 6.55 6.15 6.2907 660,900 81 34
13-Jan-04 14.Jan-04 14-Jan-04 6.35 6.145 6.2587 816,400 100 33
14-Jan-04 15-Jan-04 15-Jan-04 6.06 5.57 5.7319 684,400 87 32
15-Jan-04 16-Jan-04 16-Jan-04 6.2 5.595 6.0196 762,700 100 35
16-Jan-04 17.Jan-04 20-Jan-04 5.72 5.3 5.4312 647,600 83 31
20-Jan-04 21-Jan-04 21-Jan-04 6.19 6 6.1499 695,500 90 33
21-Jan-04 22-Jan-04 22-Jan-04 6.3275 6.14 6.2573 656,700 81 26
22-Jan-04 23-Jan-04 23-Jan-04 6.215 5.61 6.0345 679,800 77 29
23-Jan-04 24-Jan-04 26-Jan-04 5.97 5.75 5.8236 777,100 103 31
26-Jan-04 27-Jan-04 27-Jan-04 5.77 5.605 5.7047 736,500 86 30
27-Jan-04 28-Jan-04 28-Jan-04 5.96 5.765 5.8731 712,400 86 30
28-Jan-04 29-Jan-04 29-Jan-04 6.1575 5.81 6.0413 575,100 74 32
29-Jan-04 30-Jan-04 31-Jan-04 6.1 5.93 5.9938 675,000 86 30
30-Jan-04 1-Feb-04 2-Feb-04 5.91 5.63 5.7969 948,100 109 33
2-Feb-04 3-Feb-04 3-Feb-04 5.57 5.49 5.5118 616,800 77 33
3-Feb-04 4-Feb-04 4-Feb-04 5.76 5.64 5.6906 875,500 82 31
4-Feb-04 5-Feb-04 5-Feb-04 5.78 5.625 5.7436 1,012,200 115 38
5.Feb-04 6-Feb-04 6-Feb-04 5.575 5.47 5.5411 677,900 73 29
6-Feb-04 7-Feb-04 9-Feb-04 5.6 5.3 5.3806 907,100 111 31
9-Feb-04 10-Feb-04 10-Feb-04 5.58 5.355 5.4438 593,000 72 34
10-Feb-04 11-Feb-04 11-Feb-04 5.555 5.35 5.4936 874,300 106 31
11-Feb-04 12-Feb-04 12-Feb-04 5.4 5.24 5.3429 802,400 93 34
12-Feb-04 13-Feb-04 13-Feb-04 5.5 5.295 5.3466 531,900 66 29
13-Feb-04 14-Feb-04 17-Feb-04 5.665 5.53 5.6234 816,100 105 35
17-Feb-04 18-Feb-04 18-Feb-04 5.49 5.395 5.4293 521,300 63 27
18-Feb-04 19-Feb-04 19-Feb-04 5.395 5.3 5.3351 654,200 84 29
19-Feb-04 20-Feb-04 20-Feb-04 5.34 5.18 5.2801 584,500 76 26
20-Feb-04 21-Feb-04 23-Feb-04 5.225 5.165 5.1931 654,600 85 28
23-Feb-04 24-Feb-04 24-Feb-04 5.16 5.065 5.1043 691,200 91 27
24-Feb-04 25-Feb-04 25-Feb-04 5.1075 5.05 5.0794 649,000 64 23
25-Feb-04 26-Feb-04 26-Feb-04 5.19 5.07 5.096 637,200 72 28
26-Feb-04 27-Feb-04 29-Feb-04 5.28 5.1 5.1338 479,100 47 22
27-Feb-04 1-Mar-04 1-Mar-04 5.33 5.21 5.274 758,500 103 28
1-Mar-04 2-Mar-04 2-Mar-04 5.21 5.14 5.1693 518,100 56 24
2-Mar-04 3-Mar-04 3-Mar-04 5.42 5.33 5.3704 421,000 60 25
3-Mar-04 4-Mar-04 4-Mar-04 5.385 5.25 5.3388 478,400 57 28
4-Mar-04 5-Mar-04 5-Mar-04 5.205 5.11 5.167 579,700 75 26
5-Mar-04 6-Mar-04 8-Mar-04 5.44 5.24 5.3175 664,800 71 27
8-Mar-04 9-Mar.04 9-Mar-04 5.45 5.3675 5.4206 518,800 71 29
9-Mar-04 10-Mar-04 10-Mar-04 5.39 5.3 5.3376 280,900 36 22
10-Mar-04 11-Mar-04 11-Mar-04 5.355 5.29 5.3319 425,900 54 26
11-Mar-04 12-Mar-04 12-Mar-04 5.35 5.305 5.3311 347,700 38 23
12-Mar-04 13-Mar-04 15-Mar-04 5.55 5.47 5.5237 434,000 54 26
15-Mar-04 16-Mar-04 16-Mar-04 5.63 5.57 5.5953 509,100 60 22
16-Mar-04 17-Mar-04 17-Mar-04 5.62 5.58 5.599 365,600 43 22
17-Mar-04 18-Mar-04 18-Mar-04 5.645 5.6 5.6109 381,000 45 22
18-Mar-04 19-Mar-04 19-Mar-04 5.65 5.6 5.6313 471,600 62 22
19-Mar-04 20-Mar-04 22-Mar-04 5.53 5.47 5.4858 460,500 55 21
22-Mar-04 23-Mar-04 23-Mar-04 5.475 5.425 5.4596 433,300 48 25
23-Mar-04 24-Mar-04 24-Mar-04 5.385 5.34 5.3592 510,500 57 22
24-Mar-04 25-Mar-04 25-Mar-04 5.37 5.3 5.348 496,200 51 24
25-Mar-04 26-Mar-04 26-Mar-04 5.265 5.13 5.2173 481,700 55 24
26-Mar-04 27-Mar-04 29-Mar-04 5.22 5.13 5.1577 467,200 55 23
29-Mar-04 30-Mar-04 30-Mar-04 5.285 5.2 5.2524 406,700 51 23
30-Mar-04 31-Mar-04 31-Mar-04 5.545 5.355 5.4038 383,000 45 24
31-Mar-04 1-Apr-04 1-Apr-04 5.7425 5.595 5.6291 928,600 95 31
1-Apr-04 2-Apr-04 2-Apr-04 5.88 5.78 5.8155 706,300 89 31
2-Apr-04 3-Apr-04 5-Apr-04 5.8 5.66 5.691 820,500 92 25
Henry
5-Apr.04 6-Apr-04 6-Apr-04 5.9 5.78 5.8071 839,600 90 34
6-Apr-04 7-Apr-04 7-Apr-04 5.74 5.6775 5.6998 774,300 94 38
7-Apr-04 8-Apr-04 8-Apr-04 5.8 5.73 5.7569 711,900 66 30
8-Apr-04 9-Apr-04 12-Apr-04 5.86 5.8 5.8448 619,700 62 31
12.Apr-04 13-Apr-04 13-Apr-04 5.91 5.84 5.8535 651,200 75 33
13-Apr-04 14-Apr-04 14-Apr-04 5.9375 5.86 5.9191 626,500 72 34
14-Apr-04 15-Apr-04 15-Apr-04 5.75 5.7 5.7263 763,800 84 31
15-Apr-04 16-Apr-04 16-Apr-04 5.7 5.58 5.681 755,400 82 32
16-Apr-04 17-Apr-04 19-Apr-04 5.665 5.54 5.6249 798,700 92 28
19-Apr-04 20-Apr-04 20.Apr-04 5.645 5.545 5.5671 689,400 78 29
20-Apr-04 21-Apr-04 21-Apr-04 5.54 5.425 5.4601 788,400 87 28
21-Apr-04 22-Apr-04 22-Apr-04 5.55 5.49 5.5221 740,100 79 30
22-Apr-04 23-Apr-04 23-Apr-04 5.6 5.535 5.587 716,800 73 31
23-Apr-04 24-Apr-04 26-Apr-04 5.57 5.51 5.5325 694,400 71 26
26-Apr-04 27-Apr-04 27-Apr-04 5.66 5.56 5.5956 780,200 76 31
27-Apr-04 28-Apr-04 28-Apr-04 5.82 5.79 5.8103 765,500 70 29
28-Apr-04 29-Apr-04 29-Apr-04 5.85 5.72 5.802 566,900 74 29
29-Apr-04 30-Apr-04 30-Apr-04 5.87 5.67 5.7828 713,400 72 26
30-Apr-04 1-May-04 3-May-04 5.84 5.75 5.806 767,800 53 28
3-May-04 4-May-04 4-May-04 5.85 5.77 5.7992 760,000 84 33
4-May-04 5.May-04 5-May-04 6.23 6.18 6.2061 1,034,700 83 33
5-May-04 6-May-04 6-May-04 6.1575 6.05 6.0863 820,100 77 31
6-May-04 7-May-04 7-May-04 6.24 6.17 6.223 877,600 70 30
7-May-04 8-May-04 10-May-04 6.25 6.1625 6.1808 616,900 50 29
10-May-04 11-May-04 11-May-04 6.225 6.09 6.1349 755,500 93 29
11.May-04 12-May-04 12-May-04 6.255 6.135 6.2381 783,900 67 33
12-May-04 13-May-04 13-May-04 6.5 6.37 6.4069 832,400 76 29
13-May-04 14-May-04 14-May-04 6.44 6.37 6.4189 696,100 64 26
14-May-04 15-May-04 17-May-04 6.48 6.365 6.4301 609,600 55 29
17-May-04 18-May-04 18-May-04 6.44 6.31 6.4071 780,300 80 30
18-May-04 19-May-04 19-May-04 6.3 6.26 6.2763 924,000 98 34
19-May-04 20-May-04 20-May-04 6.27 6.13 6.1786 743,500 61 29
20-May-04 21-May-04 21-May-04 6.47 6.4 6.4439 677,600 58 26
21-May-04 22-May-04 24-May-04 6.36 6.2925 6.3451 581,200 69 28
24-May-04 25-May-04 25-May-04 6.77 6.39 6.4812 646,700 53 25
25-May-04 26-May-04 26-May-04 6.78 6.63 6.7306 478,000 46 24
26-May-04 27-May-04 27-May-04 6.73 6.63 6.698 510,200 53 26
27-May-04 28-May-04 31-May-04 6.61 6.42 6.5096 458,000 62 29
28-May-04 1-Jun-04 1-Jun-04 6.52 6.35 6.4504 491,200 55 29
1-Jun-04 2.Jun-04 2-Jun-04 6.6 6.415 6.4532 495,400 52 29
2-Jun-04 3-Jun-04 3-Jun-04 6.55 6.47 6.5129 499,600 64 30
3-Jun-04 4-Jun-04 4-Jun-04 6.4675 6.3 6.4373 486,200 65 27
4-Jun-04 5-Jun-04 7-Jun-04 6.19 6.1 6.1498 549,600 76 29
7-Jun~04 8-Jun-04 8-Jun-04 6.18 6.05 6.0938 491,900 69 29
8-Jun-04 9-Jun-04 9-Jun-04 6.245 6.16 6.1953 457,200 55 27
9-Jun-04 10-Jun-04 10-Jun-04 6.075 6 6.0434 401,200 47 27
10-Jun-04 11-Jun-04 14-Jun-04 6.1275 5.95 6.0014 414,400 56 28
14-Jun-04 15-Jun-04 15-Jun-04 6.25 6.095 6.1455 373,200 45 27
15-Jun-04 16-Jun-04 16-Jun-04 6.385 6.315 6.3491 475,900 55 30
16-Jun-04 17-Jun-04 17-Jun-04 6.42 6.365 6.3858 423,600 58 30
17-Jun-04 18-Jun-04 18-Jun-04 6.595 6.46 6.5716 480,900 61 30
18-Jun-04 19-Jun-04 21-Jun-04 6.52 6.45 6.4775 471,200 60 24
21-Jun-04 22-Jun-04 22-Jun-04 6.46 6.345 6.4234 422,600 54 25
22-Jun-04 23-Jun-04 23-Jun-04 6.34 6.255 6.2869 362,000 54 29
23-Jun-04 24-Jun-04 24-Jun-04 6.37 6.24 6.2996 477,600 61 30
24-Jun-04 25-Jun-04 25-Jun-04 6.44 6.385 6.4114 487,200 76 31
25-Jun-04 26-Jun-04 28-Jun-04 6.33 6.125 6.2757 416,500 70 30
28-Jun-04 29-Jun-04 29-Jun-04 6.21 6.1 6.1345 440,500 56 25
29-Jun-04 30-Jun-04 30-Jun-04 6.07 5.9925 6.0247 426,700 63 27
30-Jun-04 1-Jul-04 1-Jul-04 6.085 5.91 6.0318 770,300 91 35
1-Jul-04 2-Jul-04 2-Jul-04 6.03 5.85 5.9507 986,100 122 30
2-Jul-04 3-Jul-04 6-Jul-04 5.985 5.825 5.8832 603,900 79 28
6-Jul-04 7-Jul-04 7-Jul-04 6.22 6.14 6.1618 569,600 69 28
Heriry
7-Jul-04 8-Jul-04 8-Jul-04 6.3 6.17 6.2675 522,800 60 28
8-Jul-04 9-Jul-04 9-Jul-04 6.25 5.99 6.1874 407,700 47 27
9-Jul-04 10-Jul-04 12-Jul-04 6 5.81 5.8911 498,500 59 28
12-Jul-04 13-Jul-04 13-Jul-04 6.03 5.895 5.9473 721,800 75 30
13-Jul-04 14-Jul-04 14-Jul-04 5.91 5.78 5.852 704,900 74 28
14-Jul-04 15-Jul-04 15-Jul-04 5.96 5.88 5.9092 673,400 62 27
15-Jul-04 16-Jul-04 16-Jul-04 5.965 5.8 5.9235 580,900 57 25
16-Jul-04 17-Jul-04 19-Jul-04 5.83 5.7 5.7703 439,500 54 27
19-Jul-04 20-Jul-04 20-Jul-04 5.77 5.715 5.7471 513,800 48 27
20-Jul-04 21-Jul-04 21-Jul-04 5.9 5.75 5.8041 559,100 56 25
21-Jul-04 22-Jul-04 22-Jul-04 5.92 5.87 5.905 537,600 65 27
22-Jul-04 23-Jul-04 23-Jul-04 6.07 5.8175 5.8455 410,400 50 24
23-Jul-04 24-Jul-04 26-Jul-04 6.03 5.93 5.9841 837,700 81 27
26-Jul-04 27-Jul-04 27-Jul-04 5.98 5.8 5.9431 669,900 62 26
27-Jul-04 28-Jul-04 28-Jul-04 5.92 5.775 5.8726 444,100 46 23
28-Jul-04 29-Jul-04 29-Jul-04 5.82 5.74 5.735 382,700 56 22
29-Jul-04 30-Jul-04 31-Jul-04 6 5.79 5.9308 681,300 79 26
30-Jul-04 1-Aug-04 2-Aug-04 6.13 5.9 6.0268 635,000 76 33
2-Aug-04 3-Aug-04 3-Aug-04 5.935 5.8 5.8572 701,600 94 33
3-Aug-04 4-Aug-04 4-Aug-04 5.85 5.69 5.7684 579,500 75 32
4-Aug-04 5-Aug-04 5-Aug-04 5.74 5.66 5.7043 678,900 74 31
5-Aug-04 6-Aug-04 6-Aug-04 5.58 5.5 5,5436 592,900 80 30
6-Aug-04 7-Aug-04 9-Aug-04 5.49 5.35 5.4152 473,400 57 30
9-Aug-04 10-Aug-04 10-Aug-04 5.6425 5.5375 5.5817 542,200 66 32
10-Aug-04 11-Aug-04 11-Aug-04 5.87 5.725 5.7793 430,200 57 29
11-Aug-04 12-Aug-04 12-Aug-04 5.6825 5.51 5.6392 588,700 66 29
12-Aug-04 13-Aug-04 13-Aug-04 5.54 5.36 5.4573 588,600 72 30
13-Aug-04 14-Aug-04 16-Aug-04 5.36 5.23 5.2714 517,900 62 33
16-Aug-04 17-Aug-04 17-Aug-04 5.42 5.255 5.3427 555,900 67 32
17-Aug-04 18-Aug-04 18-Aug-04 5.34 5.23 5.2673 391,000 54 33
18-Aug-04 19-Aug-04 19-Aug-04 5.405 5.325 5.3589 277,800 42 24
19-Aug-04 20-Aug-04 20-Aug-04 5.395 5.24 5.3373 398,400 51 21
20-Aug-04 21-Aug-04 23-Aug-04 5.44 5.35 5.3917 392,100 52 26
23-Aug-04 24-Aug-04 24-Aug-04 5.37 5.265 5.3396 342,900 47 24
24-Aug-04 25-Aug-04 25-Aug-04 5.35 5.19 5.2286 396,700 56 28
25-Aug-04 26-Aug-04 26-Aug-04 5.36 5.275 5.3154 340,800 46 24
26-Aug-04 27-Aug-04 27-Aug-04 5.215 5.15 5.1941 204,000 26 21
27-Aug-04 28-Aug-04 30-Aug-04 5.105 4.98 5.0458 425,900 54 26
30-Aug-04 31-Aug-04 31-Aug-04 5.105 4.975 5.0464 451,800 58 30
31-Aug-04 1-Sep-04 1-Sep-04 5.09 4.965 5.0385 496,600 65 29
1-Sep-04 2-Sep-04 2-Sep-04 5.075 4.945 5.0241 419,600 52 26
2-Sep-04 3-Sep-04 3-Sep-04 4.8825 4.485 4.7456 480.600 55 25
3-Sep-04 4-Sep-04 7-Sep-04 4.55 4.22 4.3269 594,100 85 28
7-Sep-04 8-Sep-04 8-Sep-04 4.49 4.36 4.4145 438,100 58 26
8-Sep-04 9-Sep-04 9-Sep-04 4.75 4.59 4.6942 652,500 78 27
9-Sep-04 10-Sep-04 10-Sep-04 4.625 4.5 4.5688 693,200 77 27
10-Sep-04 11-Sep-04 13-Sep-04 4.61 4.48 4.5807 632,100 74 26
13-Sep-04 14-Sep-04 14-Sep-04 5.35 4.91 5.1229 752,600 90 29
14-Sep-04 15-Sep-04 15-Sep-04 5.3 5.115 5.1473 469,500 62 29
15-Sep-04 16-Sep-04 16-Sep-04 5.22 5.07 5.1655 390,800 46 23
16-Sep-04 17-Sep-04 17-Sep-04 4.95 4.72 4.8167 498,300 64 29
17-Sep-04 18-Sep-04 20-Sep-04 5.025 4.9 4.9548 576,100 65 32
20-Sep-04 21-Sep-04 21-Sep-04 5.34 5.13 5.2155 405,300 60 29
21-Sep-04 22-Sep-04 22-Sep-04 5.4975 5.37 5.4294 435,200 56 27
22-Sep-04 23-Sep-04 23-Sep-04 5.65 5.54 5.5848 550,100 68 33
23-Sep-04 24-Sep-04 24-Sep-04 5.63 5.41 5.5793 421,400 49 25
24-Sep-04 25-Sep-04 27-Sep-04 5.475 5.3525 5.4115 326,500 51 29
27-Sep-04 28-Sep-04 28-Sep-04 5.3 5.15 5.224 432,000 55 24
28-Sep-04 29-Sep-04 29-Sep-04 5.5 5.38 5.4462 222,100 30 18
29-Sep-04 30-Sep-04 30-Sep-04 6.43 5.9 6.2554 690,600 87 27
30-Sep-04 1-0ct-04 1-0ct-04 6.65 5.66 6.3615 1,187,300 126 33
1-0ct-04 2-0ct-04 4-0ct-04 5.83 4.95 5.3822 1,249,700 165 36
4-0ct-04 5-0ct-04 5-0ct-04 6 5.6 5.7207 1,114,100 143 36
Henry
5-0ct-04 6-0ct-04 6-0ct-04 6.2 5.975 6.0746 1,127,500 147 34
6-0ct-04 7-0ct-04 7-0ct-04 6.115 5.85 6.0019 1,346,500 138 32
7-0ct-04 8-0ct-04 8-0ct-04 6.8 5.6 6.24 1,539,700 154 34
8-0ct-04 9-0ct-04 11-0ct-04 6.3 5.15 5.5931 1,232,100 138 36
11-0ct-04 12-0ct-04 12-0ct-04 6.08 5.315 5.6312 1,362,800 139 37
12-0ct-04 13-0ct-04 13-0ct-04 5.495 5.18 5.3722 1,295,800 154 37
13-0ct-04 14-0ct-04 14-0ct-04 5.6 5.29 5.3859 1,571,000 167 37
14-0ct-04 15-0ct-04 15-0ct-04 5.92 5.655 5.7599 998,400 116 33
15-0ct-04 16-0ct-04 18-0ct-04 5.785 5.55 5.6443 1,160,700 120 32
18-0ct-04 19-0ct-Q4 19-0ct-04 6.15 5.4 5.6372 1,577,800 160 33
19-0ct-04 20-0ct-04 20-0ct-04 6.48 5.75 6.1336 1,680,800 166 34
20-0ct-04 21-0ct-04 21-0ct-04 7.42 6.85 7.2674 1,479,000 135 36
21-0ct-04 22-0ct-04 22-0ct-04 7.5 7.09 7.3507 1,248,900 119 34
22-0ct-04 23-0ct-04 25-0ct-04 7.28 6.95 7.1151 1,038,300 125 34
25-0ct-04 26-0ct-04 26-0ct-04 7.85 7.6 7.7541 1,004,300 112 33
26-0ct-04 27-0ct-04 27-0ct-04 7.85 7.725 7.7765 877,900 105 35
27-0ct-04 28-0ct-04 28-0ct-04 8.215 7.7 8.1205 1,192,100 122 34
28-0ct-04 29-0ct-04 31-0ct-04 7.2 6.15 6.8007 970,000 104 33
29-0ct-04 1-Nov-04 1-Nov-04 7 6.25 6.4295 1,020,900 124 39
1-Nov-04 2-Nov-04 2-Nov-04 7.5 6.8 6.9783 773,100 101 38
2-Nov-04 3-Nov-04 3-Nov-04 7.25 6.76 6.8863 892,700 107 33
3-Nov-04 4-Nov-04 4-Nov-04 7.335 7.1 7.2516 695,100 86 33
4-Nov-04 5-Nov-04 5-Nov-04 7.65 7.005 7.3991 1,309,000 147 35
5-Nov-04 6-Nov-04 8-Nov-04 6.88 5.95 6.0767 847,200 106 35
8-Nov-04 9-Nov-04 9-Nov-04 6.905 5.55 6.6206 750,200 95 33
9-Nov-04 10-Nov-04 10-Nov-04 6.37 5.55 5.7961 807,300 112 35
10-Nov-04 11-Nov-04 11-Nov-04 6.255 5.6 6.1244 712,800 93 34
11-Nov-04 12-Nov-04 12-Nov-04 6.235 6.08 6.1851 706,200 79 31
12..Nov-04 13-Nov-04 15-Nov-04 6.31 5.69 5.9042 994,100 117 34
15-Nov-04 16-Nov-04 16-Nov-04 6.25 5.55 6.0196 643,000 100 35
16-Nov-04 17-Nov-04 17-Nov-04 6.68 6.145 6.5698 820,200 105 35
17-Nov-04 18-Nov-04 18-Nov-04 6.23 5.5 6.0561 980,900 132 38
18-Nov-04 19-Nov-04 19-Nov-04 6.015 5.2 5.5928 809,900 117 35
19-Nov-04 20-Nov-04 22-Nov-04 5.12 4.61 4.8108 1,127,600 150 40
22-Nov-04 23-Nov-04 23-Nov-04 5.5 5 5.2448 1,058,400 126 37
23..Nov-04 24-Nov-04 24-Nov-04 5.5 4.98 5.2387 938,900 126 35
24-Nov-04 25-Nov-04 29-Nov-04 6.08 4.47 5.0142 1,107,400 143 37
29-Nov-04 30-Nov-04 30-Nov-04 7.2 5.79 6.7626 662,500 91 35
30-Nov-04 1-Dec-04 1-Dec-04 7 6.6 6.7877 571,500 88 35
1-Dec-04 2-Dec-04 2-Dec-04 7 6.65 6.7789 710,400 105 38
2-Dec-04 3-Dec-04 3-Dec-04 6.765 6.31 6.6852 730,000 103 38
3-Dec-04 4-Dec-04 6.Dec-04 6.145 5.9 6.0407 1,098,100 127 37
6-Dec-04 7-Dec-04 7-Dec~04 6.26 5.6 6.0506 811,900 105 28
7-Dec-04 8-Dec-04 8-Dec-04 6.2 5.94 6.0344 1,252,400 141 35
8-Dec-04 9-Dec-04 9-Dec-04 6.09 5.8 5.976 1,188,200 142 32
9-Dec-04 10-Dec-04 10-Dec-04 6.15 5.935 6.0436 906,600 115 33
10-Dec-04 11-Dec-04 13-Dec-04 6.42 6.18 6.2881 907,800 118 33
13-Dec-04 14-Dec-04 14-Dec-04 6.955 6.72 6.8884 989,100 122 35
14-Dec-04 15-Dec-04 15-Dec-04 7.27 6.8 7.1012 1,009,400 117 33
15.Dec-04 16-Dec-04 16-Dec-04 7.13 6.96 7.0434 858,600 98 34
16-Dec-04 17-Dec-04 17-Dec-04 7.085 6.79 6.8768 968,600 91 29
17-Dec-04 18-Dec-04 20-Dec-04 7.55 7.07 7.2641 893,800 113 34
20-Dec-04 21-Dec-04 21-Dec-04 7.3 6.8425 7.1403 883,000 103 33
21-Dec-04 22-Dec-04 22-Dec-04 6.93 6.7 6.8288 1,118,400 129 36
22-Dec-04 23-Dec-04 23-Dec-04 7.12 6.94 7.051 956,800 100 30
23-Dec-04 24-Dec-04 27-Dec-04 7.2 6.98 7.0501 925,300 110 36
27-Dec-04 28-Dec-04 28-Dec-04 6.68 6.47 6.5694 987,600 111 30
28-Dec-04 29-Dec-04 29-Dec-04 6.44 6.13 6.2735 565,500 77 31
29-Dec-04 30-Dec-04 31-Dec-04 6.27 6.1 6.1772 569,100 75 30
30-Dec-04 1-Jan-05 3-Jan-05 6.14 5.8 6.0175 721,400 94 35
3-Jan-05 4-Jan-05 4-Jan-05 5.75 5.37 5.5302 735,200 95 37
4-Jan-05 5-Jan-05 5-Jan-05 5.83 5.62 5.7015 572,100 66 31
5-Jan-05 6-Jan-05 6-Jan-05 5.92 5.76 5.8438 952,000 108 34
Henry
6-Jan-05 7-Jan-05 7-Jan-05 5.89 5.67 5.789 555,900 70 34
7-Jan-05 8-Jan-05 10-Jan-05 6.05 5.73 5.8245 794,000 100 37
10-Jan-05 11-Jan-05 11-Jan-05 6.34 6.1 6.2077 635,900 81 33
11-Jan-05 12-Jan-05 12-Jan-05 6.04 5.88 5.958 586,700 81 36
12-Jan-05 13-Jan-05 13-Jan-05 5.99 5.84 5.892 796,800 102 32
13-Jan-05 14-Jan-05 14-Jan-05 6.25 5.94 6.0595 580,600 70 28
14-Jan-05 15-Jan-05 18-Jan-05 6.555 6.285 6.4517 623,900 91 33
18-Jan-05 19-Jan-05 19-Jan-05 6.87 6.25 6.6863 633,600 79 32
19-Jan-05 20-Jan-05 20-Jan-05 6.33 6.125 6.1956 698,200 88 35
20-Jan-05 21-Jan-05 21-Jan-05 6.35 6.1 6.266 562,900 74 31
21-Jan-05 22-Jan-05 24-Jan-05 6.56 6.33 6.433 542,900 76 36
24-Jan-05 25-Jan-05 25-Jan-05 6.48 6.345 6.4073 518,000 59 30
25-Jan-05 26-Jan-05 26-Jan-05 6.55 6.26 6.4358 658,400 78 27
26-Jan-05 27-Jan-05 27-Jan-05 6.54 6.38 6.4358 577,200 69 33
27-Jan-05 28-Jan-05 28-Jan-05 6.56 6.46 6.5021 423,500 55 30
28-Jan-05 29-Jan-05 31-Jan-05 6.28 6.165 6.2246 279,100 46 28
31-Jan-05 1-Feb-05 1-Feb-05 6.3 6.095 6.1431 728,100 93 32
1-Feb-05 2-Feb-05 2-Feb-05 6.36 6.225 6.2845 765,800 93 35
2-Feb-05 3-Feb-05 3-Feb-05 6.455 6.32 6.3794 989,100 128 35
3-Feb-05 4-Feb-05 4-Feb-05 6.4 6.1 6.3178 716,200 91 33
4-Feb-05 5-Feb-05 7-Feb-05 6.2 6.07 6.1154 690,400 94 37
7-Feb-05 8-Feb-05 8-Feb-05 6.07 5.945 6.0224 712,700 99 35
8-Feb-05 9-Feb-05 9-Feb-05 6.015 5.89 5.9451 584,800 81 31
9-Feb-05 10-Feb-05 10-Feb-05 6.22 6.155 6.1991 565,600 96 38
10-Feb-05 11-Feb-05 11-Feb-05 6.25 6.155 6.2071 548,700 89 35
11-Feb-05 12-Feb-05 14-Feb-05 6.05 6 6.0216 457,500 66 30
14-Feb-05 15-Feb-05 15-Feb-05 5.99 5.89 5.9503 775,900 101 30
15-Feb-05 16-Feb-05 16-Feb-05 6.05 5.9825 6.0068 452,300 62 29
16-Feb-05 17-Feb-05 17-Feb-05 6.185 6.01 6.1017 614,300 71 33
17-Feb-05 18-Feb-05 18-Feb-05 6.09 5.97 6.0494 575,800 84 32
18-Feb-05 19-Feb-05 22-Feb-05 5.935 5.85 5.8802 389,500 63 32
22-Feb-05 23-Feb-05 23-Feb-05 6 5.885 5.9213 851,900 123 38
23-Feb-05 24-Feb-05 24-Feb-05 6.12 5.985 6.0199 626,100 85 37
24-Feb-05 25-Feb-05 25-Feb-05 6.425 6.25 6.3263 695,300 86 33
25-Feb-05 26-Feb-05 28-Feb-05 6.39 6.18 6.2448 690,200 82 33
28-Feb-05 1-Mar-05 1-Mar-05 6.7 6.545 6.6263 669,500 82 31
1-Mar-05 2-Mar-05 2-Mar-05 6.675 6.54 6.6322 501,800 73 33
2-Mar-05 3-Mar-05 3-Mar-05 6.675 6.545 6.6144 462,300 69 31
3-Mar-05 4-Marc05 4-Mar-05 6.795 6.6 6.7159 405,500 59 22
4-Mar-05 5-Mar-05 7-Mar-05 6.73 6.45 6.5116 498,800 69 29
7-Mar-05 8-Mar-05 8-Mar-05 6.7 6.6 6.6591 343,300 50 22
8-Mar-05 9-Mar-05 9-Mar-05 6.99 6.685 6.8148 489,300 72 31
9-Mar-05 10-Mar-05 10-Mar-05 7.06 6.91 6.986 474,000 68 28
10-Mar-05 11-Mar-05 11-Mar-05 6.99 6.87 6.91 369,300 54 27
11-Mar-05 12-Mar-05 14-Mar-05 6.8 6.68 6.7321 263,700 45 26
14-Mar-05 15-Mar-05 15-Mar-05 6.99 6.8 6.8587 493,900 68 28
15-Mar-05 16-Mar-05 16-Mar-05 7.2 7.075 7.1553 415,100 57 28
16-Mar-05 17-Mar-05 17-Mar-05 7.12 7.06 7.0794 477,700 68 28
17-Mar-05 18-Mar-05 18-Mar-05 7.345 7.025 7.2504 617,400 76 25
18-Mar-05 19-Mar-05 21-Mar-05 7.18 7.05 7.1175 655,400 84 26
21-Mar-05 22-Mar-05 22-Mar-05 7.22 7.13 7.1654 355,900 55 26
22-Mar-05 23-Mar-05 23-Mar-05 7.3275 7.215 7.2456 565,100 76 33
23-Mar-05 24-Mar-05 24-Mar-05 7.165 7.07 7.1076 416,900 58 28
24-Mar-05 25-Mar-05 28-Mar-05 7.125 7 7.0754 622,700 86 31
28-Mar-05 29-Mar-05 29-Mar-05 6.96 6.9 6.9409 449,700 68 29
29-Mar-05 30-Mar-05 30-Mar-05 7.08 6.89 6.9332 405,600 57 26
30-Mar-05 31-Mar-05 31-Mar-05 7.22 7.12 7.1709 429,200 56 27
31-Mar-05 1-Apr-05 1-Apr-05 7.66 7.35 7.4662 544,800 83 35
1-Apr-05 2-Apr-05 4-Apr-05 7.68 7.51 7.5694 682,800 89 36
4-Apr-05 5-Apr-05 5-Apr-05 7.88 7.64 7.8004 715,000 83 32
5-Apr-05 6-Apr-05 6-Apr-05 7.51 7.36 7.443 675,000 98 33
6-Apr-05 7-Apr-05 7-Apr-05 7.57 7.41 7.4627 512,000 70 34
7-Apr-05 8-Apr-05 8-Apr-05 7.565 7.38 7.5023 561,100 82 35
Henry
8-Apr-05 9-Apr-05 11-Apr-05 7.31 7.2 7.2628 606,900 77 29
11-Apr-05 12-Apr-05 12-Apr-05 7.28 7.085 7.1652 371,300 58 33
12-Apr-05 13-Apr-05 13-Apr-05 7.375 7.25 7.3409 377,900 63 32
13-Apr-05 14-Apr-05 14-Apr-05 7.1 7.04 7.0708 413,200 65 34
14-Apr-05 15-Apr-05 15-Apr-05 7.08 6.94 7.0223 430,500 63 31
15-Apr-05 16-Apr-05 18-Apr-05 7.01 6.91 6.9538 391,200 59 32
18-Apr-05 19-Apr-05 19-Apr-05 7.035 6.91 6.9511 544,100 70 31
19-Apr-05 20-Apr-05 20-Apr-05 7.04 6.94 7.0044 371,300 55 29
20-Apr-05 21-Apr-05 21-Apr-05 7.13 7.05 7.0972 336,200 50 29
21-Apr-05 22-Apr-05 22-Apr-05 6.97 6.88 6.9298 415,000 55 31
22-Apr-05 23-Apr-05 25-Apr-05 7.17 7.03 7.0555 459,800 58 28
25-Apr-05 26-Apr-05 26-Apr-05 7.29 7.24 7.267 392,200 57 34
26-Apr-05 27-Apr-05 27-Apr-05 7.12 7.045 7.0808 435,900 66 34
27-Apr-05 28-Apr-05 28-Apr-05 7.145 6.945 7.1041 354,400 52 29
28-Apr-05 29-Apr-OS 30-Apr-05 6.7 6.61 6.6596 318,700 56 29
29-Apr-05 1-May-05 2-May-05 6.71 6.58 6.6381 564,400 83 35
2-MaY-05 3-May-05 3-May-05 6.58 6.45 6.4978 364,100 56 32
3-May-05 4-May-05 4-May-05 6.68 6.59 6.6138 399,700 60 31
4-May-05 5-May-05 5-May-05 6.55 6.44 6.4856 494,600 74 33
5-May-05 6-May-05 6-May-05 6.7 6.58 6.6512 427,600 60 30
6-May-05 7-May-05 9-May-05 6.7 6.62 6.665 370,100 52 32
9-May-05 10-May-05 10-May-05 6.59 6.53 6.5581 459,000 66 35
10-May-05 11-May-05 11-May-05 6.7425 6.63 6.6741 607,100 86 34
11-May-05 12-May-05 12-May-05 6.7 6.585 6.6326 582,100 72 31
12-May-05 13-May-05 13-May-05 6.645 6.54 6.6249 563,900 74 35
13-May-05 14-May-05 16-May-05 6.4925 6.455 6.4683 304,400 40 25
16-May-05 17-May-05 17-May-05 6.49 6.395 6.4514 356,500 49 28
17-May-05 18-May-05 18-May-05 6.49 6.395 6.4095 434,800 55 33
18-May-05 19-May-05 19-May-05 6.545 6.45 6.4994 563,800 74 33
19-May-05 20-May-05 20-May-05 6.41 6.37 6.3883 483,700 61 27
20-May-05 21-May-05 23-May-05 6.385 6.3 6.3616 410,000 49 26
23-May-05 24-May-05 24-May-05 6.48 6.26 6.3278 504,600 79 31
24-May-05 25-May-05 25-May-05 6.48 6.4 6.4486 550,900 64 29
25-May-05 26-May-05 26-May-05 6.4 6.3 6.3308 400,700 51 26
26-May-05 27-May-05 27-May-05 6.335 6.265 6.3 442,100 58 25
27-May-05 28-May-05 31-May-05 6.3 6.175 6.2212 415,300 68 30
31-May-05 1-Jun-05 1-Jun-05 6.36 6.22 6.3055 621,800 74 32
1-Jun-05 2-Jun-05 2-Jun-05 6.41 6.315 6.3566 606,000 76 32
2-Jun-05 3-Jun-05 3-Jun-05 6.71 6.475 6.6349 1,008,000 127 34
3-Jun-05 4-Jun-05 6-Jun-05 6.825 6.5575 6.6486 730,000 104 36
6-Jun-05 7-Jun-05 7-Jun-05 7.135 6.94 7.0537 906,800 126 32
7-Jun-05 8-Jun-05 8-Jun-05 7.2 7.08 7.1299 632,200 88 32
8-Jun-05 9-Jun-05 9-Jun-05 7.4 7.165 7.2232 764,400 95 35
9-Jun-05 10-Jun-05 10-Jun-05 7.08 6.99 7.0523 942,800 103 32
10-Jun-05 11-Jun-05 13-Jun-05 7.15 7 7.0866 467,300 67 29
13-Jun-05 14-Jun-05 14-Jun-05 7.175 7.005 7.0828 632,700 83 33
14-Jun-05 15-Jun-05 15-Jun-05 7.38 7.265 7.3195 620,800 87 34
15-Jun-05 16-Jun-05 16-Jun-05 7.5 7.335 7.3867 479,000 70 29
16-Jun-05 17-Jun-05 17-Jun-05 7.6 7.375 7.4122 592,200 77 30
17:Jun-05 18-Jun-05 20-Jun-05 7.66 7.54 7.6057 632,100 79 29
20-Jun-05 21-Jun-05 21-Jun-05 7.865 7.4 7.7961 666,600 93 29
21-Jun-05 22-Jun-05 22-Jun-05 7.57 7.365 7.4572 458,400 61 29
22-Jun-05 23-Jun-05 23-Jun-05 7.42 7.32 7.3929 532,700 76 31
23-Jun-05 24-Jun-05 24-Jun-05 7.555 7.44 7.5062 378,200 56 28
24-Jun-05 25-Jun-05 27-Jun-05 7.495 7.34 7.4495 326,500 46 30
27-Jun-05 28-Jun-05 28-Jun-05 7.33 7.225 7.2926 416,600 50 24
28-Jun-05 29-Jun-05 29-Jun-05 7.15 6.995 7.0442 610,700 71 30
29-Jun-05 30-Jun-05 30-Jun-05 7.195 7.005 7.079 482,100 66 31
30-Jun-05 1-Jul-05 1-Jul-05 7.08 6.97 7.0153 924,700 94 26
1-Jul-05 2-Jul-05 5-Jul-05 7.14 6.95 7.0115 625,500 83 31
5-Jul-05 6-Jul-05 6-Jul-05 7.41 7.34 7.3803 580,700 70 29
6-Jul-05 7-Jul-05 7-Jul-05 7.75 7.5525 7.6901 509,100 62 31
7-Jul-05 8-Jul-05 8-Jul-05 7.69 7.59 7.6229 554,300 63 31
Henry
8-Jul-05 9-Jul-05 11-Jul-05 8.05 7.63 7.8644 562,200 60 30
11-Jul-05 12-Jul-05 12-Jul-05 7.5 7.32 7.3525 426,900 49 29
12-Jul-05 13-Jul-05 13-Jul-05 7.96 7.72 7.7926 501,800 70 30
13-Jul-05 14-Jul-05 14-Jul-05 7.86 7.715 7.7758 688,000 80 25
14-Jul-05 15-Jul-05 15-Jul-05 8.05 7.87 7.9915 597,000 65 31
15-Jul-05 16-Jul-05 18-Jul-05 8.11 7.93 8.0186 502,100 71 26
18-Jul-05 19-Jul-05 19-Jul-05 7.845 7.7 7.7667 735,000 83 31
19-Jul-05 20-Jul-05 20-Jul-05 7.735 7.65 7.7023 704,400 78 32
20-Jul-05 21-Jul-05 21-Jul-05 7.8 7.66 7.7469 817,900 84 32
21-Jul-05 22-Jul-05 22-Jul-05 7.68 7.525 7.643 504,800 61 32
22-Jul-05 23-Jul-05 25-Jul-05 7.48 7.37 7.4052 652,200 84 31
25-Jul-05 26-Jul-05 26-Jul-05 7.43 7.34 7.3828 823,200 86 34
26-Jul-05 27-Jul-05 27-Jul-05 7.59 7.36 7.4495 740,800 75 36
27-Jul-05 28-Jul-05 28-Jul-05 7.72 7.45 7.5205 767,200 81 30
28-Jul-05 29-Jul-05 31-Jul-05 7.77 7.5 7.6877 415,400 56 28
29-Jul-05 1-Aug-05 1-Aug-05 7.845 7.7 7.7646 514,800 63 25
1-Aug-05 2-Aug-05 2-Aug-05 8.25 7.94 8.0332 533,000 78 32
2-Aug-05 3-Aug-05 3-Aug-05 8.44 8.28 8.3789 507,400 77 38
3-Aug-05 4-Aug-05 4-Aug-05 8.785 8.6 8.7546 709,000 77 31
4-Aug-05 5-Aug-05 5-Aug-05 8.75 8.485 8.5484 431,400 62 30
5-Aug-05 6-Aug-05 8-Aug-05 8.67 8.525 8.5988 340,700 58 35
8-Aug-05 9-Aug-05 9-Aug-05 9.02 8.81 8.9275 580,900 72 29
9-Aug-05 10-Aug-05 10-Aug-05 8.76 8.64 8.6986 522,300 62 29
10-Aug-05 11-Aug-05 11-Aug-05 8.925 8.75 8.819 681,000 88 34
11-Aug-05 12-Aug-05 12-Aug-05 9.4 9.22 9.2886 803,100 102 34
12-Aug-05 13-Aug-05 15-Aug-05 9.7 9.5 9.5926 379,200 64 25
15-Aug-05 16-Aug-05 16-Aug-05 9.75 9.435 9.5282 676,100 90 30
16-Aug-05 17-Aug-05 17-Aug-05 9.93 9.52 9.663 630,500 70 34
17-Aug-05 18-Aug-05 18-Aug-05 10.08 9.61 9.9851 545,300 75 34
18-Aug-05 19-Aug-05 19-Aug-05 9.455 9.2 9.3854 713,800 93 36
19-Aug-05 20-Aug-05 22-Aug-05 9.25 9 9.0956 471,500 60 29
22-Aug-05 23-Aug-05 23-Aug-05 9.75 9.28 9.4454 645,900 82 31
23-Aug-05 24-Aug-05 24-Aug-05 10.015 9.74 9.9667 664,800 87 30
24-Aug-05 25-Aug-05 25-Aug-05 10.14 9.82 10.0247 620,800 79 30
25-Aug-05 26-Aug-05 26-Aug-05 9.89 9.47 9.765 800,100 93 35
26-Aug-05 27-Aug-05 29-Aug-05 9.95 9.74 9.8562 622,500 83 33
30-Aug-05 31-Aug-05 31-Aug-05 12.85 12 12.3637 478,800 65 30
31-Aug-05 1-Sep-05 1-Sep-05 12.85 12.45 12.6939 333,700 46 28
1-Sep-05 2-Sep-05 2-Sep-05 12.2 11.24 11.3599 590,500 68 29
2-Sep-05 3-Sep-05 6-Sep-05 11.9 11.65 11.461 526,400 79 33
6-Sep-05 7-Sep-05 7-Sep-05 11.8 11.37 11.5631 272,700 45 29
7-Sep-05 8-Sep-05 8-Sep-05 11.35 10.83 11.029 396,700 56 31
8-Sep-05 9-Sep-05 9-Sep-05 11.1 10.8 10.9195 641,400 84 35
9-Sep-05 10-Sep-05 12-Sep-05 11.15 10.97 11.0324 360,500 52 27
12-Sep-05 13-Sep-05 13-Sep-05 10.855 10.615 10.6683 595,900 75 34
13-Sep-05 14-Sep-05 14-Sep-05 10.91 10.575 10.6949 837,200 112 40
14-Sep-05 15-Sep-05 15-Sep-05 10.99 10.65 10.801 839,600 108 36
15"Sep-05 16-Sep-05 16-Sep-05 11.45 10.82 11.2413 452,300 61 29
16-Sep-05 17-Sep-05 19-5ep-05 11.34 11.16 11.2485 533,100 72 31
19-5ep-05 20-Sep-05 20-Sep-05 12.7 11.8 11.9964 328,600 53 26
20-Sep-05 21-Sep-05 21-Sep-05 13.1 12.18 12.7569 412,100 64 31
21-Sep-05 22-Sep-05 22-Sep-05 14.5 14.1 14.2627 219,500 31 21
22-Sep-05 23-Sep-05 26-Sep-05 16 14 14.8423 210,900 29 15
23-Sep-05 23-Sep-05 26-Sep-05 16 14 14.8423 210,900 29 15
7-0ct-05 8-0ct-05 10-0ct-05 13.9 13.31 13.677 256,500 33 19
10-0ct-05 11-0ct-05 11-0ct-05 13.4 13.13 13.2873 201,500 28 14
11-0ct-05 12-0ct-05 12-0ct-05 13.7 13.62 13.6664 422,200 50 22
12-0ct-05 13-0ct-05 13-0ct-05 14 13.6 13.7724 327,700 51 27
13-0ct-05 14-0ct-05 14-0ct-05 13.75 13.25 13.4831 311,500 38 21
14-0ct-05 15-0ct-05 17-0ct-05 1305 12.71 12.8071 475,500 70 26
17-0ct-05 18-0ct-05 18-0ct-05 14.06 13.76 13.893 352,600 44 24
18-0ct-05 19-0ct-05 19-0ct-05 13.59 13.32 13.4073 289,900 44 25
19-0ct-05 20-0ct-05 20-0ct-05 13.54 13.5 13.522 151,700 24 18
Henry
20-0ct-05 21-0ct-05 21-0ct-05 13.32 12.85 13.2365 205,300 36 20
21-0ct-05 22-0ct-05 24-0ct-05 12.825 12.68 12.7326 283,600 41 23
24-0ct-05 25-0ct-05 25-0ct-05 13.3 12.75 12.9492 486,100 66 22
25-0ct-05 26-0ct-05 26-0ct-05 14.09 13.7 13.8963 405,000 57 24
26-0ct~05 27-0ct-05 27-0ct-05 14.89 14.41 14.6834 242,000 38 24
27-0ct-05 28-0ct-05 28-0ct-05 14.085 13.8 13.9066 239,700 36 21
28-0ct-05 29-0ct-05 31-0ct-05 13.25 13.005 13.1039 234,100 38 24
31-0ct-05 1-Nov-05 1-Nov-05 12.6 11.65 12.1764 413,600 60 24
1-Nov-05 2-Nov-05 2-Nov-05 11.4 10.24 10.7969 430,000 56 34
2-Nov-05 3-Nov-05 3-Nov-05 10.94 10.62 10.8464 394,200 43 25
3-Nov-05 4-Nov-05 4-Nov-05 11 10.65 10.7948 395,800 60 27
4-Nov-05 5-Nov-05 7-Nov-05 9.9 8.8 9.6734 327,500 42 25
7-Nov-05 8-Nov-05 8-Nov-05 9.5 8.26 8.7746 521,800 78 34
8-Nov-05 9-Nov-05 9-Nov-05 10.1 8.75 9.1502 567,900 82 32
9-Nov-05 10-Nov-05 10-Nov-05 9.54 8.95 9.311 412,800 69 33
10-Nov-05 11-Nov-05 11-Nov-05 9.9 9.1 9.6604 536,000 70 30
11-Nov-05 12-Nov-05 14-Nov-05 10 8.7 9.2035 619,400 87 34
14-Nov-05 15-Nov-05 15-Nov-05 9.58 8.6 9.1493 540,500 71 29
15-Nov-05 16-Nov-05 16-Nov-05 9.49 9 9.2054 377,800 52 26
16-Nov-05 17-Nov-05 17-Nov-05 11.3 10.4 11.034 543,500 61 31
17-Nov-05 18-Nov-05 18-Nov-05 12.15 11.25 11.9169 435,400 58 25
18-Nov-05 19-Nov-05 21-Nov-05 10.35 9.75 10.0092 390,500 55 29
21-Nov-05 22-Nov-05 22-Nov-05 10.9 9.65 10.4767 537,700 71 27
22-Nov-05 23-Nov-05 23-Nov-05 11.35 10.75 11.156 618,400 74 30
23-Nov-05 24~Nov-05 28-Nov-05 11.47 10.705 11.0189 540,300 68 24
28-Nov-05 29-Nov-05 29-Nov-05 11.3 10.75 11.0169 404,400 54 23
29-Nov-05 30-Nov-05 30-Nov-05 11.485 11.03 11.1706 417,200 49 24
30-Nov-05 1-Dec-05 1-Dec-05 11.87 11.59 11.7315 361,200 47 28
1-Dec-05 2-Dec-05 2-Dec-05 12.7 12.28 12.582 467,500 64 24
2-Dec-05 3-Dec-05 5-Dec-05 13.15 12.62 12.9537 339,300 47 26
5-Dec-05 6-Dec-05 6-Dec-05 14.4 14.11 14.2746 342,700 50 28
6-Dec-05 7-Dec-05 7-Dec-05 13.78 13.35 13.5725 352,900 53 26
7-Dec-05 8-Dec-05 8-Dec-05 14.05 13.8 13.9475 482,800 68 26
8-Dec-05 9-Dec-05 9-Dec-05 14.45 14.13 14.2565 497,800 65 27
9-Dec-05 10-Dec-05 12-Dec-05 15.43 14.78 15.0226 420,400 64 25
12-Dec-05 13-Dec-05 13-Dec-05 15 14.6 14.8378 471,100 64 26
13-Dec-05 14-Dec-05 14-Dec-05 15.52 15.3 15.3907 489,400 72 25
14-Dec-05 15-Dec-05 15-Dec-05 15.25 14.58 14.8136 436,700 75 27
15-Dec-05 16-Dec-05 16-Dec-05 14.4 13.915 14.0667 432,100 59 28
16-Dec-05 17-Dec-05 19-Dec-05 13.6 13.15 13.3628 383,700 62 30
19-Dec-05 20-Dec-05 20-Dec-05 13.875 13.6 13.726 404,100 65 33
20-Dec-05 21-Dec-05 21-Dec-05 13.85 13.65 13.7846 396,700 63 32
21-Dec-05 22-Dec-05 22-Dec-05 13.69 13.46 13.5618 341,100 52 30
22-Dec-05 23-Dec-05 23-Dec-05 13.3 12.68 13.0346 355,400 47 23
23-Dec-05 24-Dec-05 27-Dec-05 11.7 10.93 11.1737 239,200 32 21
27-Dec-05 28-Dec-05 28-Dec-05 10.5 9.88 10.2241 424,600 54 27
28-Dec-05 29-Dec-05 29-Dec-05 10.05 9.75 9.905 429,200 52 28
29-Dec-05 30-Dec-05 31-Dec-05 10.335 9.74 10.0673 432,800 62 29
30-Dec-05 1-Jan-06 3-Jan-06 9.62 9.25 9.522 297,500 45 26
3-Jan-06 4-Jan-06 4-Jan-06 10.19 9.7 9.898 389,900 64 30
4-Jan-06 5-Jan-06 5-Jan-06 9.49 9.08 9.2456 332,400 50 31
5-Jan-06 6-Jan-06 6-Jan-06 9.4 9.14 9.2364 309,100 55 25
6-Jan-06 7-Jan-06 9-Jan-06 9.42 9.095 9.2977 323,500 56 28
9-Jan-06 10-Jan-06 10-Jan-06 9.1 8.6 8.7903 416,700 61 30
10-Jan-06 11-Jan-06 11-Jan-06 8.795 8.5 8.6018 433,800 60 21
11-Jan-06 12-Jan-06 12-Jan-06 8.92 8.36 8.5531 478,600 61 27
12-Jan-06 13-Jan-06 13-Jan-06 8.75 8.635 8.6985 319,900 48 21
13-Jan-06 14-Jan-06 17-Jan-06 8.65 8.3 8.5022 276,600 49 24
17-Jan-06 18-Jan-06 18-Jan-06 8.9 8.66 8.8202 376,300 54 28
18-Jan-06 19-Jan-06 19-Jan-06 8.92 8.76 8.8578 290,200 38 23
19-Jan-06 20-Jan-06 20-Jan-06 8.26 8.15 8.2137 333,000 43 22
20-Jan-06 21-Jan-06 23-Jan-06 8.995 8.65 8.8025 348,400 62 28
23-Jan-06 24-Jan-06 24-Jan-06 8.35 8.24 8.2913 258,000 43 22
Henry
24-Jan-06 25-Jan-06 25-Jan-06 8.55 8.19 8.2695 302,100 44 24
25-Jan-06 26-Jan-06 26-Jan-06 8.6 8.4 8.496 388,700 58 25
26-Jan-06 27-Jan-06 27-Jan-06 8 7.72 7.8647 356,900 51 24
27-Jan-06 28-Jan-06 30-Jan-06 8.3 8.13 8.1866 447,000 62 24
30-Jan-06 31-Jan-06 31-Jan-06 8.56 8.26 8.3611 337,800 55 22
31-Jan-06 1-Feb-06 1-Feb-06 9 8.6 8.7292 429,300 64 27
1-Feb-06 2-Feb-06 2-Feb-06 8.9 8.66 8.7134 427,900 66 29
2-Feb-06 3-Feb-06 3-Feb-06 8.05 7.94 8.0065 331,300 54 32
3-Feb-06 4-Feb-06 6-Feb-06 8.12 7.9 8.0107 304,700 46 26
6-Feb-06 7-Feb-06 7-Feb-06 8.355 8.16 8.2429 304,900 50 26
7-Feb-06 8-Feb-06 8-Feb-06 7.875 7.625 7.7391 347,900 46 25
8-Feb-06 9-Feb-06 9~Feb.06 7.925 7.8 7.8831 340,000 51 21
9-Feb-06 10-Feb-06 10-Feb-06 7.725 7.38 7.5506 292,600 43 18
10-Feb-06 11-Feb-06 13-Feb-06 7.61 7.45 7.5664 275,600 41 24
13-Feb-06 14-Feb-06 14-Feb-06 7.435 7.315 7.3576 371,500 58 24
14-Feb-06 15-Feb-06 15-Feb-06 7.25 6.92 7.0341 406,800 51 24
15-Feb-06 16-Feb-06 16-Feb-06 7.45 7.235 7.3117 338,700 46 21
16-Feb-06 17-Feb-06 17-Feb-06 7.195 7.09 7.1588 285,600 41 24
17-Feb-06 18-Feb-06 21-Feb-06 7.42 7.3 7.3883 315,400 42 22
21-Feb-06 22-Feb-06 22-Feb-06 7.48 7.32 7.4031 305,200 27 19
22-Feb-06 23-Feb-06 23-Feb-06 7.57 7.49 7.545 280,900 29 21
23-Feb-06 24-Feb-06 24-Feb-06 7.285 7.17 7.2285 208,400 36 21
24-Feb-06 25-Feb-06 27-Feb-06 7.4275 7.36 7.3907 168,000 27 17
27-Feb-06 28-Feb-06 28-Feb-06 7.1 6.85 6.9668 154,800 26 16
28-Feb-06 1-Mar-06 1-Mar-06 6.8 6.51 6.685 324,600 48 22
1-Mar-06 2-Mar-06 2-Mar-06 6.72 6.54 6.6178 388,800 57 28
2.Mar-06 3-Mar-06 3-Mar-06 6.84 6.65 6.6934 282,100 51 26
3-Mar-06 4-Mar-06 6-Mar-06 6.62 6.55 6.5913 281,000 49 25
6-Mar-06 7-Mar-06 7-Mar-06 6.58 6.4 6.4998 280,600 39 17
7-Mar-06 8-Mar-06 8-Mar-06 6.6 6.47 6.5326 317,200 46 23
8-Mar-06 9-Mar.06 9-Mar-06 6.54 6.21 6.4739 328,300 43 20
9-Mar-06 10-Mar-06 10-Mar-06 6.395 6.25 6.3119 344,100 55 23
10-Mar-D6 11-Mar-06 13-Mar-06 6.6 6.3 6.4074 370,900 55 25
13-Mar-06 14-Mar-06 14-Mar-06 6.9 6.66 6.773 268,600 47 25
14-Mar-06 15-Mar-06 15-Mar-06 7.18 7.08 7.1468 285,700 39 23
15-Mar-06 16-Mar-06 16-Mar-06 7.15 7.03 7.1016 300,100 43 21
16-Mar-06 17-Mar-06 17-Mar-06 7.16 7.1 7.1232 294,100 50 29
17-Mar-06 18-Mar-06 20-Mar-06 7.195 7.145 7.1662 271,700 45 27
20-Mar-06 21-Mar-06 21-Mar-06 7.06 6.93 7.0014 411,600 60 28
21-Mar-06 22-Mar-06 22-Mar-06 6.96 6.785 6.8288 437,500 63 25
22-Mar-06 23-Mar-06 23-Mar-06 7.19 6.95 7.0644 369,700 52 25
23-Mar-06 24-Mar-06 24-Mar-06 7.345 7.1 7.164 304,300 49 30
24-Mar-06 25.Mar-06 27-Mar-06 7.47 7.395 7.4355 355,800 51 27
27-Mar-06 28-Mar-06 28-Mar-06 7.15 7 7.0502 284,800 45 25
28-Mar~06 29-Mar-06 29-Mar-06 7.19 7.13 7.1479 307,900 46 27
29-Mar-06 30-Mar-06 30-Mar-06 7.24 7.01 7.163 303,400 47 28
30-Mar-06 31-Mar-06 31-Mar-06 7.265 7.13 7.1911 321,800 42 18
31-Mar-06 1-Apr-06 3-Apr-06 7.06 6.91 6.9849 726,100 88 27
3-Apr-06 4-Apr-06 4-Apr-06 7.45 6.805 7.0783 932,800 80 28
4-Apr-06 5-Apr-06 5-Apr-06 7.15 6.9 7.0354 890,400 103 33
5-Apr-06 6-Apr-06 6-Apr-06 6.99 6.79 6.8885 630,400 81 30
6-Apr-06 7-Apr-06 7-Apr-06 7.1 7.02 7.0572 685,300 95 29
7-Apr-06 8-Apr-06 10-Apr-06 6.91 6.68 6.8103 504,000 67 25
10-Apr-06 11-Apr-06 11-Apr-06 6.89 6.7 6.8313 446,100 57 26
11-Apr-06 12-Apr.06 12-Apr-06 7.04 6.8 6.9873 565,900 77 31
12-Apr-06 13-Apr-06 13-Apr-06 6.88 6.7 6.7759 492,900 64 22
13-Apr-06 14-Apr-06 17-Apr-06 6.8 6.53 6.6362 262,500 42 25
17-Apr-06 18-Apr-06 18-Apr-06 7.27 7.15 7.2182 410,600 55 25
18-Apr-06 19-Apr-06 19-Apr-06 7.68 7.52 7.6041 641,100 84 32
19-Apr-06 20-Apr-06 20-Apr-06 7.99 7.64 7.7182 514,000 69 30
20-Apr-06 21-Apr-06 21-Apr-06 7.985 7.85 7.9482 345,200 50 27
21-Apr-06 22-Apr-06 24-Apr-06 7.94 7.57 7.6488 544,100 66 26
24-Apr-06 25-Apr-06 25-Apr-06 7.8 7.68 7.7338 479,400 63 29
Henry
25-Apr-06 26-Apr-06 26-Apr-06 7.435 7.3 7.3722 451,300 60 23
26-Apr-06 27-Apr-06 27-Apr-06 7.23 7.08 7.1758 446,400 64 27
27-Apr-06 28-Apr-06 30-Apr-06 7.005 6.8 6.9371 492,300 70 28
28-Apr-06 1-May-06 1-May-06 6.75 6.53 6.645 593,800 78 25
1-May-06 2-May-06 2-May-06 6.63 6.45 6.5343 709,300 94 30
2-May-06 3-May-06 3-May-06 6.75 6.6 6.6828 757,700 92 27
3-May-06 4-May-06 4-May-06 6.68 6.53 6.5606 660,300 86 29
4-May-06 5-May-06 5-May-06 6.7 6.3975 6.468 451,400 78 28
5-May-06 6-May-06 8-May-06 6.9 6.74 6.8027 611,300 83 26
8-May-Ò6 9-May-06 9-May-06 6.58 6.49 6.5412 543,900 66 26
9"May-06 10-May-06 10-May-06 6.6 6.445 6.5547 836,000 97 30
10-May-06 11-May-06 11-May-06 6.56 6.48 6.5029 750,400 93 31
11-May-06 12-May-06 12-May-06 6.855 6.5 6.8005 771,400 91 26
12-May-06 13-May-06 15-May-06 6.435 6.135 6.3466 1,116,400 107 31
15-May-06 16-May-06 16-May-06 5.99 5.84 5.9215 580,400 80 33
16-May-06 17-May-06 17-May-06 6.05 5.92 5.9891 868,800 90 33
17-May-06 18-May-06 18-May-06 6.2 5.96 6.1506 743,500 84 27
18-May-06 19-May-06 19-May-06 5.8175 5.71 5.7865 380,000 55 26
19-May-06 20-May-06 22-May-06 5.8175 5.72 5.7742 386,600 50 21
22-May-06 23-May-06 23-May-06 6.05 5.85 5.9064 453,700 73 27
23-May-06 24-May-06 24-May-06 6.31 6.2 6.2688 466,200 72 22
24-May-06 25-May-06 25-May-06 6.05 5.965 6.0138 375,100 56 25
25-May-06 26-May-06 26-May-06 5.89 5.75 5.8564 449,100 76 24
26-May-06 27-May-06 30-May-06 5.88 5.75 5.7816 407,000 66 24
30-May-06 31-May-06 31-May-06 6.34 6.07 6.2046 540,800 86 28
31-May-06 1-Jun-06 1-Jun-06 6.07 5.9 5.9716 437,600 62 24
1-Jun-06 2-Jun-06 2-Jun-06 6.42 6.215 6.2451 668,400 85 27
2-Jun-06 3-Jun-06 5-Jun-06 6.3 6.15 6.2261 579,200 75 26
5-Jun-06 6-Jun-06 6-Jun-06 6.52 6.25 6.3997 427,800 62 25
6-Jun-06 7-Jun-06 7-Jun-06 6.25 6.065 6.1585 447,200 47 27
7-Jun-06 8-Jun-06 8-Jun-06 5.91 5.7 5.8197 667,500 86 31
8-Jun-06 9-Jun-06 9-Jun-06 6 5.725 5.8414 567,900 65 22
9-Jun-06 10-Jun-06 12-Jun-06 6.1975 6.05 6.1043 409,500 63 26
12-Jun-06 13-Jun-06 13-Jun-06 6.08 5.85 6.0179 398,300 60 30
13-Jun-06 14-Jun-06 14-Jun-06 6.06 5.925 5.9516 558,700 74 29
14-Jun-06 15-Jun-06 15-Jun-06 6.19 5.97 6.0784 415,000 74 28
15-Jun-06 16-Jun-06 16-Jun-06 6.85 6.32 6.4311 603,900 78 25
16-Jun-06 17-Jun-06 19-Jun-06 7.08 6.77 7.0322 844,300 106 28
19-Jun-06 20-Jun-06 20-Jun-06 6.76 6.65 6.7052 606,600 84 28
20-Jun-06 21-Jun-06 21-Jun-06 6.68 6.56 6.6155 486,800 74 30
21-Jun-06 22-Jun-06 22-Jun-06 6.525 6.46 6.5001 455,000 67 25
22-Jun-06 23-Jun-06 23-Jun-06 6.55 6.45 6.5105 634,800 82 28
23-Jun-06 24-Jun-06 26-Jun-06 6.24 6.05 6.137 536,600 85 31
26-Jun-06 27-Jun-06 27-Jun-06 6 5.84 5.8915 303,200 48 24
27-Jun-06 28-Jun-06 28-Jun-06 5.98 5.94 5.9663 465,300 67 21
28-Jun-06 29-Jun-06 29-Jun-06 6.08 5.995 6.04 246,100 38 23
29-Jun-06 30-Jun-06 30-Jun-06 6.165 5.93 6.092 390,600 57 26
30-Jun-06 1-Jul-06 5-Jul-06 5.93 5.68 5.8348 823,700 96 35
5-Jul-06 6-Jul-06 6-Jul-06 5.83 5.485 5.7043 716,000 104 29
6-Jul-06 7-Jul-06 7-Jul-06 5.39 5.2 5.2843 589,000 92 29
7-Jul-06 8-Jul-06 10"Jul-06 5.32 4.97 5.1818 536,300 67 31
10-Jul-06 11-Jul-06 11-Jul-06 5.4 5.27 5.3203 701,400 91 31
11-Jul-06 12-Jul-06 12-Jul-06 5.69 5.34 5.5093 653,700 93 35
12-Jul-06 13-Jul-06 13-Jul-06 5.765 5.55 5.6585 950,400 112 33
13-Jul-06 14-Jul-06 14-Jul-06 6.01 5.78 5.919 750,800 107 35
14-Jul-06 15-Jul-06 17-Jul-06 6.325 6.25 6.276 601,400 84 32
17-Jul-06 18-Jul-06 18-Jul-06 6.33 6.1 6.2732 778,700 92 37
18-Jul-06 19-Jul-06 19-Jul-06 6.1 5.95 6.0213 792,400 108 37
19-Jul-06 20-Jul-06 20-Jul-06 5.96 5.82 5.8921 918,100 117 40
20-Jul-06 21-Jul-06 21-Jul-06 6.22 6.05 6.1439 539,300 82 34
21-Jul-06 22-Jul-06 24-Jul-06 6 5.83 5.9044 758,500 89 31
24-Jul-06 25-Jul-06 25-Jul-06 6.39 6.25 6.3301 478,900 72 28
25-Jul-06 26-Jul-06 26-Jul-06 6.835 6.54 6.7836 709,300 83 30
Henry
26-Jul-06 27-Jul-06 27-Jul-06 6.77 6.65 6.7062 503,800 58 29
27-Jul-06 28-Jul-06 28-Jul-06 7.25 6.93 7.0348 661,000 83 29
28-Jul-06 29-Jul-06 31-Jul-06 7.355 7.05 7.2427 514,700 75 35
31-Jul-06 1-Aug-06 1-Aug-06 8.12 7.8 8.0433 772,500 102 35
1-Aug-06 2-Aug-06 2-Aug-06 8.9 8.25 8.6618 1,258,300 143 36
2-Aug-06 3-Aug-06 3-Aug-06 8.76 8.58 8.6528 978,400 131 41
3-Aug-06 4-Aug-06 4-Aug-06 7.7 7.53 7.6111 1,009,500 112 41
4-Aug-06 5-Aug-06 7-Aug-06 7.6 7.36 7.4463 954,200 105 38
7-Aug-06 8-Aug-06 8-Aug-06 7.13 6.895 6.9699 954,800 118 34
8-Aug-06 9-Aug-06 9-Aug-06 7.34 6.965 7.055 935,800 112 35
9-Aug-06 10-Aug-06 10-Aug-06 7.75 7.5 7.596 1,022,800 130 36
10-Aug-06 11-Aug-06 11-Aug-06 8.025 7.75 7.9492 907,500 112 34
11-Aug-06 12-Aug-06 14-Aug-06 7.7 7.33 7.5596 641,100 76 31
14-Aug-06 15-Aug-06 15-Aug-06 6.95 6.815 6.8929 600,000 87 37
15-Aug-06 16-Aug-06 16-Aug-06 6.99 6.84 6.8984 663,400 102 39
16.Aug-06 17-Aug-06 17-Aug-06 7.07 6.95 7.0134 680,000 99 33
17-Aug-06 18-Aug-06 18-Aug-06 6.77 6.65 6.7286 639,600 81 32
18-Aug-06 19-Aug-06 21-Aug-06 6.85 6.615 6.6587 644,200 93 35
21-Aug-06 22-Aug-06 22-Aug-06 6.945 6.595 6.7197 658,300 94 38
22-Aug-06 23-Aug-06 23-Aug-06 6.965 6.78 6.8653 688,000 84 33
23-Aug-06 24.Aug-06 24-Aug-06 7.24 7.1 7.1856 993,200 119 33
24-Aug-06 25-Aug-06 25-Aug-06 7.32 7 7.2187 800,800 94 36
25-Aug-06 26-Aug-06 28-Aug-06 7.62 7.31 7.4804 896,500 126 40
28-Aug-06 29-Aug-06 29-Aug-06 6.59 6.45 6.5085 921,000 108 34
29-Aug.06 30-Aug-06 30-Aug-06 6.33 6.16 6.2384 632,700 83 33
30-Aug-06 31-Aug-06 31-Aug-06 6.45 6.32 6.4016 972,100 110 34
31-Aug-06 1-Sep-06 1-Sep-06 6.18 5.59 5.8048 1,165,700 122 37
1-Sep-06 2-Sep-06 5-Sep-06 5.7 5.01 5.2366 1,006,000 125 39
5-Sep-06 6-Sep-06 6-Sep-06 5.6 5.37 5.4468 857,800 97 29
6-Sep-06 7-Sep-06 7-Sep-06 5.935 5.52 5.703 612,300 111 29
7-Sep-06 8-Sep-06 8-Sep-06 5.695 5.465 5.6354 906,300 174 32
8-Sep-06 9-Sep-06 11-Sep-06 5.55 5.09 5.3058 1,066,700 210 40
11-Sep-06 12-Sep-06 12-Sep-06 5.495 5.1 5.2935 1,070,300 194 38
12-Sep-06 13-Sep-06 13-Sep-06 5.65 5.44 5.5743 782,800 184 34
13-Sep-06 14-Sep-06 14-Sep-06 5.465 5.305 5.3951 724,600 144 36
14-Sep-06 15-Sep-06 15-Sep-06 5.19 4.84 5.0851 1,228,800 171 35
15-Sep-06 16-Sep-06 18-Sep-06 4.88 4.31 4.4001 1,027,600 189 35
18-Sep-06 19-5ep-06 19-5ep-06 5.15 4.825 5.0173 991,700 171 34
19-5ep-06 20-Sep-06 20-Sep-06 5.09 4.88 4.987 1,803,900 240 37
20-Sep-06 21-Sep-06 21-Sep-06 4.935 4.75 4.8684 1,830,700 242 39
21-Sep-06 22-Sep-06 22-Sep-06 4.8 4.54 4.6479 1,893,900 222 40
22-Sep-06 23-Sep-06 25-Sep-06 4.75 4.35 4.4706 1,850,500 229 37
25-Sep-06 26-Sep-06 26-Sep-06 4.45 4.245 4.3167 1,179,500 177 38
26"Sep-06 27-Sep-06 27-Sep-06 4.45 4.19 4.3596 1,210,900 163 37
27-Sep-06 28-Sep-06 28-Sep-06 4.4225 4.15 4.3492 908,400 138 34
28-Sep-06 29-Sep-06 30-Sep-06 4.36 3.865 4.1487 1,129,500 166 44
29-Sep-06 1-0ct-06 2-0ct-06 3.85 3.46 3.6598 1,323,400 196 38
2-0ct-06 3-0ct-06 3-0ct-06 4.22 3.93 4.1061 1,218,500 189 45
3-0ct-06 4-0ct-06 4-0ct-06 4.12 3.8975 4.0147 1,515,100 193 36
4-0ct-06 5-0ct-06 5-0ct-06 4.455 4.2 4.3752 1,314,300 182 37
5-0ct-06 6-0ct-06 6-0ct-06 4.8 4.54 4.6857 1,086,200 143 35
6-0ct-06 7-0ct-06 9-0ct-06 4.55 4.23 4.4084 1,135,300 159 39
9-0ct-06 10-0ct-06 10-0ct-06 5.11 5 5.0648 1,007,900 142 36
10-0ct-06 11-0ct-06 11-0ct-06 5.21 5.04 5.1623 1,206,200 185 35
11-0ct-06 12-0ct-06 12-0ct-06 5.75 5.3 5.6569 1,212,100 170 35
12-0ct-06 13-0ct-06 13-0ct-06 5.385 4.58 5.1719 1,425,800 198 38
13-0ct-06 14-0ct-06 16-0ct-06 4.66 4.14 4.2983 1,184,700 183 40
16-0ct-06 17-0ct-06 17-0ct-06 5.4 4.95 5.1256 1,568,800 209 36
17-0ct-06 18-0ct-06 18-0ct-06 6.45 5.86 6.2552 1,505,600 228 37
18-0ct-06 19-0ct-06 19-0ct-06 6.37 5.85 6.0675 1,354,000 173 34
19-0ct-06 20-0ct-06 20-0ct-06 6.87 6.55 6.7731 1,277,500 188 34
20-0ct-06 21-0ct-06 23-0ct-06 7 6.74 6.876 1,183,400 171 32
23-0ct-06 24-0ct-06 24-0ct-06 7.425 7.05 7.2921 1,374,800 171 35
Henry
24-0ct-06 25-0ct-06 25-0ct-06 7.18 7 7.1305 1,399,000 178 38
25-0ct-06 26-0et-06 26-0ct-06 7.56 7.12 7.2001 1,259,200 175 42
26-0ct-06 27-0et-06 27-0ct-06 8.0225 7.7 7.9097 1,032,100 145 36
27-0ct-06 28-0ct-06 30-0ct-06 7.55 7.35 7.4099 1,106,200 156 37
30-0et-06 31-0ct-06 31-0ct-06 7.1 6.89 6.9892 1,100,000 153 36
31-0ct-06 1-Nov-06 1-Nov-06 6.84 6.55 6.644 1,094,200 150 33
1-Nov.06 2-Nov-06 2-Nov-06 7.27 6.9 7.1517 1,152,300 165 38
2-Nov-06 3-Nov-06 3-Nov-06 7.5175 7.05 7.3238 831,800 100 30
3-Nov-06 4-Nov-06 6-Nov-06 7.75 7.045 7.4316 1,105,600 156 36
6-Nov-06 7-Nov-06 7-Nov-06 6.9 6.595 6.7196 763,900 101 32
7-Nov-06 8-Nov-06 8-Nov-06 7.05 6.42 6.593 783,700 107 31
8-Nov-06 9-Nov-06 9-Nov-06 7.615 7.22 7.3826 822,700 123 32
9-Nov-06 10-Nov-06 10-Nov-06 7.48 7.28 7.3484 645,500 93 31
10-Nov-06 11-Nov-06 13-Nov-06 7.36 7.035 7.1592 934,400 119 26
13-Nov-06 14-Nov-06 14-Nov-06 7.38 7.14 7.2621 824,600 114 35
14-Nov-06 15-Nov-06 15-Nov.06 7.6 7.35 7.4186 1,117,000 128 31
15-Nov-06 16-Nov-06 16-Nov-06 7.55 7.39 7.446 947,500 106 30
16.Nov-06 17-Nov-06 17-Nov-06 7.65 7.5 7.5908 1,045,200 126 35
17-Nov-06 18-Nov-06 20-Nov-06 7.65 7.05 7.2331 1,184,000 138 31
20-Nov-06 21-Nov-06 21-Nov-06 7.9 7.62 7.7852 793,700 109 31
21-Nov-06 22-Nov-06 22-Nov-06 7.71 7.44 7.5745 489,600 70 25
22-Nov-06 23-Nov-06 27-Nov-06 7.5725 7.25 7.4181 740,500 103 32
27-Nov-06 28-Nov-06 28-Nov-06 7.7 7.4 7.5829 537,800 76 28
28-Nov-06 29-Nov-06 29-Nov-06 7.76 7.5 7.6128 490,300 64 27
29-Nov-06 30-Nov-06 30-Nov-06 7.85 7.65 7.7346 807,300 99 29
30-Nov-06 1-Dec-06 1-Dec-06 8.4 8.25 8.3168 754,800 102 28
1-Dec-06 2-Dec-06 4-Dec-06 8.555 8 8.4149 822,000 106 31
4-Dec-06 5-Dec-06 5-Dec-06 7.95 7.75 7.8415 548,100 79 28
5-Dec-06 6-Dec-06 6-Dec-06 7.5 7.24 7.3204 737,100 96 30
6-Dec-06 7-Dec-06 7-Dec-06 7.61 7.18 7.3193 417,900 59 24
7-Dec-06 8-Dec-06 8-Dec-06 7.8 7.52 7.6049 660,900 88 31
8-Dec-06 9-Dec-06 11-Dec-06 7.525 7.27 7.4481 751,100 106 30
11-Dec-06 12-Dec-06 12-Dec-06 7.02 6.71 6.8055 628,700 83 28
12-Dec-06 13-Dec-06 13-Dec-06 7.055 6.82 6.9301 823,700 91 28
13-Dec-06 14-Dec-06 14-Dec-06 7.28 7.16 7.2107 638,900 90 28
14-Dec-06 15-Dec-06 15-Dec-06 7.33 7.05 7.2554 695,500 87 28
15-Dec-06 16-Dec-06 18-Dec-06 7.05 6.75 6.8193 799,000 110 31
18-Dec-06 19-Dec-06 19-Dec-06 6.83 6.25 6.6153 690,800 98 35
19-Dec-06 20-Dec-06 20-Dec-06 6.75 6.2 6.2721 513,900 82 30
20-Dec-06 21-Dec-06 21-Dec-06 6.5 6.37 6.4266 600,600 85 26
21-Dec-06 22-Dec-06 22-Dec-06 6.2 6.04 6.093 634,800 76 25
22-Dec-06 23-Dec-06 26-Dec-06 6.16 5.82 5.8771 420,800 68 26
26-Dec-06 27-Dec-06 27-Dec-06 5.96 5.56 5.717 286,900 48 22
27-Dec-06 28-Dec-06 28-Dec-06 5.625 5.43 5.5436 340,800 50 26
28-Dec-06 29-Dec-06 31-Dec-06 5.68 5.45 5.6339 333,800 56 27
29-Dec-06 1-Jan-07 2-Jan-07 5.65 5.3 5.5006 814,400 115 35
2-Jan-07 3-Jan-07 3-Jan-07 5.57 5.28 5.3979 699,700 95 27
3-Jan-07 4-Jan-07 4-Jan-07 5.65 5.37 5.4691 918,300 145 33
4-Jan-07 5-Jan-07 5-Jan-07 5.735 5.5 5.6049 669,200 122 33
5-Jan-07 6-Jan-07 8-Jan-07 5.58 5.425 5.5155 552,400 107 33
8-Jan-07 9-Jan-07 9-Jan-07 6.23 5.89 6.023 799,100 108 32
9-Jan-07 10-Jan-07 10-Jan-07 6.21 6.075 6.1469 680,600 91 31
10-Jan-07 11-Jan-07 11-Jan-07 6.6 6.24 6.416 858,200 109 35
11-Jan-07 12-Jan-07 12-Jan-07 6.3 6 6.0923 878,700 104 34
12-Jan-07 13-Jan-07 16-Jan-07 6.25 5.755 5.9739 1,126,800 139 36
16-Jan-07 17-Jan-07 17-Jan-07 6.9 6.64 6.8146 908,500 116 34
17-Jan-07 18.Jan-07 18-Jan-07 6.63 6.5 6.5709 1,041,900 118 34
18-Jan-07 19-Jan-07 19-Jan-07 6.35 6.2 6.2867 989,900 121 31
19-Jan-07 20-Jan-07 22-Jan-07 6.83 6.28 6.397 1,261,700 146 33
22-Jan-07 23-Jan-07 23-Jan-07 7.25 7.08 7.195 860,900 103 26
23-Jan-07 24-Jan-07 24-Jan-07 7.53 7.22 7.4342 918,200 115 31
24-Jan-07 25-Jan-07 25-Jan-07 7.5825 7.37 7.47 896,600 112 33
25-Jan-07 26-Jan-07 26-Jan-07 7.29 7.01 7.1844 766,100 105 35
Henry
26-Jan-07 27-Jan-07 29-Jan-07 7.1975 6.8 6.9537 963,400 133 35
29-Jan-07 30-Jan-07 30-Jan-07 7.41 7.265 7.3528 828,600 114 36
30-Jan-07 31-Jan-07 31-Jan-07 7.42 7.17 7.3227 798,800 120 35
31-Jan-07 1-Feb-07 1-Feb-07 7.92 7.63 7.7572 833,600 107 37
1-Feb-07 2-Feb-07 2-Feb-07 8.035 7.62 7.931 1,107,200 150 40
2-Feb-07 3-Feb-07 5-Feb-07 8.46 7.85 8.1738 1,228,500 162 39
5-Feb-07 6-Feb-07 6-Feb-07 9.45 8.5 9.1368 1,015,400 156 45
6-Feb-07 7-Feb-07 7-Feb-07 8.8 7.6 8.2872 1,105,900 133 40
7-Feb-07 8-Feb-07 8-Feb-07 8.03 7.81 7.8954 973,900 116 37
8-Feb-07 9-Feb-07 9-Feb-07 8.16 7.95 8.0634 1,146,100 155 43
9-Feb-07 10-Feb-07 12-Feb-07 8.25 8.05 8.1554 1,031,200 135 38
12-Feb-07 13-Feb-07 13-Feb-07 7.9375 7.62 7.7808 1,342,800 178 42
13-Feb-07 14-Feb-07 14-Feb-07 8.27 7.87 8.0854 1,230,300 156 40
14-Feb-07 15-Feb-07 15-Feb-07 9.03 8.685 8.8993 1,108,500 179 42
15-Feb-07 16-Feb-07 16-Feb-07 9.04 8.68 8.9125 1,027,000 152 35
16-Feb-07 17-Feb-07 20-Feb-07 9.1 8.19 8.4515 758,200 116 38
20-Feb-07 21-Feb-07 21-Feb-07 7.46 7.25 7.3363 411,600 72 33
21-Feb-07 22-Feb-07 22-Feb-07 7.65 7.34 7.508 966,900 141 34
22-Feb-07 23-Feb-07 23-Feb-07 7.54 7.44 7.4738 575,800 82 30
23-Feb-07 24-Feb-07 26-Feb-07 7.63 7.48 7.5287 704,000 102 32
26-Feb-07 27-Feb-07 27-Feb-07 7.805 7.62 7.7307 751,900 104 36
27-Feb-07 28-Feb-07 28-Feb-07 7.4825 7.3975 7.4352 342,100 52 26
28-Feb-07 1-Mar-07 1-Mar-07 7.28 7.18 7.2308 1,219,800 133 36
1-Mar-07 2-Mar-07 2-Mar-07 7.16 7.025 7.07 1,443,700 142 35
2-Mar-07 3-Mar-07 5-Mar-07 7.35 7.1 7.2224 1,006,400 125 34
5-Mar-07 6-Mar-07 6-Mar-07 7.4575 7.24 7.3603 1,192,800 133 39
6-Mar-07 7-Mar-07 7-Mar-07 7.625 7.39 7.5494 1,266,900 142 42
7-Mar-07 8-Mar-07 8-Mar-07 7.63 7.36 7.5048 916,400 114 40
8-Mar-07 9-Mar-07 9-Mar-07 7.2 7.08 7.1433 1,121,500 151 36
9-Mar-07 10-Mar-07 12-Mar-07 7.115 6.96 7.0457 1,314,000 152 37
12-Mar-07 13-Mar-07 13.Mar-07 6.86 6.7675 6.8075 979,700 136 35
13-Mar-07 14-Mar-07 14-Mar-07 6.8275 6.74 6.7805 1,111,700 122 31
14-Mar-07 15-Mar-07 15-Mar-07 6.885 6.81 6.8576 917,500 103 29
15-Mar-07 16-Mar-07 16-Mar-07 7.11 6.85 7.0225 919,000 105 29
16-Mar-07 17-Mar-07 19-Mar-07 6.895 6.77 6.8393 815,900 116 31
19-Mar-07 20-Mar-07 20-Mar-07 6.81 6.635 6.7033 837,300 106 34
20-Mar-07 21-Mar-07 21-Mar-07 6.86 6.73 6.8116 1,023,900 117 34
21-Mar-07 22-Mar-07 22-Mar-07 6.92 6.755 6.8245 874,500 106 35
22-Mar-07 23-Mar-07 23-Mar-07 7.12 7 7.0729 569,400 76 33
23cMar-07 24-Mar-07 26-Mar-07 7.2 7.05 7.1622 769,700 101 30
26-Mar-07 27-Mar-07 27-Màr-07 7.2 7.09 7.1493 434,100 62 27
27-Mar-07 28-Mar-07 28-Mar-07 7.2 7.09 7.1523 770,900 90 34
28-Mar-07 29-Mar-07 29-Mar-07 7.58 7.41 7.4713 1,033,400 115 29
29-Mar-07 30-Mar-07 31-Mar-07 7.43 7.265 7.3453 825,300 114 32
30-Mar-07 1-Apr-07 2-Apr-07 7.57 7.39 7.5028 1,301,300 156 33
2-Apr-07 3-Apr-07 3-Apr-07 7.68 7.55 7.619 1,285,200 145 32
3-Apr-07 4-Apr-07 4-Apr-07 7.65 7.45 7.5719 1,312,000 156 35
4-Apr-07 5-Apr-07 5-Apr-07 7.505 7.4025 7.4601 1,199,800 134 33
5-Apr-07 6-Apr-07 9-Apr-07 7.56 7.49 7.5254 736,600 99 32
9-Apr-07 10-Apr-07 10-Apr-07 7.7 7.62 7.6533 843,600 98 28
10-Apr-07 11-Apr-07 11-Apr-07 7.9 7.56 7.6469 680,000 89 29
11-Apr-07 12-Apr-07 12-Apr-07 8.025 7.9225 7.9652 890,300 107 31
12-Apr-07 13.Apr-07 13-Apr-07 7.99 7.75 7.9452 939,100 100 30
13-Apr-07 14-Apr-07 16-Apr-07 7.97 7.9 7.9329 874,700 119 31
16-Apr-07 17-Apr-07 17-Apr-07 7.7175 7.56 7.6621 739,900 106 31
17-Apr-07 18-Apr-07 18-Apr-07 7.65 7.39 7.4954 893,600 131 35
18-Apr-07 19-Apr-07 19-Apr-07 7.58 7.39 7.5359 1,067,100 125 33
19-Apr-07 20-Apr-07 20-Apr-07 7.62 7.4 7.5427 1,531,300 144 33
20-Apr-07 21-Apr-07 23-Apr-07 7.385 7.2 7.3219 1,399,500 154 36
23-Apr-07 24-Apr-07 24-Apr-07 7.285 7.21 7.2354 979,100 125 34
24-Apr-07 25-Apr-07 25-Apr-07 7.63 7.51 7.5659 892,400 119 29
25-Apr-07 26-Apr-07 26-Apr-07 7.65 7.5625 7.5971 1,193,100 139 30
26-Apr-07 27-Apr-07 27-Apr-07 7.5975 7.4175 7.558 1,226,100 122 29
Henry
27-Apr-07 28-Apr-07 30-Apr-07 7.5 7.36 7.4396 1,209,500 157 26
30-Apr-07 1-May-07 1-May-07 7.795 7.61 7.7101 1,293,100 171 33
1-May-07 2-May-07 2-May-07 7.715 7.6 7.6435 1,239,300 173 35
2-May-07 3-May-07 3-May-07 7.68 7.57 7.6371 1,169,200 146 35
3-May-07 4-May-07 4-May-07 7.63 7.48 7.577 1,084,300 132 30
4-May-07 5-May-07 7-May-07 7.9 7.75 7.8248 925,500 116 30
7-May-07 8-May-07 8-May-07 7.75 7.595 7.6862 865,100 122 36
8-May-07 9-May-07 9-May-07 7.535 7.4 7.4949 1,036,100 140 36
9-Måy-07 10-May-07 10-May-07 7.6 7.42 7.4571 859,300 118 36
10-May-07 11-May-07 11-May-07 7.65 7.6 7.6288 821,200 119 34
11-May-07 12-May-07 14-May-07 7.61 7.5 7.5323 882,000 125 34
14-May-07 15-May-07 15-May-07 7.9 7.81 7.8511 833,700 115 34
15-May-07 16-May-07 16-May-07 7.745 7.635 7.6779 1,039,700 141 38
16-May-07 17-May-07 17-May-07 7.6525 7.565 7.6199 1,589,400 180 35
17-May-07 18-May-07 18-May-07 7.765 7.635 7.6941 1,133,500 144 39
18-May-07 19-May-07 21-May-07 7.9475 7.8125 7.8736 1,082,700 150 37
21-Måy-07 22-May-07 22-May-07 7.74 7.57 7.6644 1,202,500 160 33
22-May-07 23-May-07 23-May-07 7.68 7.55 7.6022 1,216,500 165 34
23-May-07 24-May-07 24-May-07 7.66 7.44 7.5099 1,283,500 164 38
24-May-07 25-May-07 25-May-07 7.66 7.485 7.5603 964,700 139 38
25-May-07 26-May-07 29-May-07 7.53 7.4325 7.4729 1,018,200 140 36
29-May-07 30-May-07 30-May-07 7.62 7.45 7.5068 714,300 108 35
30-May-07 31-May-07 31-May-07 7.75 7.615 7.7059 1,281,500 176 37
31-May-07 1-Jun-07 1-Jun-07 7.87 7.62 7.7974 1,148,400 148 34
1-Jun-07 2-Jun-07 4-Jun-07 7.64 7.465 7.5663 1,582,100 195 39
4-Jun-07 5-Jun-07 5-Jun-07 7.87 7.695 7.7299 1,612,200 205 39
5-Jun-07 6-Jun-07 6-Jun-07 7.9 7.74 7.8293 1,332,600 159 36
6-Jun-07 7-Jun-07 7-Jun-07 7.9 7.79 7.833 1,431,000 156 36
7-Jun-07 8-Jun-07 8-Jun-07 7.92 7.84 7.8866 1,891,000 208 39
8-Jun-07 9-Jun-07 11-Jun-07 7.575 7.5 7.5248 1,575,400 167 40
11-Jun-07 12-Jun-07 12-Jun-07 7.55 7.4 7.4246 1,092,500 136 36
12-Jun-07 13-Jun-07 13-Jun-07 7.58 7.4175 7.4529 1,208,300 131 34
13-Jun-07 14-Jun-07 14-Jun-07 7.655 7.51 7.6029 1,259,100 159 41
14-Jun-07 15-Jun-07 15-Jun-07 7.56 7.39 7.4781 1,480,800 168 37
15-Jun-07 16-Jun-07 18-Jun-07 7.62 7.54 7.5832 1,242,500 138 38
18-Jun-07 19-Jun-07 19-Jun-07 7.725 7.615 7.6965 1,383,300 171 35
19-Jun-07 20-Jun-07 20-Jun-07 7.52 7.42 7.4638 1,087,300 128 34
20-Jun-07 21-Jun-07 21-Jun-07 7.415 7.34 7.3913 1,132,700 143 35
21-Jun-07 22-Jun-07 22-Jun-07 7.28 7.2 7.2441 980,500 125 35
22-Jun-07 23-Jun-07 25-Jun-07 7.09 6.97 7.0367 906,200 114 35
25-Jun-07 26-Jun-07 26-Jun-07 6.93 6.725 6.7719 1,062,000 133 37
26-Jun-07 27-Jun-07 27-Jun-07 6.97 6.74 6.8499 1,182,600 152 31
27-Jun-07 28-Jun-07 28-Jun-07 6.85 6.67 6.7346 1,247,900 149 30
28-Jun-07 29-Jun-07 30-Jun-07 6.85 6.685 6.7922 1,166:600 142 31
29-Jun-07 1-Jul-07 2-Jul-07 6.51 6.285 6.4055 854,500 115 35
2-Jul-07 3-Jul-07 3-Jul-07 6.32 6.18 6.2377 636,200 95 28
3-Jul-07 4-Jul-07 5-Jul-07 6.44 6.34 6.3699 970,600 139 31
5-Jul-07 6-Jul-07 6-Jul-07 6.34 6.19 6.2999 788,400 124 33
6-Jul-07 7-Jul-07 9-Jul-07 6.245 6.1 6.1458 580,700 89 30
9-Jul-07 10-Jul-07 10-Jul-07 6.56 6.26 6.3912 985,300 126 31
10-Jul-07 11-Jul-07 11-Jul-07 6.485 6.4 6.441 736,300 95 36
11-Jul-07 12-Jul-07 12-Jul-07 6.69 6.5 6.6557 938,800 120 33
12-Jul-07 13-Jul-07 13-Jul-07 6.36 6.17 6.2651 1,127,100 139 35
13-Jul-07 14-Jul-07 16-Jul-07 6.5 6.22 6.27 688,700 92 29
16-Jul-07 17-Jul-07 17-Jul-07 6.36 6.15 6.3215 851,600 110 33
17-Jul-07 18-Jul-07 18-Jul-07 6.355 6.24 6.3356 946,200 125 29
18-Jul-07 19-Jul-07 19-Jul-07 6.415 6.12 6.2262 588,500 90 33 .
19-Jul-07 20-Jul-07 20-Jul-07 6.65 6.435 6.5006 819,200 119 34
20-Jul-07 21-Jul-07 23-Jul-07 6.505 6.385 6.4607 759,300 117 36
23-Jul-07 24-Jul-07 24-Jul-07 6.105 5.78 5.9976 1,230,400 165 38
24-Jul-07 25-Jul-07 25-Jul-07 5.75 5.57 5.6618 994,600 130 35
25-Jul-07 26-Jul-07 26-Jul-07 5.67 5.52 5.5584 771,200 106 34
26-Jul-07 27-Jul-07 27-Jul-07 5.89 5.775 5.8287 938,500 135 37
Henry
27-Jul-07 28-Jul-07 30-Jul-07 5.93 5.64 5.7719 806,600 131 32
30-Jul-07 31-Jul-07 31-Jul-07 6.4175 6.15 6.3065 581,700 96 34
31-Jul-07 1-Aug-07 1-Aug-07 6.6 6.27 6.5279 917,400 126 35
1-Aug-07 2-Aug-07 2-Aug-07 6.39 6.14 6.1888 1,097,600 154 39
2-Aug-07 3-Aug-07 3-Aug-07 6.3675 6.24 6.3409 1,149,100 133 33
3-Aug-07 4-Aug-07 6-Aug-07 6.18 6.035 6.112 914,800 135 38
6-Aug-07 7-Aug-07 7-Aug-07 6.14 6.04 6.0982 1,040,000 120 39
7-Aug-07 8-Aug-07 8-Aug-D7 6.43 6.34 6.3799 868,200 119 37
8-Aug-07 9-Aug-07 9-Aug-07 6.4475 6.17 6.2447 1,090,400 134 36
9-Augc07 10-Aug-07 10-Aug-07 6.65 6.39 6.4516 987,500 138 34
10-Aug-07 11-Aug-07 13-Aug-07 6.77 6.49 6.5687 995,000 134 29
13-Aug-07 14-Aug-07 14-Aug-07 7.19 7.05 7.1521 822,500 114 34
14-Aug-07 15-Aug-07 15-Aug-07 7 6.79 6.8606 1,174,600 151 37
15-Aug-07 16-Aug-07 16-Aug-07 7.365 7.22 7.3004 906,300 113 36
16-Aug-07 17-Aug-07 17-Aug-07 7.07 6.9 6.9622 1,132,000 159 35
17-Aug-07 18-Aug-07 20-Aug-07 7.195 7.09 7.1442 850,000 112 39
20-Aug-07 21-Aug-07 21-Aug-07 6.545 6.31 6.4714 986,300 124 36
21-Aug-07 22-Aug-07 22-Aug-07 5.98 5.84 5.9149 1,179,900 142 33
22-Aug-07 23-Aug-07 23-Aug-07 5.89 5.725 5.844 910,300 122 35
23-Aug-07 24-Aug-07 24-Aug-07 5.795 5.68 5.7257 1,135,500 139 33
24-Aug-07 25-Aug-07 27-Aug-07 5.78 5.645 5.6918 1,121,600 168 35
27-Aug-07 28-Aug-07 28-Aug-07 5.4 5.3 5.3408 1,034,500 139 37
28-Aug-07 29-Aug-07 29-Aug-07 5.59 5.525 5.5629 875,900 124 34
29-Aug-07 30-Aug-07 30-Aug-07 5.72 5.6 5.6444 1,262,700 172 34
30.Aug-07 31-Aug-07 31-Aug-07 5.65 5.48 5.5401 1,398,800 161 40
31-Aug-07 1-Sep-07 4-Sep-07 5.58 5.35 5.4889 1,056,300 143 38
4-Sep-07 5-Sep-07 5-Sep-07 5.58 5.185 5.3041 1,160,600 168 39
5-Sep-07 6-Sep-07 6-Sep-07 5.9 5.595 5.801 1,295,300 177 36
6-Sep-07 7-Sep-07 7-Sep-07 6.09 5.8 6.0187 1,276,400 166 37
7-Sep-07 8-Sep-07 10-Sep-07 5.65 5.49 5.5336 1,980,900 218 40
10-Sep-07 11-Sep-07 11-Sep-07 5.74 5.47 5.5604 1,501,400 176 39
11-Sep-07 12-Sep-07 12-Sep-07 6.045 5.89 5.9754 1,294,200 164 36
12-Sep-07 13-Sep-07 13-Sep-07 6.19 6.09 6.131 1,477,600 171 39
13-Sep-07 14-Sep-07 14-Sep-07 6.35 6.1 6.265 1,582,900 165 43
14-Sep-07 15-Sep-07 17-Sep-07 6.4 6.165 6.2289 1,290,200 153 37
17-Sep-07 18-Sep-07 18-Sep-07 6.43 6.28 6.3792 1,204,800 155 38
18-Sep-07 19-5ep-07 19-5ep-07 6.54 6.15 6.4195 1,516,100 171 41
19-5ep-07 20-Sep-07 20-Sep-07 6.4 6.15 6.2472 1,134,300 161 36
20-Sep-07 21-Sep-07 21-Sep-07 6.15 5.88 6.0167 1,179,100 158 37
21-Sep-07 22-Sep-07 24-Sep-07 6.3 5.83 5.9619 1,337,400 179 39
24-Sep-07 25-Sep-07 25-Sep-07 6.28 6 6.1198 1,137,500 139 37
25-Sep-07 26-Sep-07 26-Sep-07 6.66 6.35 6.5423 1,060,500 148 37
26-Sep-07 27-Sep-07 27-Sep-07 6.565 6.37 6.4718 1,437,300 168 37
27-Sep-07 28-Sep-07 30-Sep-07 6.475 6.005 6.3823 1,343,100 179 41
28-Sep-07 1-0ct-07 1-0ct-07 6.32 6.035 6.1458 1,689,500 229 43
1-0ct-07 2-0ct-07 2-0ct-07 6.335 5.9875 6.0708 1,466,000 212 39
2-0ct-07 3-0ct-07 3-0ct-07 6.85 6.46 6.5477 1,337,300 183 38
3-0ct-07 4-0ct-07 4-0ct-07 . 7.035 6.85 6.9563 1,594,800 213 38
4-0ct-07 5-0ct-07 5-0ct-07 7.03 6.73 6.9097 1,529,900 204 40
5-0ct-07 6-0ct-07 8-0ct-07 7 6.6975 6.7715 1,444,100 170 39
8-0ct-07 9-0ct-07 9-0ct-07 6.9 6.6 6.692 2,139,300 245 43
9-0ct-07 10-0ct-07 10-0ct-07 6.9 6.485 6.628 2,391,200 277 42
10-0ct-07 11-0ct-07 11-0ct-07 6.91 6.68 6.7931 1,613,300 195 43
11-0ct-07 12-0ct-07 12-0ct-07 6.9 6.75 6.8481 1,990,700 235 41
12cOct-07 13-0ct-07 15-0ct-07 6.85 6.4 6.46 1,689,600 246 51
15-0ct-07 16-0ct-07 16-0ct-07 7.165 6.92 7.085 1,420,500 188 45
16-0ct-07 17-0ct-07 17-0ct-07 7.39 7.15 7.2914 1,689,800 220 44
17-0ct-07 18-0ct-07 18-0ct-07 7.2 7.0225 7.1205 1,857,800 224 42
18-0ct-07 19-0ct-07 19-0ct-07 7.33 7.0625 7.1051 1,573,300 196 38
19-0ct-07 20-0ct-07 22-0ct-07 6.96 6.81 6.9079 1,905,400 218 37
22-0ct-07 23-0ct-07 23-0ct-07 6.76 6.39 6.633 1,287,000 137 36
23-0ct-07 24-0ct-07 24-0ct-07 6.505 6.2 6.3012 1,903,700 192 42
24-0ct-07 25-0ct-07 25-0ct-07 6.43 5.9825 6.114 1,589,500 210 42
Henry
25-0ct-07 26-0ct-07 26-0ct-07 6.5775 6.35 6.4857 1,581,800 201 42
26-0ct-07 27-0ct-07 29-0ct-07 6.57 6.27 6.4352 1,613,00 171 42
29-0ct-07 30-0ct-07 30-0ct-07 6.9 6.54 6.6597 1,090,000 142 31
30-0ct-07 31-0ct-07 31-0ct-07 7.19 6.85 6.9924 1,312,100 169 35
31-0ct-07 1-Nov-07 1-Nov-07 7.42 6.9 7.2768 1,977,400 236 41
1-Nov-07 2-Nov-07 2-Nov-07 7.54 6.75 7.0911 1,492,600 173 46
2-Nov-07 3-Nov-07 5-Nov-07 7.12 6.46 6.6305 1,350,700 189 48
5-Nov-07 6-Nov-07 6-Nov-07 7.14 6.47 6.713 1,a58,200 214 50
6-Nov-07 7-Nov-07 7-Nov-07 7.425 6.97 7.1966 1,914,700 238 46
7-Nov-07 8-Nov-07 8-Nov-07 7.56 7 7.4183 1,982,200 233 45
8-Nov-07 9-Nov-07 9-Nov-07 7.12 6.72 6.8052 2,013,600 211 43
9-Nov-07 10-Nov-07 12-Nov-07 6.93 6.39 6.591 1,257,400 188 42
12-Nov-07 13-Nov-07 13-Nov-07 7.04 6.65 6.8286 1,506,900 196 43
13-Nov-07 14-Nov-07 14-Nov-07 7.3075 7 7.2152 1,990,700 276 43
14-Nov-07 15-Nov-07 15-Nov-07 7.395 7.2 7.2745 2,161,100 241 43
15-Nov-07 16-Nov-07 16-Nov-07 7.43 7.2 7.3456 1,657,100 202 39
16-Nov-07 17-Nov-07 19-Nov-07 7.4 7.15 7.2918 1,649,000 176 40
19-Nov-07 20-Nov-07 20-Nov-07 7.51 7.2 7.382 1,963,400 217 45
20-Nov-07 21-Nov-07 21-Nov-07 7 6.64 6.8122 2,417,000 268 48
21-Nov-07 22-Nov-07 26-Nov-07 7 6.565 6.6683 1,826,200 207 41
26-Nov-07 27-Nov-07 27-Nov-07 7.6 7.45 7.5305 1,349,400 178 38
27-Nov-07 28-Nov-07 28-Nov-07 7.67 7.305 7.4161 1,473,900 171 41
28-Nov-07 29-Nov-07 29-Nov-07 7.58 7.4 7.5109 1,485,800 175 39
29-Nov-07 30-Nov-07 30-Nov-07 7.5325 7.22 7.4492 1,739,400 170 44
30-Nov-07 1-Dec-07 3-Dec-07 7.375 7.19 7.2914 1,050,600 128 38
3-Dec-07 4-Dec-07 4-Dec-07 7.205 6.8 6.9704 930,600 125 44
4-Dec-07 5-Dec-07 5-Dec-07 7.33 7.1 7.2668 1,151,800 143 47
5-Dec-07 6-Dec-07 6-Dec-07 7.19 6.93 7.0404 797,400 107 39
6-Dec-07 7-Dec-07 7-Dec-07 7.36 7.23 7.2901 1,690,500 166 41
7-Dec-07 8-Dec-07 10-Dec-07 7.25 6.9 7.0374 1,064,500 149 43
10-Dec-07 11-Dec-07 11-Dec-07 7.1 6.84 6.979 868,200 104 43
11-Dec-07 12-Dec-07 12-Dec-07 7.155 7.01 7.1163 1,219,900 124 41
12-Dec-07 13-Dec-07 13-Dec-07 7.26 7.17 7.22 952,000 101 38
13-Dec-07 14-Dec-07 14-Dec-07 7.52 7.25 7.4604 987,900 131 40
14-Dec-07 15-Dec-07 17-Dec-07 7.18 7.005 7.0931 884,700 116 41
17-Dec-07 18-Dec-07 18-Dec-07 7.205 6.96 7.0625 1,207,000 140 39
18-Dec-07 19-Dec-07 19-Dec-07 7.21 7.1 7.1593 1,027,800 133 37
Henry
INO.com 7/18/2007
New York Mercantile Exchange (NYMEX)
Energy
NATURAL GAS (NG)
Market Open High Low Last Change
NG.Q07 Aug 2007 6.270 6.550 6.270 6.528 0.221
NG.U07 Sep 2007 6.370 6.615 6.360 6.611 0.209
NGV07 Oct 2007 6.600 6.600 6.590 6.771 0.204
NG-X07 Nov 2007 7.430 7.520 7.430 7.621 0.229
NG.Z07 Dec 2007 8.215 8.390 8.215 8.431 0.254
NG.F08 Jan 2008 8.586 8.586 8.586 8.801 0.259
NG.G08 Feb 2008 8.605 8.70 8.605 8.806 0.261
NG.H08 Mar 2008 8.375 8.480 8.375 8.621 0.266
NG.J08 Apr 2008 7.755 7.980 7.755 7.941 0.206
NG.K08 May 2008 7.740 7.740 7.740 7.896 0.206
NG.M08 Jun 2008 7.800 7.800 7.800 7.978 0.208
NG.N08 Jul 2008 8.090 8.090 8.060 8.078 0.208
NG.Q08 Aug 2008 7.969 7.969 7.969 8.148 0.208
NG.U08 Sep 2008 7.992 7.992 7.992 8.201 0.208
NG.V08 Oct 2008 8.070 8.D0 8.D0 8.318 0.206
NG-X08 Nov 2008 8.610 8.760 8.610 8.758 0.206
NG.Z08 Dec 2008 9.040 9.120 9.040 9.213 0.206
NG.F09 Jan 2009 9.350 9.350 9.350 9.478 0.206
NG.G09 Feb 2009 9.420 9.420 9.410 9.481 0.206
NG.H09 Mar 2009 9.060 9.060 9.233 0.206
NG.J09 Apr 2009 7.700 7.700 8.048 0.176
NG.K09 May 2009 7.705 7.705 7.05 7.938 0.181
NG.M09 Jun 2009 7.900 7.900 7.900 8.015 0.18
NG.N09 Jul 2009 7.970 7.970 8.099 0.179
NG.Q09 Aug 2009 8.048 8.048 8.048 8.153 0.178
NG.U09 Sep 2009 7.960 7.960 7.960 8.187 0.177
NG.V09 Oct 2009 8.090 8.090 8.090 8.286 0.176
NG-X09 Nov 2009 8.455 8.455 8.455 8.646 0.176
NG.Z09 Dec 2009 8.840 8.840 8.840 9.001 0.176
NG.F10 Jan 2010 9.370 9.370 9.206 0.176
NG.G10 Feb 2010 9.200 9.200 9.200 9.206 0.166
NG.H10 Mar 2010 9.150 9.150 8.951 0.166
NG.J10 Apr 2010 7.775 7.810 7.716 0136
NG.K10 May 2010 7.475 7.475 7.596 0.136
NG.M10 Jun 2010 7.750 7.750 7.750 7.677 0.135
NG.N10 Jul 2010 7.780 7.780 7.780 7.761 0.134
NG.Q10 Aug 2010 7.600 7.610 7.600 7.812 0.133
NG.U1O Sep 2010 7.944 7.974 7.944 7.845 0.132
NGV10 Oct 2010 8.060 8.060 8.060 7.941 0.131
NG-X10 Nov 2010 8.155 8.145 8.296 0.126
NG.Z10 Dec 2010 8.600 8.600 8.00 8.651 0.121
NG.F11 Jan 2011 8.560 8.560 8.560 8.851 0.126
NG.G11 Feb 2011 8.560 8.560 8.560 8.846 0.126
NG.H11 Mar 2011 8.850 8.850 8.596 0.121
NG.J11 Apr 2011 7.330 7.330 7.330 7.371 0.091
NG.K11 May 2011 7.220 7.220 7.220 7.251 0.091
NG.M11 Jun 2011 7.300 7.300 7.300 7.334 0.091
NG.N11 Jul 2011 7.310 7.310 7.310 7.424 0.091
NG.Q11 Aug 2011 7.310 7.310 7.474 0.091
NG.U11 Sep 2011 7.310 7.310 6.639 7.509 0.091
NG.V11 Oct 2011 7.550 7.550 7.550 7.604 0.091
NG-X11 Nov 2011 7.830 7.830 7.949 0.091
NG.Z11 Dec 2011 8.550 8.550 8.540 8.294 0.091
NG.F12 Jan 2012 8.390 8.390 8.494 0.091
NG.G12 Feb 2012 8.395 8.814 8.395 8.499 0.091
NG.H12 Mar 2012 8.145 8.145 8.254 0.091
7/11/01
NG.J12 Apr 2012 7.280 7.280 7.280 7.069 0.076
NG.K12 May 2012 6.800 6.820 6.930 6.949 0.076
NG.M12 Jun 2012 7.000 7.000 7.000 7.031 0.076
NG.N12 Jul 2012 7.090 7.090 7.090 7.126 0.076
NG.Q12 Aug 2012 7.110 7.110 7.100 7.181 0.076
NG.U12 Sep 2012 7.050 7.050 7.224 0.076
NG.V12 Oct 2012 7.370 7.370 7.370 7.324 0.076
NG-X12 Nov 2012 7.100 7.100 7.674 0.076
NG.Z12 Dec 2012 7.950 7.950 7.950 8.024 0.Q6
NG.Q07.E Aug 2007 (E)6.560 6.570 6.554 6.557 0.029
NG.U07.E Sep 2007 (E)6.650 6.650 6.650 6.650 0.039
NG.v07.E Oct 2007 (E)6.610 6.813 6.485 6.813 0.246
NG-X07.E Nov 2007 (E)7.420 7.650 7.340 7.650 0.258
NG.Z07.E Dec 2007 (E)8.195 8.459 8.145 8.440 0.263
NG.F08.E Jan 2008 (E)8.540 8.836 8.510 8.812 0.27
NG.G08.E Feb 2008 (E)8.540 8.844 8.535 8.806 0.261
NG.H08.E Mar 2008 (E)8.350 8.649 8.350 8.641 0.286
NG.J08.E Apr 2008 (E)7.730 7.962 7.729 7.959 0.224
NG.K08.E May 2008 (E)7.704 7.910 7.704 7.896 0.206
NG.M08.E Jun 2008 (E)7.750 8.000 7.750 7.978 0.208
NG.N08.E Jul 2008 (E)7.893 8.060 7.893 8.Q8 0.208
NG.Q08.E Aug 2008 (E)8.130 8.136 8.130 8.148 0.208
NG.U08.E Sep 2008 (E)8.080 8.180 8.080 8.201 0.208
NG.V08.E Oct 2008 (E)8.180 8.329 8.180 8.329 0.217
NG-X08.E Nov 2008 (E)8.610 8.758 8.610 8.758 0.206
NG.Z08.E Dec 2008 (E)9.100 9.230 9.100 9.203 0.196
NG.F09.E Jan 2009 (E)9.380 9.480 9.380 9.478 0.206
NG.G09.E Feb 2009 (E)9.250 9.250 9.250 9.481 0.206
NG.H09.E Mar 2009 (E)9.050 9.205 9.050 9.233 0.206
NG.J09.E Apr 2009 (E)8.020 8.020 8.020 8.048 0.176
NG.K09.E May 2009 (E)7.822 7.822 7.822 7.938 0.181
NG.M09.E Jun 2009 (E)7.900 7.900 7.900 8.015 0.18
NG.N09.E Jul 2009 (E)7.900 7.900 7.900 8.099 0.179
NG.Q09.E Aug 2009 (E)8.400 8.400 8.400 8.153 0.178
NG.U09.E Sep 2009 (E)8.150 8.150 8.150 8.187 0.177
NG.v09.E Oct 2009 (E)8.350 8.350 8.350 8.286 0.176
NG-X09.E Nov 2009 (E)8.700 8.700 8.700 8.646 0.176
NG.Z09.E Dec 2009 (E)9.150 9.150 9.150 9.001 0.176
NG.F10.E Jan 2010 (E)9.150 9.150 9.150 9.206 0.176
NG.G10.E Feb 2010 (E)9.020 9.020 9.020 9.206 0.166
NG.H10.E Mar 2010 (E)8.900 8.900 8.900 8.951 0.166
NG.J10.E Apr 2010 (E)7.780 7.780 7.780 7.716 0.136
NG.K10.E May 2010 (E)7.630 7.630 7.630 7.596 0.136
NG.M10.E Jun 2010 (E)7.750 7.750 7.750 7.677 0.135
NG.N10.E Jul 2010 (E)7.642 7.642 7.642 7.761 0.134
NG.Q10.E Aug 2010 (E)7.850 7.850 7.850 7.812 0.133
NG.U10.E Sep 2010 (E)7.747 7.747 7.747 7.845 0.132
NG.v10.E Oct 2010 (E)8.100 8.100 8.100 7.941 0.131
NG-X10.E Nov 2010 (E)8.140 8.140 8.140 8.296 0.126
NG.Z10.E Dec 2010 (E)8.500 8.500 8.500 8.651 0.121
NG.F11.E Jan 2011 (E)8.860 8.860 8.720 8.851 0.126
NG.G11.E Feb 2011 (E)8.860 8.860 8.710 8.846 0.126
NG.H11.E Mar 2011 (E)8.820 8.820 8.820 8.596 0.121
NG.J11.E Apr 2011 (E)7.340 7.340 7.340 7.371 0.091
NG.K11.E May 2011 (E)7.456 7.456 7.456 7.251 0.091
NG.M11.E Jun 2011 (E)7.165 7.165 7.165 7.334 0.091
NG.N11.E Jul 2011 (E)7.520 7.520 7.520 7.424 0.091
NG.Q11.E Aug 2011 (E)7.400 7.400 7.400 7.474 0.091
NG.U11.E Sep 2011 (E)7.720 7.720 7.720 7.509 0.091
NG.V11.E Oct 2011 (E)7.770 7.770 7.770 7.604 0.091
NG-X11.E Nov 2011 (E)8.238 8.238 8.238 7.949 0.091
NG.Z11.E Dec 2011 (E)8.610 8.611 8.610 8.294 0.091
NG.F12.E Jan 2012 (E)8.595 8.595 8.595 8.494 0.091
NG.G12.E Feb 2012 (E)8.499 8.99 8.440 8.499 0.091 '01/1 '(
NG.H12.E Mar 2012 (E)8.470 8.470 8.470 8.254 0.091
NG.J12,E Apr 2012 (E)7.250 7.260 7.250 7.069 0.076
NG.K12.E May 2012 (E)6.900 6.920 6.900 6.949 0.076
NG.M12.E Jun 2012 (E)7.000 7.000 7.000 7.031 0.076
NG.N12.E Jul 2012 (E)7.330 7.330 7.330 7.126 0.076
NG.Q12.E Aug 2012 (E)7.430 7.430 7.430 7.181 0.076
NG.U12.E Sep 2012 (E)7.480 7.480 7.480 7.224 0.076
NGV12.E Oct 2012 (E)7.350 7.350 7.350 7.324 0.076
NG.x12.E Nov 2012 (E)7.940 7.940 7.940 7.674 0.076
NG.Z12.E Dec 2012 (E)8.050 8.050 8.050 8.024 0.076
INO.com 8/2/2007
Market Open High Low Last Change
NG.U07 Sep-07 6.415 6.430 6.080 6.106 -0.246
NG.V07 Oct-07 6.450 6.505 6.350 6.316 -0.248
NG-X07 Nov-07 7.540 7.540 7.210 7.241 -0.243
NG.Z07 Dec-07 8.420 8.420 8.300 8.133 -0.236
NG.F08 Jan-08 8.810 8.810 8.660 8.531 -0.233
NG.G08 Feb-08 8.820 8.820 8.720 8.554 -0.228
NG.H08 Mar-08 8.565 8.565 8.565 8.394 -0.228
NG.J08 Apr.08 8.080 8.080 8.030 7.889 -0.158
NG.K08 May-08 8.010 8.010 8.010 7.866 -0.158
NG.M08 Jun-08 8.170 8.170 8.170 7.961 -0.158
NG.N08 Jul-08 8.180 8.180 8.180 8.066 -0.156
NG.Q08 Aug-08 8.330 8.330 8.330 8.139 -0.156
NG.U08 Sep-08 8.300 8.320 8.300 8.197 -0.156
NG.V08 Oct-08 8.480 8.480 8.480 8.324 -0.156
NG-X08 Nov-08 8.945 8.945 8.945 8.789 -0.156
NG.Z08 Dec-08 9.315 9.315 9.315 9.264 -0.156
NG.F09 Jan-09 9.660 9.680 9.610 9.544 -0.151
NG.G09 Feb-09 9.655 9.655 9.655 9.549 -0.151
NG.H09 Mar-09 9.490 9.490 9.490 9.304 -0.151
NG.J09 Apr-09 8.230 8.230 8.230 8.199 -0.086
NG.K09 May-09 7.970 7.970 7.970 8.096 -0.084
NG.M09 Jun-09 7.925 7.925 7.925 8.168 -0.084
NG.N09 Jul-09 8.011 8.011 8.000 8.256 -0.084
NG.Q09 Aug-09 8.050 8.050 8.050 8.311 -0.084
NG.U09 Sep-09 7.960 7.960 7.960 8.351 -0.084
NGV09 Oct-09 8.090 8.090 8.090 8.449 -0.084
NG-X09 Nov-09 8.880 8.880 8.880 8.814 -0.084
NG.Z09 Dec-09 9.280 9.280 9.280 9.164 -0.084
NG.F10 Jan-10 9.130 9.130 9.130 9.389 -0.084
NG.G10 Feb-10 9.200 9.200 9.200 9.389 -0.084
NG.H10 Mar-10 9.150 9.150 9.134 -0.084
NG.J10 Apr-10 7.780 7.780 7.780 7.904 -0.019
NG.K10 May-10 7.475 7.475 7.797 -0.014
NG.M10 Jun-10 7.870 7.870 7.870 7.875 -0.014
NG.N10 Jul-10 7.955 7.955 7.955 7.961 -0.014
NG.Q10 Aug-10 8.028 8.028 8.028 8.012 -0.014
NG.U10 Sep-10 8.063 8.063 8.063 8.048 -0.014
NGV10 Oct-10 8.110 8.150 8.090 8.149 -0.014
NG-X10 Nov-10 8.280 8.280 8.280 8.499 -0.014
NGZ10 Dec-10 8.710 8.710 8.710 8.839 -0019
NG.F11 Jan-11 8.560 8.560 8.560 9.059 -0.019
NG.G11 Feb-11 8.560 8.560 8.560 9.059 -0.019
NG.H11 Mar-11 8.850 8.850 8.804 -0.019
NG.J11 Apr-11 7.330 7.330 7.330 7.539 0.006
NG.K11 May-11 7.200 7.200 7.200 7.432 0.012
NG.M11 Jun-11 7.300 7.300 7.300 7.515 0.012
NG.N11 Jul-11 7.310 7.310 7.310 7.605 0.012
NG.Q11 Aug-11 7.310 7.310 7.655 0.012
NG.U11 Sep-11 7.310 7.310 6.639 7.690 0012
NGV11 Oct-11 7.550 7.550 7.550 7.785 0.012
NG-X11 I:7.830 7.830 8.140 0.012
NGZ11 Dec-11 8.445 8.445 8.490 0.012
NG.F12 Jan-12 8.390 8.390 8.710 0012
NG.G12 Feb-12 8.395 8.814 8.395 8.715 0.012
NG.H12 Mar-12 8.145 8.145 8.475 0.012
B/i/rr
NG.G12.E Feb 2012 (E)8.499 8.499 8.440 8.715 0.012
NG.H12.E Mar 2012 (E)8.470 8.470 8.470 8.475 0.012
NG.J12.E Apr 2012 (E)7.250 7.260 7.250 7.255 0032
NG.K12.E May 2012 (E)7.110 7.110 7.110 7.148 0.04
NG.M12.E Jun 2012 (E)7.000 7.000 7.000 7.230 0.04
NG.N12.E Jul 2012 (E)7.330 7.330 7.330 7.320 0.04
NG.Q12.E Aug 2012 (E)7.290 7.290 7.290 7.370 0.04
NG.U12.E Sep 2012 (E)7.480 7.480 7.480 7.410 0.04
NG.v12.E Oct 2012 (E)7.440 7.440 7.440 7.510 0.04
NGX12.E Nov 2012 (E)7.940 7.940 7.940 7.850 0.04
NG.Z12.E Dec 2012 (E)8.150 8.150 8.150 8.190 0.04
Mar 2008/Apr
NG.H08 2008 Spread 0.570 0.570 0.510 0.510 -0.06
INO.com 10/10/2007 10/0/'7
Market Open High Low Last Change
NG-X07 Nov-07 6.940 7.065 6.920 7.000 0.137
NG.Z07 Dec-07 7.675 7.755 7.670 7.755 0.122
NG.F08 Jan-08 8.040 8.125 8.040 8.125 0.122
NG.G08 Feb-08 8.155 8.155 8.150 8.150 0.117
NG.H08 Mar-08 7.940 7.940 7.940 7.940 0.072
NG.J08 Apr-08 7.615 7.615 7.615 7.615 0.097
NG.K08 May-08 7.690 7.690 7.690 7.548 -0.006
NG.M08 Jun-08 7.620 7.620 7.623 -0.006
NG.N08 Jul-08 7.870 7.870 7.870 7.706 -0.008
NG.Q08 Aug-08 7.775 7.775 7.775 -0.001
NG.U08 Sep-08 7.990 7.990 7.990 7.793 -0.008
NG.V08 Oct-08 7.895 7.895 7.895 7.866 -0.008
NG-X08 Nov-08 8.300 8.300 8.300 8.300 0.051
NG,Z08 Dec-08 8.655 8.655 8.655 8.622 -0.012
NG.F09 Jan-09 8.960 8.960 8.960 8.882 -0.012
NG.G09 Feb-09 8.925 8.925 8.925 8.882 -0.012
NG.H09 Mar-09 8.750 8.750 8.635 -0.012
NG.J09 Apr-09 7.900 7.900 7.870 7.805 -0.002
NG.K09 May-09 7.740 7.700 7.740 7.742 0
NG.M09 Jun-09 7.870 7.880 7.870 7.787 0
NG.N09 Jul-09 7.945 7.945 7.945 7.847 0
NG.Q09 Aug-09 7.995 7.995 7.995 7.894 0
NG.U09 Sep-09 7.912 7.912 7.912 7.912 0
NGV09 Oct-09 7.883 7.883 7.972 0
NG-X09 Nov-09 8.270 8.270 8.270 8.274 -0.08
NG.Z09 Dec-09 8.570 8.570 8.570 8.567 -0.015
NG.F10 Jan-10 8.800 8.800 8.00 8.797 -0.015
NG.G10 Feb-10 8.800 8.800 8.800 8.797 -0.015
NG.H10 Mar-10 8.670 8.670 8.670 8.547 -0.015
NG.J10 Apr-10 7.610 7.610 7.610 -0.032
NG.K10 May-10 7.580 7.580 7.557 0.005
NG.M10 Jun-10 7.625 7.625 7.607 0.005
NG.N10 Jul-10 7.680 7.680 7.662 0.005
NG.Q10 Aug-10 7.750 7.750 7.750 7.704 0.005
NG.U1O Sep-10 7.760 7.760 7.760 7.719 0.005
NG.V10 Oct-10 7.830 7.830 7.782 0.005
NG-X10 Nov-10 8.190 8.190 8.190 8.092 0.005
NG.Z10 Dec-10 8.480 8.400 8.60 8.387 0.005
NG.F11 Jan-11 8.620 8.620 8.620 8.597 0.005
NG.G11 Feb-11 8.730 8.730 8.70 8.597 0.005
NG.H11 Mar-11 8.430 8.342 8.430 8.342 0.015
NG.J11 Apr-11 7.370 7.370 7.370 7.372 0.025
NG.K11 May-11 7.280 7.280 7.280 7.307 0.025
NG.M11 Jun-11 7.357 7.357 7.357 7.357 0.025
NG.N11 Jul-11 7.450 7.450 7.450 7.417 0.025
NG.Q11 Aug-11 7.470 7.470 7.470 7.457 0.025
NG.U11 Sep-11 7.420 7.420 7.420 7.472 0.025
NGV11 Oct-11 7.470 7.470 7.500 7.537 0.025
NG-X11 Nov-11 7.900 7.900 7.900 7.847 0.025
NG.Z11 Dec-11 8.240 8.240 8.147 0.025
NG.F12 Jan-12 8.357 8.357 8.357 8.357 0.035
NG.G12 Feb-12 8.357 8.357 8.357 8.357 0.035
NG.H12 Mar-12 8.140 8.140 8.097 0.035
NG.J12 Apr-12 7.093 7.093 7.093 7.137 0.055 IPl1
NG.K12 May-12 7.055 7.055 7.055 7.067 0.055
NG.M12 Jun-12 7.140 7.140 7.140 7.117 0.05
NG.N12 Jul-12 7.130 7.130 7.130 7.172 0.045
NG.Q12 Aug-12 7.030 7.030 7.212 0.045
NG.U12 Sep-12 7.190 7.190 7.180 7.227 0.04
NGV12 Oct-12 7.290 7.290 7.270 7.292 0.035
NG-X12 Nov-12 7.630 7.630 7.630 7.592 0.035
NG.Z12 Dec-12 7.950 8.000 7.950 7.892 0.035
NG-X07.E Nov 2007 (E)6.936 7.080 6.835 7.060 0.197
NG.Z07.E Dec 2007 (E)7.700 7.767 7.637 7.755 0.122
NG.F08.E Jan 2008 (E)8.010 8.124 8.000 8.111 0.108
NG.G08.E Feb 2008 (El 8.068 8.150 8.064 8.115 0.082
NG,H08.E Mar 2008 (El 7.920 7.975 7,898 7.926 0.058
NG.J08.E Apr 2008 (El 7.570 7.605 7.570 7.605 0.087
NG.K08.E May 2008 (El 7.605 7.605 7.605 7.605 0.057
NG.M08.E Jun 2008 (El 7.697 7.714 7.697 7.696 0.073
NG.N08.E Jul 2008 (El 7.760 7.784 7.760 7.770 0.064
NG.Q08.E Aug 2008 (El 7.840 7.840 7.840 7.840 0.064
NG.U08.E Sep 2008 (El 7.779 7.810 7.762 7.793 -0.008
NGV08.E Oct 2008 (El 7.920 7.920 7.920 7.920 0.054
NG-X08.E Nov 2008 (El 8.300 8.300 8.300 8.300 0.051
NG.Z08.E Dec 2008 (El 8.625 8.670 0.048
NG.F09.E Jan 2009 (El 8.930 8.930 8.930 8.930 0.048
NG.G09.E Feb 2009 (El 8.885 8.930 0.048
NG.H09.E Mar 2009 (E)8.675 8.675 0.04
NG.J09.E Apr 2009 (El 7.835 7.835 7.835 7.835 0.03
NG.K09.E May 2009 (El 7.745 7.745 0.003
NG.M09.E Jun 2009 (El 7.880 7.860 7.860 7.787 0
NG.N09.E Jul2009 (El 7.920 7.847 0
NG.Q09.E Aug 2009 (El 7.895 7.895 0.001
NG.U09.E Sep 2009 (El 7.915 7.915 0.003
NG.V09.E Oct 2009 (El 7.980 7.980 7.980 7.972 0
NG-X09.E Nov 2009 (El 8.275 8.275 0.001
NG.l09.E Dec 2009 (El 8.675 8.567 -0.015
NG.F10.E Jan 2010 (El 8.970 8.970 8.970 8.797 -0.015
NG.G10.E Feb 2010 (El 8.970 8.970 8.970 8.797 -0.015
NG.H10.EMar 2010 (El 8.680 8.547 -0.015
NG.J10.E Apr 2010(El 7.680 7.680 7.680 7.642 0
NG.K10.E May 2010 (El 7.700 7.700 7.700 7.557 0.005
NG.M10.E Jun 2010 (El 7.607 7.607 7.607 7.607 0.005
NG.N10.E Jul2010 (El 7.662 7.662 7.662 7.662 0.005
NG.Q10.E Aug 2010 (El 7.690 7.690 7.690 7.704 0.005
NG.U1O.E Sep 2010 (El 7.720 7.720 7.720 7.719 0.005
NGV10.E Oct 2010 (El 7.840 7.840 7.840 7.782 0.005
NG-X10.E Nov 2010 (El 8.170 8.170 8.170 8.092 0.005
NG.Z10.E Dec 2010 (El 8.350 8.350 8.350 8.387 0.005
NG.F11.E Jan 2011 (El 8.720 8.720 8.720 8.597 0.005
NG.G11.E Feb 2011 (E)8.720 8.720 8.720 8.597 0.005
NG.H11.E Mar2011 (El 8.460 8.460 8.460 8.342 0.015
NG.J11.E Apr 2011 (El 7.420 7.420 7.420 7.372 0.025
NG.K11.E May 2011 (E)7.320 7.320 7.320 7.307 0.025
NG.M11.E Jun 2011 (E)7.410 7.410 7.410 7.357 0.025
NG,N11.E Jul 2011 (E)7.500 7.500 7.500 7.417 0.025
NG.Q11.E Aug 2011 (El 7.457 7.457 7.457 7.457 0.025
NG.U11.E Sep 2011 (El 7.471 7.471 7.471 7.472 0.025
NG.V11.E Oct 2011 (El 7.300 7.300 7.300 7.537 0.025
NG-X11.E Nov 2011 (El 8.000 8.000 8.000 7.847 0.025
NG.Z11.E Dec 2011 (El 8.200 8.200 8.200 8.147 0.025
NG.F12.E Jan 2012 (El 8.428 8.428 8.428 8.357 0.035
NG.G12.E Feb 2012 (El 8.450 8.450 8.450 8.357 0035
NG.H12.E Mar 2012 (E)8.300 8.300 8.300 8.097 0.035
NG.J12.E Apr 2012 (El 7.200 7.200 7.200 7.137 0.055
NG.K12.E May 2012 (E)7.030 7.030 7.030 7.067 0.055 1
ojPjO 1
NG.M12.E Jun 2012 (E)7.200 7.200 7.200 7.117 0.05
NG.N12.E Jul 2012 (E)7.213 7.213 7.213 7.172 0.045
NG.Q12.E Aug 2012 IE)7.250 7.250 7.250 7.212 0.045
NG.U12.E Sep 2012 (E)7.320 7.227 0.04
NGV12.E Oct 2012 (E)7.390 7.292 0.035
NG.x12.E Nov 2012 (E)7.790 7.790 7.790 7.592 0.035
NG.Z12.E Dec 2012 (E)7.892 7.892 7.892 7.892 0
Jan 2008/Mar
NG.F08 2008 Spread 0.130 0.133 0.127 0.127 0
Jan 2009/Mar
NG.F09 2009 Spread 0.246 0.246 0.246 0.247 -0.001
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N¥MEX :NG .F08 1 Year Dai ly (c)2007 INO .com
N¥MEX NATURAL GAS Jan 2008
11.5
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N¥MEX NATURAL GAS Jan 2008
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NYMEX :NG .G08 1 Year Dai l~(c)2007 INO .com
NVMEX NATURAL GAS Feb 200B
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N¥NEX:NG.G06 Max Daii~(c)2007 INO .com
N¥NEX NATURAL GAS Feb 200S
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NVMEX NATURAL GAS Mar 2008
11.5
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11
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NYMEX:NG.HOB Max Dail~(c)2007 INO .com
NYMEX NATURAL GAS Mar 2008
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NYMEX NATURAL GAS Apr 2008
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NG.J08 Price --50 Day MA--
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6.8
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Jan Feb Mar Apr Nay Jun Jul Rug
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NVMEX NATURAL GAS Ma~ Z008
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NVMEX NATURAL GAS Jun 2008
8
8.8
8.6
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8.2
7.8
7.6
7.4
7.2
7
Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Au~
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NVMEX NATURAL GAS J un 2008
9 r" ,.
8.5
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6.5
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N¥MEX :NG .NOB 1 Year Dai ly Cc)2007 INO . COll
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Aug Sep Oct Nov Dec Jan Feb ~lar Apr Ma!:Jun Jul Aug
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N¥MEX :NG .Q06 1 Year Dai l~(c)2007 INa .com
NVMEX NATURAL GAS Aug 2008
8.8
8
8.6
6.4
8.2
7.8
7.6
7.4
7.2
7
Aug Sep act Nov Dec Jan Feb Mar Apr Ma~ Jun Jul Aug
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NVMEX:NG.Q06 Max Daily (c)2007 INO .com
NVMEX NATURAL GAS Au~ 200B
9.5
8
9
8.5
7.5
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6.5
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6
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NYMEX:NG.UQB 1 Year Daily 'c)2007 INO .COIl
NYMEX NATURAL GAS Sep 200B
B.B
B
B.6
8.4
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7.B
7.6
7.4
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Aul! Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug
1 of 1 8/2/2007 4:28 PM
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NVMEX:NG.UOB Max Daily (c)Z007 INO .com
NVMEX NATURAL GAS Sep Z008
9.5
7
9
6.5
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7.5
6.5
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NVMEX NATURAL GAS Oct 2008
9
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8.4
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7.8
7.6
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Au~Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug
1 of 1 8/2/2007 4:29 PM.
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NYMEX NATURAL GAS Oct Z006
9.5
6
9
6.5
7.5
7
6
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NVMEX NATURAL GAS Nov 2008
9.4
9
9.2
8.8
8.6
6.4
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8
7.8
Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug
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(c)2007 INO .comNVMEX:NG.XOB Max Dail~
9.5
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10
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NVMEX :NG .ZOB 1 Vear Dai l~(c)2007 INO .com
NVMEX NATURAL GAS Dec 200S
10.2
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I' """T.... ...~...
NG.ZOB Price --
50 Oa~ MA -- .10
9.6
9.5
9.4
9.2
8.8
8.6
8.4
S.2
Aug Sep Oct Nov Dec Jan Feb Mar Apr Ma~ Jun Jul Aug
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NVMEX NATURAL GAS Dec 2008
11
7
10.5
10
9.5
9
8.5
6
7.5
5.5
Apr-20051 u i -200!lct-2005J an-200lipr-200í9 u i -200tIct-20061 an-2001lpr-200ii u 1-200Dct-200'
1 of 1 8/2/20074:30 PM
NuCoastal...
(continued frm page 5)
By th meas, natu ga should not be afec Si_catl by an .unexdrp in oil price to $4bl Wyatt
pote out tht on an ener-euialent bas, natu ga
would be mor:t $71Mtu abtwher itis trtoy.
Fuer out, he foreas a strong future for coal gasifca-
tion, whlch is economicaly competitive when natual gas
prices ar above $4.50. The cabon dioxide emisions issue
ca be resolved by sequesterig the grenhouse gãs in de-
plete oil fields or in underground brie zones, Wyatt sad.
Babar Shook, Housn
Natgas ...
(continued frm page 1)
situation," said GeorgeSpeicher, broker with Dow Broker-
ag in Houston, 'We've seentlus situation time ard tie
agai over the last several years, where an attempt at a
short squeeze. emerges, ,and prices. run sharlylugher.
Wht makes ths time dierent is that there's some veryibi~playersjntlus.market,\hoarslated to makeátonof
ploneyon thedQwnside,and they're not going to give up
their positions .withoutafight;andtheyarlielytotrap
soin~bulsa1ong.the..way;"
TJeJargestamount.ofbearsh. sentiment is being de-rived from weatherforecastsJor the balaiceofDecei:rber
and into Janua, which appear to be gett more bear
by the day,. accordig to a inajority of meteorologists. ,Steve Gregory,WeatherIntel cluefrik consultant, not-
edthat sice no signcat cbge in the occ tempera-
turepattm ispossiblefor at least eight weeks, the gener-alstormy weather pattern over the US is. unlikely to
clange much durng the rest of the witer. Meanwlule,
. global models indicate that no major or prolonged arctc ai
outbre are possible over the US for at least two weeks.
For market buls, that's not goonews.Storage-wise, the Energy Inormation Admstration
reported withdrawal of 146 billon cubic Jeet for the week
ended Dec. 7, decreasing gas in stoag to 3,294 Bc£Stocks
are 32 Bcflugherthan last year at ths time and259Bcf
above the five-year average. Lookig ahead to ths week's
storage inormation, preliinar data suggests a draw
around 125 Bcfto 140 Bef
Ifrelatively war conditions contiue into Janua and
perhaps into Februar, some traders are aleady stag
to caculate the possibilty ofreco:rd storage comig out of
the witer.
'We entered the witer with a record amount of gas in
storage, and it realy looks lie we're going to end the wi-
ter with a record amount of storage - but unti we actual-
ly get into the month of Januar to see (howl thgs fare'
with the weather demand, we probably won't see to hardofa sell-off" one futues trader in New York said. ':ut af-
ter .the fi week or so of Januar is in the reaew nior
and we haven't seen some signcat draws in storage _
then we could easily see ths'market make some lows that.
we haven't made in~ears, especialy if we end the with-
drawal season with close to 2 . (tron cubic feetl of gas in
the grurd."
The Nyiex Januar gas futurs contract slipped 16.81t
Frday to close at $7.025/tu, down 13t for.the week _
Crude oil. proved even more volatile last . week, luttig a
week.low of $87 .09..before spriging back to nearly $95 abare1:Januarcrdeshe~981t.Friday. ..to.settleat
$9 L27/bbl, up $2.99Jor the-weeki 'i..'i '.. ..' .((hi i..........Tecèainelt:1;I'S .rOI"'r~\laIgasfut~~i~e.~ea,
butleaIDore~wardthedQjnside:JMl:joI'~e~of~PPIJ()ry
:kn~:i~ts~ri1:t:/r;~~:f~:g~,~~~~~'~r~~rs~i~,.re-
Friday's CommodityFuturesTradigpommiss~()l1'S
CommtmentofTradeis report for the week ended Dec. 11-
'showed noncommercials.in about663% short futurs-only
positions for the week .
Al Lamey, Housn
JERC ...
(contínuedfrmpage 1)recy orindiecyin.connectonwith the co:rinsion1sju-
risdictonal tranctons. . '.i
The orer alosadtheCommodties Exch:Afmscleartht'.oteragcies,.inudigtheFERC,retathei~';
.risdct()nbeyondthe;confesof,~accunts, ageeentsa:d
(continuedonpage.14)
Trading Dat: Decbe 10" Debe 14,2007 . NATURAl GAS FUTU RES
NEW YORK MERCANTILE EXCHANGE (NYMEX) (HENRY HUB) .
MoayLa .
7.42
7.154
7.144
7.214
7.314
7.419
7.499
7.529
7.599
8.004
8.439
January 2008
Februry 2008
March 200
April 2008
May 200
June 2008
July 2008
Augus 2008
Septembe 2008
Ocbe 200
Novembe 2008
Dember 200
12-MON SlP
TOTAL VOLUME
7.496
6 NATU GAS WE.. Decbe i 7,20
Wees
High-lo
7.520-7.00
7.565-7.130
7.5847.130
7.380-7.165
7.215-7_215
7.33-7.330
7.4007.400
7.590-7.480
7.510-7.510
8.630-8.380
OpIn
70,808
95,780
109,150
49,548
42,563
23,312
20,927
18,367
13,817
39,696
23,247
19,007
ww.enerteco
Forum ...
(continued frm page 5)
in Washigtn, D.C. Breaux wi be the moderator of the
Nov. 30 program.
"The Gul states experienced success when we joined
together as a uned voice supporting the sharg of fed-
eral oil and gas revenues from outer continental shelf
producton," Breaux said. "Were wi America tur if we
don't sustain the resources that support this workig
coast? Wetland erosion theatens the vast network of in-
frastrcture that supports martime, energy, recreation-
al and cultural assets, and a national response is need-
ed, given the ímpact of the region on American trade andcommerce," .
The one-day foru entitled, A New Susainability for the
Future of the Gulf Coat, is the fit gatheri of AEC lead-
ership includig H. Dale Hal, diector of the US Fish and
Wildlife Servce; Shell Pipelie President Mark Hurley;
Gerald E. Galoway with the Glenn L. Mar Institute at
the University of Marland; LSU chancellor Sean O'Keefe;
US Mierals Management Servce Diecr Rada Luth;
and US Sens. Trent Lott (R-Mississippi) and Mar Lan-
dreu (D-Louisiana), cochais of the AEC Honorar Lead-
ershipCounci.
The program is also gettg industr support.
"Shell believes that protectg the US Gulf Coast is vita
to deliverig future energy supplies to the nation," said
Hurley, who chs AEC's Industr Counci. "To succeed
wi requie a collaborative effort on the par ofloc, stte,
and federal governents, acdemic insttutions, private en-
terprie, and the people who live and work in the commun-
ties along the Gulf Coast. "
Oter energy companes tht have thwn their suppo to
the AEC cause ar Chevrn, BG Nort Amerca CH2MH,
Dow Chemica, Ente, Shaw Coasta and Spec Energy.
John A Sulvan Houston
Meager ...
(continued frm page 1)
backed off, natural ga slipped lower before gettg back its
footig on Wednesday. But with colder weather to entice
some buyig over the next couple of weeks , sptors may
use the fudaentas as an excuse to spike prices.
"We're defiitely at the lower end of the recent trading
range, so just from a tecca perspective, we're liely to
ru back toward the upside," one futues trader in Calor-
nia said. "Plus, this ridiculous.objectve of oil trader at-
tempt to ge $100 a bar cat hur the market bul' ef-
fort over in the natual gas pit."
Crude oil bullshness stemmed in part from the US
dollar hitting new record lows agaist the euro and yen.
But the rise in the oil prices is also starting to take its
toll on the US economy, according to the Federal Re-
serve. The Fed said it thiks business growth wil slow
next year, with gross domestic product grwing between
1.8% and 2.5%. Thatsless than the Fed's previous pro-
jections. Meanwhile, overall inflation should hold next
year to a 1.8% to 2.1 % increase. Whle further erosion in
the greenback is bulsh for oil and natual gas, equities
are responding negatively to the rise in energy futures,
which is likely to inject substantial volatilty into energy
futures markets as traders attempt to sort out the over-
all effects.
Storage helped staunch any sympathetic natual gas
bulshness last week, as the Energ Inormation Adms-
trtion reported injections of 4 bilon cubic fee for the week
ended Nov. 16, raising gas in storage to 3,540 Bcf. Stocks
were 91 Bcfhigher than last year at ths tie and 284 Bcf
above the 5-year average of3,256Bcf
The East Region saw an 11 Bcf draw, leavig sto 87
Bcf above the 5-year average. But stocks in the Producig
and West regions rose 8 Bcf and 7 Bcf, respectively. Tht
brigs the Producig Region 148 Bcf and the West Region
50 Bcf above' their five-year . averages. Lookig to next
week's strage number; early estiates are for a draw frm
storage in the neiborhood of25 Bcf to 30 Bcffor the week
endig Nov. 23. The EIAreportd a draw of 32 Bcfforthe
sae week last year.
Over in the futures pit, afer topping out a record intra-
day high of$99.29, Januar crde oil futues slippe lower
on Wedesday, ultiately fag 74(t to close at $97.29/bbL.
Meawhie, natual gas futus ra in an oppote dion.
Nymex December natual gas closed at $7.55, up 7.3(t on
(continued on page 14)
Trading Dat: Novr 19. Novbe 21,2007 NATU RAL GAS F UTU RES
Deember 2007
January 2008
February 2008
Marc 2008
April 200
Ma 2008
June 200
July 2008
Augus2oo8
Seembe 2008
Ocber 2008
Novmber 200
12.MQ S1P
TOTAL VOLUME
6 NATU GAS WE · Novembe 26,2007
Wees
High.Lo
8.010.7.450
8.355-7.775
8.285-7.890
7.847.750
7.6607.520
7.715-7.560
7.8007.630
7.885-7.725
7.960-7.960
7.980-7.980
8.040-.040
8.365-8.290
OpIn
39,757
135,235
47,990
66,762
48,320
35,517
21,315
16,760
16,148
11,719
35,866
23,030
ww.eertecom
XTO...
(continued from page 5)
Accrdig to Huttn, the purchase briXTO's net Bar-
nett acrage to 240,000, with roughly 50% of that locted in
the "core" of the play, where the geology ofers the best pro
ductvity potentil. The company intends to operate about
20 drg rigs in the play for the foreseble futu, he said,
and has invest over $300 mion in compression, proess-
ing and pipelie inastrcte to help the company estab-
lish a domiant position.
La week XTO report tht tota th-quar produc-
tion came in at 1.928 Bcfe/d, up 24% from 1.553 Bcfe/d in
the th quar of2006. Tota revenues for the th quar-
ter were $1.42 bilon, a 30% increase frm the $1.1 bilon
poste the previous year.
Hutton also pointe to the company's exnsive holdigs
in the Frstne Trnd in Eas Tex, which logg net pro-
ducton of 464 MMcfd on the quarr, and XTO is shootig
for 15% growt in the Freestone over the next few yeas.
Greg Coutuer, Washion
UK-Based Companies to Showcase
Subsea Technologies in Houston
Seeing a potential market wort bilons, some of the
UKs leadi subsea techology companes are coming to
Houston to showcase their wars and hopefuy open some
interntional doors.
The hal-day program wil be held Thurday aferoon at
the Hiton Hotel on Post Oak Boulevar.
The techology showcae is being put on by Subsea UK
The coaltion of 150 UK-based energy servce companes is
joing forces with the Houston branch of the Socety for
Underwater Technology and the UK Trade & Investment
group, with help frm the British consulate in Houston."Subsea UK was formed to promote the sector at home
and abroad, and ths fist-of-its-kid event to be held in
Houston will showcase some of our most inovative and ex-
citig techology," said Subsea UK Chief Executive David
Prdden, adding that the British energy industr has more
than 30 year of subsea engieerig exerence to draw on.
~"The key tehnca chalenges arund the world facig the
subsea sector are, in general, very similar," Prdden said.
"T hihlts the need for UK companes to get out there
and sell their exnsive experience and world-lead tech.
nology."
Accordig to Subsea UK about 40% of the oil and gas
producton in the Nort Sea is beig done at the subsea lev-
el, as is much of the work now being done in the Gulf of
Mexico, includig pipelies and oter facities. The subsea
sector in the UK employs about 40,000 people and has an-
nual revenues of about $6.5 bilon.
However, if the UK energy industr wants to remai a
market leader, it wi have to set its sights on other market
opportties outside its comfort zone in the Nort Sea, he
said.
"Our viion is for the sectr to captue $10 bilon of the
global capex spendig by 2011," Prdden said. "I oUr stat-
egy, we ar seeki to acheve th in several ways, but most
notably by capitag on international opportties."
A number of UK-based companes wi make presenta-
tions about their tecologies and how they are workig in
the Nort Sea and other fields, Pridden said. Among the
companes alady confing parcipation in the confer-
ence ar Bri Tecology, MCS, Trlleborg Ofre, Ac-
erg, Nautroni BSW Balgrab, DES Operations, 2H Of-
shore/Aquatic and Dueo.
Scoreboard ...
John A. Sulvan Housn
(continued frm page 1)
Of the anyss who put fort a four-quarr predcton
in both the curent and previous Scoreboards, four in-
creased their estiate andfour stood pat, but 10 reduced
their estiate.
The average forecast for the fist-quarer 2008 price is
$7.56, with a minum forecast of $6.15 and a maxum
of$9 even.
For fu-year 2008, the analysts' average forecast fell to
$7.24, down 19~, with a minum of $6 and a maxum
of $8.50.
Of the anyst who offered a fu-year 2008 precton for
(continued on page 7)
Trading Da: Odobr 22. Ocbe 26, 2007 NATU RAL GAS FUTU RES
NEW YORK MERCANTILE EXCHANGE (NYMEX) (HENRY HUB)
Moay
La
6.891
7.529
7.90
7.946
7.771
7.476
7.518
7.607
7.702
7.775
7.796
7.861
7.64
Novber 2007
Dember 2007
January 2008
Ferury 2008
March 2008
Apnl208
Mo200
June 2008
July 200
Auus 2008
Septembe 2008
Octber 2008
12.MQ SI
TOTAL VOLUME
6 NATU GAS WE.. Ocl.be 29, 207
Wees
High-Lo
7.225-6.640
7.825-7.365
8. 150-;i.760
8.065.7.810
7.895-7.640
7.605-7.410
7.670-7.420
7.720-7.720
7.650-7.650
7.730-7.730
7.930.7.740
8.040.7.810
OpIn
26,883
103,50
87,347
32,473
48,204
39,250
32,161
19,082
14,565
12,762
9,782
33,116
ww.enerteco
Supermajor ...
(continued frm page 5)
American Petroleum Institute's (API) annual meeting in
New Orleans.
BP unveiled a sweeping overhaul to its business
structure earlier this month, with new Chief Executive
Tony Hayward saying the move represents a "funda-
mental shift" in how BP operates. The restructuring,
which the compàny hopes will improve its fiancial per-
formance, wil trim management layers and reorganize
BP's business, with all assets fallng either into the ex-
ploration and production segment or the refining and
marketing segment.
Malone said that although cost cutting and layoffs are
not the aim of the restructurg, both are likely to occur.
"If you look at delayerig an organation; obviously it's
going to have an impact on people and there wi be some
layoffs. How big? We just don't know yet," the BP execu-
tive told reporters on the sidelines of the API meeting.
Regardig cost savings, Malone said: "If we can make
a streamlined and focused organization, less layers and
focusing on safe operations, I believe that you're also go-
ing to see effciencies."
The changes follow a six-month review ofBP's opera-
tional performance by management cpnsultants McKin-
sey and Bain, which identifed widespread "duplication,
overlap and excessive organizational "complexity." .
BP's decision to revamp its corporate structure comes
after what's been a less-than-perfect few years for the
UK supermajor. In the US, the Texas City refinery ex-
plosion and outages at the Whiting, Indiana, refinery
have hurt downstream performance and earnings. On
the upstream side, BP has had several delayed project
start-ups.
BP's third-quarter eargs are expectd to sufer as a
result of the lengty downtime at Texas City and Wht-
ing. Malone said that both plants should be back to full
strength by late this yeir or early 2008, which would lif
downstream revenue for the company.
In its upstream business, BP anticipates stronger rev-
enue in upcoming quarters, following the start-up ofnu-
merous projects. Just two weeks ago, BP brought on lie
,the Greater Plutonio project off Angola. At full capacity,
the project wi produce 220,000 barels per day of oil. BP
operates and holds a 50% stake in Greater Plutonio.
Jeff Gosmano , Houstn
Traders ...
(continued from page 1)
energy market is due for. a downside correction, colder
temperatures next week in the middle of the countr may
be supportve. So you ca't get too short right now, espe-
cially since some forecasters are suggesting that the GFS
models are coming in a bit too war," one gas trader in
Texas said.
Storage was defiitely a factor in addig some upside
momentum to the gas market last week. The Energy In-
formation Adminstration reportd injectons of 39 Beffor
the week ended Oct. 12, raisig gas in strag to 3,375 Bcf.
Although the increase in stocks was smal compared to
last year's 53 Bcfbuild and the five-year average estiat-
ed around 63 Bcf, it wasn't exactly unexpectd. Bentek
Energy pipeline data suggested a net storage buid near
the middle of a 30 Bcfto 40 Bcfrange, not out of lie with
a number offorecasts. Early-bird forecats for ths week's
storage data report are for a stout injection, in the range
of 60 Bcfto 70 Bcf.
Oter than storage actig as a bit of a bulsh inuence,
November crde oil, which blasted off to exceed $90 a bar-
reI last week, gave gas prices a sympathetic unpinning.
However, some market players suggest the relationship
between crde and gas is contiuig to dr. "Anone who
stil thnk gas has a 6-to-1 price ratio to oil has been
proven wrong, because if that were the case, we'd be look-
ing at $14.80IMBtu gas," a trader in Louisiana said.
"Last week's strengt in gas was derived from people look-
ing for a potentialy much lower than expected build com-
pared to the year on year and five-year averages, and of
course, we got it."
Oter traders predict that the ru in oil futures was
tapped out as of Friday, and a major pull back in crde
could lead to a major sell-off in gas futues.
"Te energy markets have ben grossly overbought, and
(continued on page 14)
Trading Dat: OdbelS.0clbe19,2007 NATURAL GAS FUTURES
NEW YORK MERCANTILE EXCHANGE (NYMEX) (HENRY HUB)
Mondayla
7.445
8.012
,8.333
8.363
8.173
7.778
7.803
7.875
7.954
8.023
8.038
8.105
7.99
Noember 2007
Decber 2007
January 2008
Fery 2008
March 2008
" Apri1200
Ma 2008
June 200
July 2008
Augus 2008
September 2008
Ocaber 2008
12.MON S1P
TOAl VOLUME
6 NATU GAS WE · Ocber 22, 207
Wees
High.Lo
7.590.7.035
8.245.7.720
8.520-8.095
8.570-8.155
8.155.7.940
7.820-7.718
7.840-7.710
7.835.7.815
7.894.7.894
7.983-7.983
8.008-7.998
8.090-8.065
OpIner
49,932
87,667
82,813
31,867
46,545
37,416
31,636
18,939
13,487
11,968
10,171
34,348
ww.energteLcom
Alaska ...
(continued frm page 5)
crt co up to 40 of the co of dr exortorywel.
It would alo establi a minum 10% ta on gross prof.
its on the state's legacy fields when the price of oil slps be-
low $40 per barL.
The grss floor would sere as a safety net in ties oflow
oil prices and apply only to fields that have produced at
least 1 bilon barels of oil historicay and continue to pro-
duce 100,00 barels per day - only Prdhoe Bay and Ku-par currently meet that defition.
The bil would also increases the amOllt and frquency
of data companes must prode stte accuntats oversee-
ing implementation of the ta law.
Alaska Revenue Commissioner Patrck Galvi said the
new plan captures a fai share of the state's natural re-
sources aid restores public confdence in the ta regie.
The Legislature last overhauled the tax law in August,
2006, drpping its severance ta systm for a profits-based
approach that alowed companes to deduct some expendi-
tus for th fist tie whie settg the ta rate to 22.5% of
net profits.
However, the law ha come under increasg scrtiy be-
cause of a coption scadal that's resulte in federal cr-
in chages against four former lawmakers and the gulty
pleas of two former oil-field servce company executives,
who admtted payig more than $400,000 in bribes to get a
lower tax rate though the legislatue (NGW Jul.23,p3).
The scadal combined with the fact that the ta has
faied to deliver as promised has prompte the govemor to
cal.a.speciallegislative session starg Oct. 18 to review
the ta law, and, she hopes, replace it. If approved, the new
ta law would tae effect Jan. 1.
In fica year 2007, the exig ta brought in $1 bilon
more than the previous system, but $200 mion less than
projected. The ta regie is ~d to eam the stte $800
mion less than forecate in fiscal year 2008.
As proposed, the new tax bil would boost the combined
state and federal tae of oil revenues to 68%, slightly high-
er th the world average.
Under the bil, oil ta revenues are forecate to brig in
an estiated $2 bilon anualy to the state at prices of
$601bbl. At cunt prices of more than $80Ibbl, the new sy-
te would eam more th $3 bilon per year.
"Wt we're tr to do here is just catch up with what
is the stadad arund the world," Galvi said.
The admintration expects the bil to do double duty by
attacg new investent to prop up decg Nort Slope
producton, but that's not its fi priority, Galvi sad.
"We have not said Aces improves the investent clate
over the exitig ta law," Galvi said. "But we believe we
ca incrase the stte's share without causing investment
to leave the state."
The adminstration believes the state should receive a
larger slice of its natural resource wealth considerig the
high price of oil and rerd profits of companes operatig on
the Nort Slope.
Critics of the plan say it's a substtial increa of goem-
ment tae tht fais to provide adequate incentives for new
investment, and could be especialy daag to prospect
for a long sought-afr natual ga pipelie projec.
It's unclear how much the ta rate would pul in once nat-
ural gas stars flowig to market, but independent explor-
ers in the stte said it's enough to make exloration in cost-
heavy frontier ar dicey.
The most recnt plan being considered - and there are
others - cas for a pipelie capable of carg 4.5 bilon
cubic feet of gas per day. Galvi said producers would pay
the same 25% ta rate on every $1 of net profits afr de-
ductg transpotion and other ches,ju as they do for
oil (NGW Aug.20,p2).
The ta rate on gas producton ca be changed once a
projec has been identied, if necessar, Galvi said. Right
now, though, the admtration believes the 25% rate is
the riht number for both oil and gas. .
"We wi leam mor about the ecnomics of a gas lie over
the next couple of year as we move forwar thrugh the ...
process," he said. ''We are not forelosig the option of ad-
dressing the gas ta rate in the future."
The idea of the Legislature monkeyig with the tax law
for a four tie withi just a few yeas is not reassurg to
industr offcis.
Meanwhie, legislators are divided over the adminstra-
tion's ta proposa. Opposition Demdcats want to see a ta
(continued on page 7)
Trading Da: Odbe 1 - Odbe 5,2007
NEW YORK MERCANTILE EXCHANGE (NYMEX) (HENRY HUB)
NATURAL GAS FUTURES
November 2007
Deber 2007
January 2008
Febrary 2008
Marc 200
April 200
Ma 2008
June 200
J~ly2008
Augus 200
Septembe 2008
Ocober 2008
12.MQ S1P
TOTAl VOLUME
Moayla
7.050
7.797
8.163
8.193
8.001
7.611
7.631
7.701
7.784
7.844
7.864
7.943
7.799
6 NATU GAS WE . Octbe 8, 207
WØ!s
Hih-La
7.470-6.790
8.067.625
8.270-8.180
8.290-8.220
8.105-8.020
7.710.7.660
Oplnes
123,108
60,910
60,695
33,562
42,840
38,310
29,302
18,047
12,898
11,519
9,709
34,411
ww.enerteLco
Palin: Tapping Alaskan Natural
Gas Reserves Vital to US Future
Th~ us can no longer afford to warehouse Alaska's
vast natural resources, Alaska Gov. Sarah Palin told
conferees this week at the Interstate Oil and Gas
Compact Commission (lOGCC) annual meeting in
New Orleans.
"Alaska wi play an increasingly important role in oil
and gas production withn the United States," Pali said.
"We've developed only a fraction of our known reserves,
and have many times ths known amount awaiting dis-
covery and commercialization."
Pal is pursuig a natural gas pipeline capable of de-
liverig Alaska's North Slope's 35 trillion cubic feet of
proven reserves to markets in Canada and the lower 48.
The state Legislature this year adopted a new law draft-
ed by the Palin administration aimed at spurrg inter-
est in constructing the multi-bilon dollar project.
The deadline for 'companies interested in building the
project is Nov. 30, but the administation has faced fierce
resistance from the state's biggest oil producers - Exxon
Mobil, BP and ConocoPhips - who also happen to hold
the rights to develop 90% of the proven gas reserves on
the North Slope.
The administration has pursued a strategy of try-ing to attract independent pipeline companies to bid
on the project, something that's riled the major pro-
ducers that have long dominated the state's oil
patch.
Palin told attendees at the IOGCC meeting that the
gas line is critical not just for Alaska's future, but also as
an essential component of the nation's energy policy.
"The same foreign powers that control the world's oil
supply are begining to control the supply of natural
gas," she said. "Alaska stands ready and able to supply
our fellow Americans with an abundant, cheap clean-
source of energy for the future."
Earlier, Pal was named the new chair of the IOGCC,which represents the governors of 30 member and seven
associate oil and natural gas producing states.
Robert Dilon, Washigtn
,Race Is on to Build Vessel with
Onboard liquefaction Capabilty
The race is on to develop the world's fist LNG floating
producton, storage and offoadig (FPSO) vessel,. as
Netherlands-based SBM Offshore and Norway's Hoegh
LNG have anounced separate plans to develop an LNG
FPO by early next decde.
The groups ar expectig strng demand for the vessels
because of their planed capabilty of commercialing so-
caed "standed gas" resources tht are considered uneco-
nomic or techcaly not feasible to develop using more tra-
ditional forms of production and transporttion. These
pockets of hydrocarbons have previously been left un-
tapped, with their strctes oftn fuy mapped but own-
ers unable to commercial the reserves.
An LNG FPO would be able to liquefy ths gas on board,
in effec ta the dua roles of producton platform and liq-
uefacton termal. The LNG would then be tranered to
a taer for tranport to market.
SBM anounced on Sep. 19 that it had entered into a
parership with Germany's Linde, a specit in gas pro-
cessing and liquefaction techology, to develop an LNGFPSO, whie alo unveil an agment with Japan's mi
shipyar to develop the vessel's 230,000 cubic meter hull
and provide constrcton capacity for an ealy-stag prject.
The planed $2 bilon FPSO would have a nomiallique-
facton capacity of 335 mion cubic feet per day.
The compay is ta fields with reseres of 1 tron to
3 tron cubic feet, spkesman Sebas de Ronde Breser
sad, and the ga would preferably not be to soUr, with low
level of hydrge sulde or cabo dioxide reui becuse
of dicuties in reovg these impurties before liquefcton.
Although not bein drawn on spec names, he sad the com-
pany is in disions with a number of intetional and na-
tional oi companes, and tht the fist contrct for the vessel
could be sied with 12 to 18 month. If so, the ves should
be redy to begi proucton in 2012, he added
Hoegh LNG plan to develop a slihtly smaler vesel tht
could liquefy 215 M:cfd, as wel as prouce liquefied pele-
um ga (L), but whi should be rey a yea ealier, in 2011.
(continued on page 7)
Trading Da: Septbe24-Septmbe28,2007 NATURAL GAS FUTURES
Ocobe 2007
Nomber 2007
Decber 2007
Jonuary 2008
Ferury 2008
Marc 200
April 2008
Ma 2008
June 2008
July 2008
Augus 2008
September 2008
Ocber 2008
12.MON ST 7.743
TOTAL VOLUME
6 NATU GAS WE · Octobe 1, 20
Wees
High-lo
6.4806.030
7.215-6.775
7.935.7.590
8.2807.950
8.1908.070
8.01 5-8.010
7.630.7.555
OpInter
135,789
56,60
54,892
32,671
44,283
35,811
28,765
17,922
13,040
11,425
9,166
33,194
ww.enertecom
Resources ...
(continued frm page 5)
East and West coasts of the US (NGW Sep.17, pI). About
the only place where they have been accepted has been
on the US Gulf Coast along the Texas and Louisiana
coasts - but even these have found themselves facing
unseen obstacles.
In May 2006, Louisiana Gov. Katheen Blanco with a
stroke of a pen got the energy induss atttion when she
vetod the proposed $1 bilon LNG termal becuse ofMc-
MoRa Exploration's pla to use open-rack vaporiers at a
proposed LNG receivig termnal off the coast of Venice,
Louisiana. Alabama Gov. Bob Riey and Mississippi Gov.
Haley Barbour then joined her in formg a coalition
agat any LNG termal with open-rack vaporizer, in ef-
fect bang those from US Gulwaters since under the fed-
eral permittg process, the govemors of affectd states
have the right to veto any LNG project (NGW Mar .26, pI) .
"Nothg is very cert for the LNG industr," Radtke
said. "It is shiing and become a global market with more
- players joing every day."
Electrcity generation is the mai drver behid th de-
mand, he said, addig that it wi not change, but only be-
come more dominant over the next 15 to 20 year and be-
yond. Natural gas will contiue to be the key fuel unti
alteative energy sources can be found and brught onle.
"We have a robust demand growt and a transforming
market," Radtke said. "It adds up to a ver interetig tie
now for the energy industr."
John A. Sulvan Houston
October ...
(continued from page 1)
Mexico over the next couple of days, plus there's a couple of
other tropica issues out there at the moment. So the mar-
ket wi have plenty of reasons to keep prices propped up
unti we see how everyg progresses," one futures trad-
er in Texas said. "Tere's also a tropical wave east of the
Windward Islands, as well as a sttiona non-tropica low
east of Bermuda that the market wi also be monitoring."
As the futures market cae to a close on Friday, updat-
~eli trpica forets, which dihed the chces of seri-
ous that to offsh9re producton encouraged some sellig
acvity ahead of the weekend.
Beyond the trpics, the bul prie of the week ha to go
to Octber crde oil, which muscled to rerd highs al week
long and rolled off the boar at $84.101bl on Thursday. The
suge in oil prices cae in the wake of the Federal Reserve
cutt its key fedral fuds rate frm 5.25% to 4.75% and
the discount rate from 5.75% to 5.25%. The move injectd
massive downside pressure on the US dollar, which fell to
lows not seen in decades, whie sendig crde oil and the
US equities market soarg.
Earlier in the week, gas futures traders said that one
lare tradig entity, possibly a hede fud, propped up Oc-
tober ga amid large volume buyig durg overnght elec-
tronic tradi, as prices hit a hih of $6.73 on Tuesday be-
fore slidig agai amd heft profit tag.
"Tere was an attmpt to incite a short coverg raly on
Monday and Tuesday, but the lack offollow-thugh buyig
tued back into sellg later in the week," another gas fu-
tues trader in New York said.
Later in the week, Subtropical Depression No. 10,
which crossed Florida and moved into the Gul of Mexico,
caused some offshore producers to shut-in as a precau-
tion. Accordig to a report from the federal Minerals
Management Servce, approximately 63% of Gulf crde
oil production and 31% of natural gas output was shut in.
The weak system is expected to do little damage to the
energy infrastructure.
But, trpical concems were able to add some support to
Nymex Octber gas futures prices, which gaied 7.2rt Fri-
day to close at $6.08/MMBtu, down 19.9rt for the week.
Meanwhie, November crde oil prices slipped 16rt Frday
to close at $81.621bl on its fist day as the prompt-month.
Curntly, teca indicato for Octber natu gas fu-
tues are mied. Key support is seen between $6 and $5.87.
If the latter is violated, then look for fuer erosion to
$5.455 and $5.259. Beyond tht, a test of the $5.15 to $5.08
area could be in order by expiration. Conversely, key resit-
ance is se at $6.26, whie $6.64 and $6.73 beme the nex
upside techcalCtagets. If the latter is breached for more
than 40 miutes, then watc for a test of $6.80 to $7.
(continued on page 14)
Trading Dal: Septber 17 _ Sebe 21,2007 NATU RAL GAS F UTU RES
Ocober 2007
Nomber 2007
Decber 2007
January 2008
FebnJiy 2008
March 200
April 2008
Moy2oo8
June 2008
July 2008
Augus 2008
Seember 200
12-MON STP
TorAL VOLUME
6 NATU GA WE · Septe 24 207
Wefs
High-lo
6.690-5.800
7.325-.775
8.0307.590
8.3008.120
8.310-8.200
8.090-8.00
7.6807.590
OpIner
49,426
127,66
53,324
53,469
34,483
47,632
36,319
28,191
17,314
13,204
11,827
8,668
ww.energte.co
Senate ...
(continued from pae 5)
Supporters clai the bil wi cut greenhouse gas emi-sions by 3 tron tons over 20 yea.
Critics of the plan argue tht special legilation is unec- '
essar and that it wi drve up consumer prices.
The Energy Effcient Lightingfor a Brighter Tomorrow
Act, sponsored by Bingaman, would phase out the more
than 4 bilon existg incadescent bulbs in the US be-
tween 2012 and 2014.
Under the plan, manufacturers would be requied to
meet effciency stada tht set a cap on watte for lit
bulbs. The bil includes about $10 mion a year in incen-
tives for development of more effcient halogen, LED and
compact florescent lamps to meet the new stda.
When fuy implemented, the new standard would save
nearly as much energy - 88 bilon kiowatt hours or elec-
trcity anualy - as al of the federal appliance stadards
adopted from 1987 to 2000. -
''Te potential for energy savigs and reduced carbon
emisions from these provions is tremendous and we wi
make every effort to. see that lightig stadards become
law," Bingaman said.
Steven Nadel, executive diectr of the advocacy group
American Council for an Energy Effcient Economy, said
the bil represents an importt stp forward in efforts to
obtan signcat reductons in the level of grnhouse gas
emissions in the US.
Nadel tested Wedesday before the Ener and Natu-
al Resources Commtt that the bil should be chaed to
mie opportties for loopholes and miinterpretation
that could reduce its effecveness.
Nadel said the recommended chages would reduce an-
nual electcity use by nearly 200 bilon kiowatt hour and
save consumers about $18 bilon a year by 2030. In addi-
tion, Nadel said, the changes would reduce grnhouse gas
emissions by about 40 mion tons.
Paul Waide, a policy analyst for the Inteationa Energy
Agency, told the commtt tht incadescent lamps makeup about 7% of global electcity consumption and emit
arund 2% of the world's energ-relate grnhouse ga.
Sen. Pete Domenici, rang Republican on the Energy
~and Natural Resources Commttee, said the potetial ener-
gy savigs from the legilation ar impressive, but he voice
concerns about the quickess in which the bil takes efec.
The bil should guarantee manufactrs adequate tie to
adapt to the new rues, Domenici said.
Kyle Pitsor, vice president of the National Elecca Man~
ufacrs Assoction, said the industr need thee year
to tranition to the new stadad.
The Whte House support effort to bost energ efcien-
cy but opposes laguag tht would for the Depaent of
Energy to tihten stda in 2015 and agai in 2017, said
Alexader Kaner, Ener Deparent assit seta.
Alaska Republica Sen. Ted Stevens, cosponsor of the
bil, beeves the teology exts to meet the stdads set
out in the bil and has vowed to make sure new lightig
products are produced domestcay.
Robert Dilon, Wasgtn
Record ...
(contiued from page 1)
the last few weeks, which has helpe to boost natural gas
in sympathy, but at some point people are going to star
tag these gai off the table," one futus trader in New
York said. "Tere're some very trublesome stats on the fu-
ture of the economy, and if that doesn't begi to improve,
you ca't help'but th that we're overdone to the upside."
Drivers propell natual gas higher las week wer un-
doubtedly linked to buyig actvity in crde oil futues,
which in tu was sted by concerns over oil supply, bul-
ish weekly oil inventory data, Hurcane Humbert,and
the plung US dollar.
Begig with Opec, the oil cal vowed to rai oil pro-
ducton, but the 500,000 bid increase was so paltr that oil
traders took the news as bulish. Some traders said the
only reason Opec raised producton is maiy to prevent a
backash if the world goes into a recession in comig weeks
and months.
Meawhie, crde supplies showed a surrig 7.1 mion
barel plunge, more th twce the average estate, in the
Depaent of Eners wæky data repo. Then to add mor
fuel to the:f, Hurcae Humbe rapidly fored mid-wee
(continued on page 14)
Trading Da: Se. 10. Sep. 14,2007
NEW YORK MERCANTLE EXCHANGE (NYMEX) (HENRY HUB)
NATURAL GAS FUTURES
Odober2007
Novembe 2007
Der 2007
January 2008
February 2008
Morch2008
Apn12008
Mo2008
June 2008
July 2008
August 2008
Septembe 2008
1 2.MQ S1P
TOAL VOLUME
Moay
La
5,891
6.716
7.476
7.856
7,887
7.716
7.341
7.376
7.460
7.551
7.621
7.659
72.79
6 NATU GAS WE . Septemb 17, 2007
Wees
High-Lo
6.490-5.455
7.230-6.630
7.780-7.690
8.150-8.040
8.) 80.115
7.990-7.915
7.560-7.50
Oplnes
87.743
111,842
52,841
51,369
35,677
48,508
36,147
27,496
17,237
12,716
11,109
7,812
ww.enerteLcom
Abu Dhabi ...
(continued from page 5)
ing in power generation, pipelines and storage," Barker-
Homek said. Taqa plas to spend $3 bilon to $4 billion in
the comig year, but that won't necessary be in Canada,
the offcial said. Taqa has accumulated around $15 bilon
in assets since it was formed in 2005 and has targeted up-
stream expansion.
Alex Schidelar. Dubai
Mini-GTl Plants Planned as Firm
Eyes Gas-long Markets Worldwide
. Whe the Sasol-state Qata Petroleum (QP)Ory GTL
plant struggles with operational dicuties and the Royal
Dutc Shell-QP Pearl GTL mega-project faces fiancial
chalenges, a smal US company believes it can combine
varous teologies and adapt extig equipment to devel-
op profitable min-GTL plants for ha the per-barl cost of
the big ventues.
World GTL takes facilities such as existing Lurgi
methanol reactors, changes the catalyst and applies its
version of the Fischer- Tropsch process to convert
methane into primarily diesel and a smaller volume of
naphtha.
Using and adapting existing equipment saves sub-
stantial sums of money as often the units are sold for
scrap value, Chief Executive David Lorig tells Natural
Gas Week. With the equipment already available, con-
struction time is much shorter, about three years less
than a new-build facilty.
The company expects to start operations at the first
commercial GTL plànt in the Western Hemisphere by
the end of ths year and be making money next year, he
said. The 2,250 barrels per day plant will use associated
gas feedstock provided by state Petrotr from nearby oil
fields. "It's a great first project. We buy feedstock on one
side of the plant. They buy product on the other side," he
saîd.
Loring expects the capacity to rise to as much as 3,000
bId though'de-bottlenecking and added infrastrcture.
~The company sees ample prospects, especialy in Lati
America and Asia, where countries are long natual gas
and short dieseL. "There are so many opportunities, it's
hard to say where to begi," he saîd. Two of his favorite
potential sites are Columbîa and Peru, where the compa-
ny has had extnsive discussions.
A country that desperately needs small-scale GTL is
Bolivia. The South America nation "has more gas than
SaudiArabia," and it imports 5,000 bId of diesel that
could be produced in country, Lorig said. Unfortunate-
ly, the politics make efforts there impossible in the near
term.
Russia is another country with opportunity and diff-
cult politics. Nonetheless, World GTL has talked with 22
independent companes there.
The company currently has five reactor vessels avai-
able for projects as soon as deals can be arranged, he .
said. World GTL purchased one ofthem from a former
methanol producer for about 10!t on the dollar of the cost
of a new unit. It is in the process of acquiring two more
Lurgi reactors from a plant Celanese is shuttig down in
South Texas.
The US-based equipment could be used for coal-to-
liquids (CTL) projects. Lorig said the company is look-
ing ata site in Pennsylvanîa and is confident that a
market for the products aleady is available. For exam-
ple, CTL and GTL lube stocks are in high demand, and
the US Air Force is looking for 300,000 bId of CTL-
based jet fueL.
Barbar Shook, Houstn
Overly...
(continued from page 1)
becomig a huge issue. It's been largely ignored over the
last few weeks because we've had the unows of sumer
demand loads and the tropics," said one futures trader in
Houston. "But those weeks have now passe and we didn't
see a much as a dent to strage, so uness the hurcae sea-
son create some surries, we could easy se price fal be-
low $5 very soon."
Meanwhie, other traders contend that the record
(continued on page 14)
Trading Dat: Auus 20 - Augus 24, 2007
NEW YORK MERCANTILE EXCHANGE (NYMEX) (HENRY HUB)
NATURAL GAS FUTURES
Seplembé 2007
Ocber 2007
November 2007 ~
Dembé 2007
January 2008
Februry 2008
March 200
April 2008
May 2008
June200S
Jul 2008
August200S
12-MON SlP
TOAl VOLUME
Monday
La
6.040
6.205
7.08
7.885
8.293
8.318
8.125
7.635
7.615
7.698
7.790
7.8577.5
6 NATUGAWE. Aug27,2007
Wees
Hih-lo
6.4505.515
6.635-5.730
7.425-6.740
8.135-7.00
8.525-8.080
8.545-8.125
8.340.7.975
7.805-7.480
7.560.7.470
7.860.7.650
7.670.7.670
8.0507.720
OpIn
31,638
98,679
70,841
46,643
45,243
35,658
47,818
41,078
27,365
17,298
10,330
9,816
ww.enerte.eo
EVA...
(continued frm page 5)
weather and high storag levels wi give the 2007-10 peri-
od bearsh momentum to star off
EVA also cited "to key supply events" to occ between
late 2008 and 2009, a "signcant increase" in US LNG im-
ports and the completion of the Rockies Express Pipelie.
EVA believes that a record expansion of global liquefacton
capacity and regas capacity in the US wi combine with the
completion of Phae II and Phase il of the Rockes Express
to expand supply access enough to overcome any decles
elswhere, such as in Canadian gas output.
"These two supply events should result in the develop-
ment of some exess supply and, as a result a moderation in
gas prices," accrdg to EVA
In EVA's view, "te domiant contrbutor to filig the
supply gap and the one with the grates imediate impact
is LNG." EVA sees US LNG import capacity risig to some-
where between 20 bilon cubic feet and 33 Bcfd by 2012
with actual import rising to 13 Bcfd by 2015, so LNG im-
port capacity wi actualy end up overbuit.
EVA acknowledges tht nea-te natgas prices "do not
see to refec the improvig outlook for natual gas supply
and demad fudaenta but cite the "risk premium for p0
tenti upst conditions" in keepig nea-te price elevate
Lokig at long-term conditions, EVA outled the chal.
lenge of keeping up with demand growt.
Steady growt in natual gas consumption is to be led by
power generation needs with natural gas for pòwer genera-
tion execed to grow at a 2.2% rate though 2025, whie
overal consumption ries at a 1.4% rate. Residential and
commercial consumption ar expected to tae a "to steps
forwar, one step back" approach as priceinduce conserva-
tion measures slow down growt. Industral consumption
has alady tan 'one step back and wi liely sty back as
much of ths sectr's demand losses are liely permanent.
EVA sees "to signcat uncertties for the long-term
outlook" includig a reducton in projec coal-powere ca-
pacity and/or a delay or cacellation of the two Arctic
pipelies. "I either uncertty materiales, expect higher
long-term ga prices," EVA said.
"There is now uncertty over both the lieliood and
,tig of the two Arctc gas pipelies, which ar signcat
soures of new supplies," EVA notes. However, the projec-
tions found in EVA's report "assume that Arctc gas supply
projects wi be buit."
The same is tre with the uncerty surrundi coal-
fied generation. EVA war of the coal-fied generation
falg short of projections due to envinmenta pressus
and capita cos increaes. However, the projecons in EVA's
report assume that coal-fi generation does not fal short.
EVA sees lower-4 producton not capable of "even mai-
tag exg proucton afr about 2010" due to matur-
in bas, hi dece rate, reuce intial proucton rates
and land restrctnn issues. As a result, the market wi bet
more heaviy upon "evolvig resources" such as the Arctc.
Michael Sulta, Washigtn
Hurricane ...
(continued frm pae 1)
Basta said. "I fact, we're going to see a foot race of storm
activity as the tropics liht up between now and Octobe."
But other meteorologi ar't so su. A renewed stng
surge of the Sahan Ai Layer (SAL) over the Tropica At-
latic could ca thgs down. Tls years SAL effec ha al-
ready cooled the ocean waters a bit, and storms emergig
much nort of Dean wi have a much hader tie of it, said
Steve Gregory, WeatherInsite chefrisk consultat.
Nonetheless, the gas futures market is pried for a
short-coverig raly with near-record short positions on the
speculative side. In fact, as of Friday, the Commodity Fu-
tues Tradig Commission showed non-commercials in
nearly 63.7% futues-only short positions for the weekend
ended Aug. 14.
When Hurcae Katra entered the Gul of Mexco over
a weekend in 2005, the gas futus market gapped open by
$1.49, jumping from Frday's $9.806 close to Monday's
$11.30 open.It happened agai with Hurcane Rita less than two
weeks later, as the market jumped $1.387 from Frday's
close to Monday's open.
Fast-forward to cuent conditions and th sim situ-
ation doesn't exactly bode well for those in short positions
- (continued on page 14)
Trading Dates: Augus 13 - Augus 17, 2007
NEW YORK MERCANTILE EXCHANGE (NYMEX) (HENRY HUB)
NATURAL GAS FUTURES
Seembe 2007
Ocabe2007
Novembe 207
Dember 2007
January 2008
Ferury 2008
Morc2O8
April 200
Mo2008
June200B
July 200
Augus 2008
12.MON STP
TOTAl VOlUME
Noalla
6.794
7.018
7.849
8.588
8.953
8.953
8.718
7.988
7.953
8.033
8.123
8.188
8.097
6 NATU GAS WE · Aug 20, 200
Wees
Hih.Lo
7.180-6.590
7.320-6.720
8.065.7.665
8.7508.270
9.115-8.66
9.115.8..760
8.8908.565
8.1407.975
8.1007.900
8.170-.060
8.280.8.030
8.358.180
OpIrer
44,08
85,837
67,212
48,374
43,380
34,824
47,458
39,665
26,966
16,701
10,129
9,495
ww.energteLco
Spectra ...
(continued from page 5)
da. It also ha 250 Bcf of storage in Nort America and
owns 50% ofDCP, a 50-50 midstram ga company owned
jointly with ConocoPhips.
"Some people have asked why an MLP. From the compa-
ny's perspectve, it alows spot value asset creation," Har
said. Those assets, he added, are al long-term investents.
One of those investments is the Gulstream Natural Ga
Syste, a 691-mie pipelie, which afr contractd expan-
sions wi have the capacity to deliver up to 1.25 bilon cu-
bic feet per day into Florida, the nation's highest-priced
sumer market. Ajoint development between Williams
and Speèta Energy, Gulstram went into servce in 2002
as the market was exlodg.
"Forida does represent a fast, growi market," Haer
said. "A coal project ther was rently rejec. Tht mean
energy wil be needed and natural gas is the best choice.
Gultream is a long-term investment that offers the com-
pany both tactca and strategic opportties."
Harer said that from the company's strategic outlook,
supplies in the Appalachian and Mid-Atlantic regions have
to get to the markets where they ar needed most. In addi-
tion, supplies in the Barett Shale region have to get to the
right markets.
Al of these, he said, "are opportties."
"One of these is LNG. We see LNG as being needed, and
it's just a matt of the US acceptig it," Harer said. "It ha
to be a reliable supply being brought in at strategic loca-
tións. And we are poised to be at those. strategic locations."
Being in the rit spot at the right tie is more thjust
luck. It takes exert long-term plang, Harer sad.
"Connecg supplies to market is what we ar all about,"
he sad. "We th there is a lot of pent-up supply just wait-
ing to be connectd to markets."
For its exitig organc project, Har said Spea took
a rik and reserved mipace by makg orders early on in
many of its projects. Ths was done to loc in steel prices at
the tie of the order, and to make sur they had the supply
needed for whatever project they were workig on.
"We're also workig with contractrs early on in the proj-
ect," he said. "Ts gives the projec a lot of stabilty by hav-
~
ing everyone workig from the same sheet and it helps in
the FERC proess to have the contractor belùd us."
He said the MLP is very well positioned for the future.
"I there is a void to be fied, the sky is kid of unte "
Harr said. "We have strng assets, strong cah flow and
strng sponsorship. The future is lookig prett good."
John A. Sulvan Houston
Equity ...
(continued from page 1)
liely to keep downside pressure on energies, as well," one
futues trader at a hede fud in Housn sad.
Some equities traders said tht even though sto prices
reovere to a degr on Friday, the sell-off appear to be far
from over.
As of Frday, the Dow Jones Industral Average closed at
13,239.54 afr topping out a record hih of14,021 on Jul.
17. Accordig to New York Stock Exchange June margi
data the amount of margied debt in equities has swelled
to a reord-high $378 bilon dollars. Major techical sup-
port for the DJI is estiate at 12,800, and a close below
th level could open the door to a sell-off down to the
11,400 ara.
"Tere might be a credit crch happenig in the mort
gage industr, but there's also a credt issue brewig in the
equities market, because so much money in the st mar-ket is borrowed money," an equity analyst in Louisiana
said. "Even though we've alady seen a large move down,
the stock market appear to be in line for a much deeper
correcton. Fund managers wi have to scramble to liqui-
date positions in other assets and investents, such as en-
ergy futues, to meet the margi calls."
Despite the volatity happenig in the energy futures
and stoc market, cash markets for natural gas held their
own going into the weekend, as a major heat wave en-
veloped Texa and much of the Southeast. With areas from
Dalas to Housn expeced to endure highs over 100° into
ealy th week, not to mention above-normal temperatues
in the Midwest and Norteast, spot prices raced higher.
Cash at the Henr Hub averag in the $6.50s for the week-
end, whie Norteast supply point Transco Station 65
(continued on page 7)
Tradng Dat: Augus 6 - Auus 10, 2007
NEW YORK MERCANTILE EXCHANGE (NYMEX) (HENRY HUB)
NATURAL GAS FUTURES
Septber 2007
Ocber 2007
Novbe 2007
Debe 2007
January 2008
February 200
March 200
Apil 2008
Mr2008
June 2008
Ju~2008
Augus 2008
12.MQ SlP
TOTAl VOLUME
Mond
La
6.208
6.378
7.228
8.058
8.453
8.473
8.313
7.793
7.770
7.865
7.970
8.043
7.713
6 NATU GAS WE . Aug 13, 2007
Wees
High-lo
6.9506.00
7.120-.190
7.867.110
8.560-7.960
8.940.8.36
8.945-8.390
8. 720-8.380
7.9907.745
7.840-7.840
8.1808.006
OpInt
90,r6
90,550
52,242
48,123
41,881
33,741
48,425
42,423
27,200
17,182
9,965
9,646
ww.enerteLcom
LNG ...
(continued from page 5)
stitute, industr sources and the domestic natual gas in-
dustr," Cox said. "Te LNG from Costa Azul, if and when
it comes on lie, is inteded to replace domestc sours, not
to be an addition to them."
The tipping point in the LNG-versus-Calforn fit may
have come in May, when Go. Arold Schwareggvet
the Cabrio Port LNG teal tht Ausalan conglomer-
ate BHP Bilton proposed 14 mies ofIthe coast of Malbu
(NGW May28,p2). The acton followed the Apri rejecon of
the project by both the Calorna State Lads Commsion
and the Calorna Coasta Commsion (NGW Apr. 16,p10).
Those decsions, Cox said, showed tht there are sti con-
ce abut the envionmenta saety of such facities, as wel
as doubts abut Calorns long-te nee for the LNG.
For Cooper, the need for natual gas is apparnt, and leg-
islative attempts lie SB 412 to block the industr wi only
hur the stte's economy.
"Assembly members would be wie to oppose SB 412 if
they try want Calorna to diversif its energy supplies
with cleaner-burng fuel and power its homes and busi-
nesses at afordable prices," Cooper said.
John A. Sulvan, Housn
Broadwater Economic Benefits
'lauded, But lipa Wants Even More
The Long Islad Power Authorty (Lpa) ha issued a most
ly postive report on the Broadwater LNG teal, fidig
tht the facity could reduce New Yorkers energy cos by as
much as $14.8 bilon dur its fi decde of opetion.
Of tht tota, New York City energy consumers could see
nearly $6.3 bilon in savigs, with the rest of the state
clag $5.8 bilon. But Lipa is concerned that Long Is-
lad, which would be home to the projec, would only see en-
ergy costs reduced by an estiate $2.7 bilon.
"I my view, ther's not enough here for Long Island, and
we're supposed to house the projec," said Lipa Chief Exec-
utive Rich M. KesseL. "We believe far more benefits need
to flow to Long Island and its ratepayers, whether that's
,thugh a pile of payments, communty beefts or other en-
hacements to Long Island."
The 176-page report, prepared by Levita & Associates
and intiated at the request offormer New York Gov.
Gorge Pata, assesses the economic benefits from Broad-
water's plaed stup date in 2010 unti 2020.
Broadwater's own estiates had prously state tht itwould reuce ga and electcity price by an aver of$6
mion per year for New York, Long Island and regions of
Conneccut, and a tota of about $6 bilon from 2010-20, les
than ha of what Lipa's report is forecti.
The proposed floating 1,200-foot-Iong termal would be
moored in the widest par of Long Island Sound, abóut nie
miles ofIthe Long Island coast, and would connec into the
Iroquois systm by 22 miles of pipelie. The Levita report
clais that the LNG termal's presence could help alevi-
ate futur price volatity, which Kessel said is "crshig"
Long Island, by workig around delivery bottleneck and
addig a soure of supply.
New York now maiy depends on ga supplies frm Al-
bert and the Gul of Mexco, with Keysp and Con Edison
havig to rey on conventional undergrund storage fields
in Pennylvana. But the report says that Broadwater's pro-
posed 8 bilion-cubic-foot storage capacity wouldreplace
some of that nee and put downwar pressue on price.
Sti, Long Islanders would be cag the secty and
envionmental loads of Broadwater's presence, whie the
majority of physica and fiancial benefits would be piped
into New York City, Kessel sad.
"I Broadwater is aski Long Island to house ths proj-
ec in Long Islad Sound, then we th there ought to be
added benefits for Long Island," Kessel said. "Obviously,
there's a lot of silence from New York City and the rest of
the state because it's not an issue for them. Prary, it's
not located in their vicity."
The report states tht with Broadwater operati at fu
capacity of 1 Bcfper day, natural gas pri~es in New York
would fa 17%, with prces at Transco zone 6 New York de-
creasing $1.35/MMBtu, whie prices at Irouois Zone 2
would fal an estiated $1.61/Btu.
The report also contends that though e:istig pipelie
systems could be expanded to meet future demànd, none of
(continued on page 7)
Tradng Dat: Jul 30 - Augus 3,2007
NEW YORK MERCANTILE EXCHANGE (NYMEX) (HENRY HUB)
NATURAL GAS FUTURES
Septmbe 2007
Odober2oo7
Novembe 2007
December 2007
January 200
Febru 2008
Marc 200
Apn12oo8
Mo2oo8
June 200
Ju~2oo8
Augus2008 _
12-MO SlP
TOTAL VOLUME
Moay
La
6.499
6.714
7.659
8.544
8.939
8.957
8.795
8.135
8.110
8.202
8.302
8.375
8.103
6 NATU GAS WEEK · Aug 6, 207
Wees
High.Lo
6.585.045
6.775-6.290
7.645-7.210
8.5ßO8.04
8.970.8.400
9.008.510
8.835-8.255
8.2()8.030
8.010-7.780
8.170-7.20
8.1ßO8.020
8.3308.330
Oplner
138,104
88,932
42,647
48,907
41,039
33,855
48,84
40,796
28,212
14,794
7,479
9,406
ww.enertecom
Wyoming Governor Rails Against
Feds Dissing of Clean-Coal Projects
,
Wyoming's Gov. David Freudenthal is attacking the
federal government's commtment to advanced coal and
carbon technologies, deraing them as "woefuy inade-
quate."
At the National Governors Association's anual meet-
ing, Freudenthal confronted Envionmental Protection
Agency administrator Stephen L. Johnson durng a dis-
cussion addressing climate change about the inadequa-
cy of "miscue grants compared to the chalenge" of de-
veloping clean-coal processes.
The governor was irked by what he saw as a "lack of
response" to his questions about whether Johnson'saw
a signifcant increase in federal fundig for research
into carbon capture and sequestration technologies, in-
tegrated gasifcation combined cycle, and studies of the
liabilty questions related to large-scale sequestration
projects.
"It is clear that the federal governent is going to tal
about, but not act on, the development of clean-coal
technologies and carbon capture," Freudenthal fumed.
Wyomig has begu to fund its own research because
of the state's large coal deposits and geology suited for
carbon dioxide storage projects, but Freudenthal says
that its efforts need to be expanded.
He is workig with the Wyoming Legislature to defie
a solid legal basis for the development of carbon seques-
tration. One strategy is working on clear policy to gov-
ern the legal ownership of subsurface storage areas.
Freudenthal is also urging the legislators to consider
other issues such as the valuation of storage rights,
ownership of injected carbon dioxide, liability for dam-
ages resulting from the presence or migration of inject-
ed CO2, condemnation underground stratum for CO2
storage purposes and the acquisition of surface rights
for operation infrastructure.
Freudenthal said that, "given the absence of a federal
parnership," he is appreciative of the Legislature's wi-
ingness to explore the legal issues involved.Mattew S. Car, Washigtn
NPC: Future Gas Supply Appears ~
In Better Shape Than Global Oil
The Nationa Petrleum Counci (N), in its rently-re-
leased study on global oil and ga to 2030, sugsts thatnat-
ur ga makets should be in fa bettr shape th oil mar-
kets in the comi decdes - but tht does not mean there
ar not serious conce about gas supplies, parculy in
the us.
"It is a har trth that the global supply of oil and natu-
ral ga from the conventional sour relied upon hitorica-
ly is unely to meet projecd 50 percent to 60 percent
growth in demand over the next 25 years," says the report,titled Facig the Ha Trth Abut Energ.
The NPC report, ch by former Exon Mobil boss Le
Raymond with contrbutions frm 350 parcipants, includ-
ing top oil and ga executives, governent offci and en-
vionmentats, paits a gr pict offutusupply, say-
ing that demand for oil and gas, parcuarly from
developing countres lie Chia and India, "may outpace
tiely development of new supply sour, thereby pressu-
ing prices."
Worldwide priar energy demad is estited to grow
from 44 quadron Btu in 2004 to 678 quadron Btu in
2030, according to the International Energ Agency. Oil
and gas satisfies about 60% of that demand toy, and the
NPC does not see tht figu changi much to 2030.
However, the outlook for satify gas demand looks
much brihter than it doe for oil. 'The natu ga resoure
appear more tha adequate to meet the increased natural
gas proucton tyicay anticipate by energ outlooks over
the study period," the NPC report states. The tota endow-
ment of worldwide natual gas is estiated at 50
quadon cubic feet, versus 13 tron to1õ tron barls
for oil and 14 tron tons for coal.
The NPC says it wi be necssar to expand and diversi~
fy producton of al sources of energy to help meet demand
in the coming decades. These inClude clean-cal, nuclear,
biomas and other renewab1es, as well as unconventional oil
and gas.
In the US, increasin access to resources curently off
(continued on page 14)
Trading Da: July 23 . July 27, 2007
NEW YORK MERCANTILE EXCHANGE (NYMEX) (HENRY HUB)
NATURAL GAS FUTURES
Augus 2007
Septmber 2007
Odober2007
Novmber 2007
Dember 2007
January 2008
Febrry 2008
Marc 2008
April 2008
May 2008
June 2008
July 2008
12-MONl STP
TOTAL VOLUME
Moday
La
6.039
6.118
6.289
7.229,)
8.144
8.589
8.606
8.456
7.806
7.768
7.853
7.950
7.571
J
6 NATU GA WE · July 30, 207
Wees
High.La
6.180-5.780
6.270-5.895
6.510-6.110
7.450-7.080
8.380-8.035
8.810.8.475
8.790-8.505
8.640-8.345
8.020-7.730
7.980-7.680
8.070-7.780
8.160-7.90
OpIn
13,291
147,203
90,406
39,794
47,477
41,497
33,623
50,365
40,957
28,535
14,786
6,951
ww.enertel.com
Fossil Fuels...
(contnued from page 5)
use - woo wid, and water. It was coal tht "got us going"
and helped brig on the industrial revolution, followed by
oil, natural gas and nuclear energy.
Bradley took on "pak oil" theones by showi the audi-
ence the cover of a book by Wilam Staney Jevons titled
Th Coal Questin, in which the author wared of the "prob-
able exhaustion of our æritishJ coal.'! The book was pub-
lished in 1865.
Jevons also wrte of the litations inerent in replacig
coal with wid power and water power -litations that
ar sti relevant toy, Bradley said, even going so fa as to
dub wid power a "parasitic resource" because it requires
backup power due to its intermttnt natue.
Bradley alo tok a shot at solar power, which he dubbe
"a bridge to fossil fuels" and not the other way around. He
said that a ru vie might sta out with a solar panel to
give them some eleccity, but that they would eventualy
have to move on to a ga lie to complete their inct.
As for nuclear power, Bradley called it an expensive
''backstop technology." Overal, he says, 14% of alternative
fuel choices are carbon-free and of those only 25% are "po-
liticaly corr" - nuclear bein among those in the "incor-
rect" colum.
Declarg that "energy reform can begi at home," he
showed a map of the US and its coastal aras and advocat-
ed openig the US Atlantic and Pacic coasts and large ar-
eas around Alaska. IT the US created'a "master lit of as-
sets" and opened 5% of tht to exploration, the nationa debt
could be retid, he said.
He made the point that blockig oil production in the
Alaska National Wildle Refuge (AN) forces us to use
more of the heavier oil resultig in more pollution than if
AN were open.
Bradley also made a case for lowerig the urgency of
greenhouse ga buidup by assert that the effect of car-
bon dioxide gets worse - but at a lower rate - as the gas
buids up in the atmosphere. In that vein, Twelve Prnciples
recommends avoidig "costly envionmenta reguatory
madates that wi acheve little envionmenta ga."Michael Suta Wasgtn
NGSA Seeking Clarification from d.
FERC on Gas Market Transparency · . ,
The Natural Gas Supply Association (NGSA) is aski
federal reguators to clar their efforts to promote tran-
parency in the natual gas markets to ensur they do not
ha competition and inovation.
Jenner Deega, dir of ener markets for the trade
grup representi integrte and independent gas prouc-
ers, said the industr support "constrctive steps" to im-
prove market tranparncy, but is concerned about the un-
intended consequences of such actions.
The Federa Energ Regutory Commsion was grte
new authority under the Energ Policy Ac of 2005 to enur
competition in the market. Under the law, FEC ha pro
po re public post of natual ga flow data by in-trte pipees and yealy fi of agte pu and
sae inormtion by wholeser in the interste market.
The NGSA opposes the proposed reguations, maitai-
ing that the US gas market is aleady among the world's
most tranparent markets,
"Te natural ga market's response to supply and de-
mand fudamental has been lied by some to a lack of
tranparency, even though no amount of increaed report-
ing or governent oversigt wi eliate the price volati-
ity that results from these fudaenta," Deegan said ina
prepard statement.
The NGSA urged FERC to clar its defition of "mar-
ket parcipant" under the proposed rues and ensure tht
it's consistent with the Natual Gas Act.Robert Dilon, Washin
Emerging ...
(contnued from page 1)hot weather forets conñ, then we could see prices sta
to jump back up agai and spark some short coverig. It
wouldn't be surriing to see prices ro up to the $7 area or
maybe higher."
. Supportg the possibilty of an upward trend are fore
cats of hot sumer temperatues, which ar slate to rn-
(continued on page 14)
Trading Da: July 16 - July 20,2007
NEW YORK MERCANTILE EXCHANGE (NYMEX) (HENRY HUB)
NATURAL GAS FUTURES
Augusl2007
Septmber 2007
Odober2007
Novembe 2007
Dember 2007
January 2008
Februry 2008
March 2008
April 2008
May 2008
June 2008
July 2008
, 2.MONT STP
TOTAL VOLUME
Monday
Lo
6.376
6.477
6.647
7.457
8.182
8.537
8.539
8.339
7.729
7.678
7.756
7.856
7.631
6 NATU GA WE . July 23, 2007
Wees
High-Lo
6.730-6.240
6.800-6.360
6.940-6.515
7.800.7.360
8.630.8.120
9.020-8.500
9.005-8.50
8.820.8.310
8.110.7.685
8.080.7.740
8.150.7.800
8.250.7.890
OpeInt
48,373
134,993
83,468
37,105
47,959
39,729
33,159
51,429
41,084
27,821
14,519
6,658
ww.enertel.com
Programs ...said. "I don't think we have much time left and this is~
soth tht wi be felt in . lo of pias bedes the en .ergy industr." , . .John A. Sulva Housn(continued from page 5)
program, most school systems' education about oil and natu-
ra ga was "tt it got dred and oil spil kied eveiy."
It is importt, she told the audence, to begi cutivatig
the next generation of both engeers and techcian and
blue collar workers now.
Al of the ta about worker shorts taes on a new ur-
gency, she said, "when you consder that in 15 year, 75 per-
cent of the people in the (energ) industr wi be new. Also,
keep in mid that the average age in the US in the energ
industr now is 49 to 50, and that 60 percent of those peo-
ple wi be retir in the next 10 year," said Al Daneshy,
diector of the Petrleum Engeeri Prgram at the Uni-
versity of Houston.
"Unless somethig is done to get more students into the
diciplies in college and others intö the communty colleges
'and techca trai programs, the US wi not have the
technca domiance it once held," Daneshy said, addig
that soon the engieerig world wi see a large inux of
workers comi in from Chia, India and Russia
On the internationa front, Scottish Enterprise is work-
ing with industries and governent leaders in Scotland to
attrct workers to the energ industr locate there. A new
Internet site, ww.taentscotlad.com. was set up to alow
techncaly ski workers and engieers to fid job post-
ings as well as get a feel for the countr, said Carlyn Black.
On the sidelies at Ofshore Tecology Conference 2007,
Black told Natural Ga Week that the program isn't just a
tool for job posti. "It's a litte of every," she said. On
the site, a viewer wi get practca inormation about mov-
in to Scotland as well as fid out what jobs ar avaiable inindustres in addition to energ.
"It's kid of a one-stop-shopping deal," she said. 'We
hope that potential workers wil lie what they see and
want to move up here. You want to know about getting a
drveis license or how to brig your pet over here, we have
the inormtion."
Daneshy said inovative program on al level of educa-
tion are going to be needed to stem the tide oflosses from
the energ industr.
"Ts is somethig that must be addressed now," he
Mexico Beefs Up Security After
Attacks on NatGas, Oil Pipelines
The Mexcan governent bostd secuty at strtegic oil
and ga intations last week followg rebel attck that
damaged state-owned oil company Pemex'spipelies and
caused sever natural gas disruptions.
Any members and federal police guarded strategic Pe-
mex asets followg theats by the leftt Popular Revolu-
tionar Any (EPR) to cotiue attck on Mexcos enerinastructur.
The EPR claied responsibilty for an attack last week
on a 36-inch gas pipelie that ru from Mexico City to
Guadalajara. Pemex said that the pipelie had been re-
pai and norm operations had resumed. The explosion
afectd ga supplies to Guadaljara and other cities in the
region, forcg industres to slow operations.
Pemex said two other pipelies that were shut down
by another blast served the domestic market with lique-
fied petroleum gas and sent crude oil to the Salamanca
oil refiery.
Both blats shut down pipe supplyi natu gas, lique-
fied petroleum gas, crude oil and gasolie to the domestic
market, but none afecte oil export, accordig to Pemex.
The EPR said in a statement it would not cease the at-
tacks until the governent releases three aCtivists that
were detaied last May. But the national governent de-
nied in a statement it was holding any EPR detainees
and categoricaly condemned the attacks against Pemexinstalations. "
The EPR said it has begu a capaign agait the con-
servativé governent of Prident Felipe Calderon, whose
2006 electon victry has ben largely contestd by the left. .
"Te order has been given to star a national capaign
agait the interests of the oliary and of th ilegtiate
governent," the EPR said in a statement.(continued on page 14)
Trading Da: July 9. July 13, 2007
NEW YORK MERCANTILE EXCHANGE (NYMEX) (HENRY HUB)
NATURAL GAS FUTURES
August 2007
September 2007
Odaber2oo7
Novembe 2007
Deber 2007
January 2008
February 2008
Marc 2008
Apnl2008
May 2008
June 2008
July 2008
12-MON STP
TOTAL VOLUME
Moayl.
6.410
6.534
6.708
7.503
8.268
8.633
8.635
8.419
7.659
7.594
7.676
7.776
7.651
6 NATU GA WE · July 16,2007
Wedneay
La
6.00
6.711
6.877
7.637
8.357
8.722
8.724
8.511
7.806
7.741
7.823
7.923
7.786
Wefs
High.Lo
6.840-6.390
6.930.6.530
7.080-6.895
7.810-7.490
8.550.8.285
8.875-8.625
8.880.8.675
8.610-8.460
7.9007.695
7.790-7.760
7.870-7.680
7.970-7.825
Ope
Inre
73,413
121,813
76,476
35,411
47,494
40,134
32,608
49,479
42,994
27,200
14,402
6,551
ww.enerteLcom
Gas ...
(continued frm page 5)
sample ga flows, a tunable laser diode that emits a spec-
ic wavelengt thugh the ga, an optica deter and soft-war to analyze and output the results.
In the past, LNG and natural ga liqüids gas processors
relied on severa suace-bas analyzers to meaur trac
amounts of water in process stream. These devices are
prone to become desensitied by the gas stram they are
measur and reui excessive maitenace that results
in higher operational costs.
Besides the analyzer from SpectraSnsors, several tech-
nological advances have been anounced. Here is a look at
some of them.
* **
Softar selecd: Houston-based Energolutions In-
ternational has deployed a suite of applications for the Dol-
phi Gas Project in the Middle Eas.Dolphi Ener selec the Energolutions softar to
help with pipelie management, includig performance,
transacton management and natual gas delivery.
"Te Dolphin Gas Project is a tremendous undertak
that will stimulate industrial and business investment
thughout the southern Gulregion," said Jo Webber, chef
exective at Energolutions. The project, he said, involved
developin and processing natual gas frm a large reserve
off the coast of Qatar and then tranporting it more then
250 mies by pipelie to the United Arb Emiates for di-
tribution to cutomers in the southern Gul region.
Webber said the company deployed its PipelieMagr,
PipelieTranportr and TransactionManager programs
for use by the operators.
* * *
Power queston solved Alhalers Energ, a serv-
ice support company, has said that it has solved its problem
of having clean power available at the wellsite by using a
power system from Falco~ UPS.
A clean power sour was neeed for the company's tong
mache, a devce tht handles the tak of coupli the tubin
and regutig the rotation of the tube-nnecti proces.
"Ts is a delicate and exactg procss requg caefu-
ly reguate torque," said Brad Guidr, safety coordiator
for Als-Chalers Tubular Servces in Louisiaa. "~T
achieve th, the tong mache's computer ensurs that the
mace's hydulcs stp rotig when th prope pr · ... .
sure to the tubing connecon has been acheved." .
The Falcon UPS power system solved that, he said. The
company is now usin the Falcon SSG-500V A- i power sy-
tem. Since then, Guidr said, the company ha not expri-
ence downtie because of power surges or spikes.
John A. Sulvan Housn
Pure LNG Plays Hard to Come by;
Still Investment Options Abound
Althoug the global LNG industr is grwig at a rapid
pace, "pure LNG plays" alowig sma-scale equity in-
vestors to tap into th lucrative market remai few and far
between. Opportties ar parcully scar on the lique-
faction side, which is domiate by national oil companes
and internationa majors so big that LNG's effect on ea-
ings ar obscued. Down the chai prospects incrase,al-
though many are that stng profitabilty may well elude
shippers and termal developers. For thos with a hi tol-
erace for rik, there ar alo a few smaer companes tht
ar tag dar steps in new dictons.
Although the engieerig giants don't focus exclusively
on LNG, such large, complex project ar ma up an in-
crin porton of thei business whie the riks ar shr-
in - an appealg combination for more cautious investrs
looki to capita on the worldwide grwt in LNG.
Liquefacton project ar indiputably the most lucrative
li in the LNG ch at the moment, but invesent option
ar lite. Investors ca of cour, buy sha in the oil ma-
jors or, in some ra caes, publicly traded state companes
such as Russia's Gazrom. But LNG is lily to be a miòr
porton of their overal business. "Sure you ca invest in
Exon Mobil or ConocPhips, but then you have a lot more
th LNG to worr about," notes one investment anyst.
There ar some notable exceptions, however- big copa-
nies in which LNG is, if not domit, at lea an importt
core buses, notaly UK-ba BG and, to a degree, Spai's
Repsol YPF. Repso1 rently anounce a corprate retrc-
. (continued on page 7)
Trading Da: July 2. July 6,2007
NEW YORK MERCANTILE EXCHANGE (NYMEX) (HENRY HUB)
NATURAL GAS FUTURES
Augus 2007
September 2007
October 2007
November 2007
Dember 2007
Januory 2008
Februry 2008
Mard 2008
April 2008
Mr:2008
June 2008
July 2008
12-MONT STP
TOTAL VOLUME
Moday
La
6.754
6.764
6.869
6.859
7.029
7.034
7.799
7.814
8.549
8.574
8.934
8.909
7.657
6 NÂTU GA WEK · July 9, 200
Wees
High.lo
6.820-6.360
6.905-6.525
7.075-6.740
7.835.7.602
8.595-8.370
8.945-8.60
8.950-8.739
8.730-8.510
7.890.7.765
7.770-7.620
7.840.7.800
8.00-7.840
OpeInl
92,871
100,896
69,336
32,475
44,493
40,985
31,326
51,682
35,439
26,616
13,929
6,354
ww.energtel.com
Maryland Wins ...
(continued from pae 5)
Chsapeae Bay, its trbutaes, and al land with 1,00 fet
of wetlds. Spa Poit, thoug planed for an ex in-
dusal secon ofBaltiore, would lie with the countys
Critica Ara, thus enabli Baltiore County to tete
AES' Co Facties Review Ac (CF) pet application
with the Marlad Deparent of the Envinment by citig
th prjec would. not comply with loc zo laws. Thus, ev
ifAES reed FEC approval, the projec would be kied by
the stte.
AES was grante a tepora restaig order to at least
delay the county frm outrt haltig the projec under the
CFR and so tht the copany could bri thei ca tht the
Natual Gas Act (NGA) prempte any efort by the counciL.
Vigtly awaitigthe cour date, county off reaiedon the offe, go to the Malad Crtica Ar Co-
sion for the Chesapee and Atlantic Coas Bays, which
unanousy ag to tuck the zonig law into the proonar pro.
"Anyte you get into any major inastrct projec
you're gog to face oppostion and get into litition" Mortn
said. ''We had tht budgte into the project co."
Benetts ru in favor of Marlad and Baltiore Coun-
ty said the CFR overode the NGA He added hi judgeht
was based on th fact tht.the zonig law on applies to envi-
ronmentay senstive ar.
FERC offcials denied to comment on th ca, sayig it's a
matt beee AES and the state and doe't afec the appli-
cation prss.
The zonig route ha be popul in Baltiore. A siar
attmpt was made by the county counci lat year when it
passed a zonig law tht rect LNG facities frm beingcoct with five mies of redenti ar an could only
be constct with a "spe exction." Th was overed
by a federal judg in Decber, who rued the ordance was
unconstutional and reiteate tht FEC ha fial authrity
ove al onsore LNG sitig.Marla ha be adaant ag AES, with Se. Bar-
ba Miki and Ben Car propos an amendment tht
would have given state the sae veto poers for onshore fa-
citiesas those grte under the Deepwate Port Act to off-
.,shore termals, though the pla was eventuy dTopped
(NGW May 21,pll). In Ap at a Hous Commtt on Tran-porttion and In hea, Marland Gov. Mar
O'aley, Car and Miki Baltiore County Exective
James Smith and other member of the stte's Legilatu
opy slaed the Sparws Poit prjec (NGW Ap.30,p2).
Not to mention tht former Gov. Robe Ehlich cr a tak-
force to stdy the LNG facity, which eventuy gave it a
thumbs dow (NGW Jan 15,p7).
In the end, AES said it fee no pre and ex a draf
envinmenta impa stteent frm FE to be coplet
shorty.
"Its a grt lotion. Its a long dice awayfr anyby,"
Morn sad. 'T is an ide si to get mor na ga to th
Mid-Atti reon. We're fuy cott to cotiue with th
prjec."Matthew S. Car, Washigtn
Waste Management Cuts Ribbon
On Landfil-Gas-to-Energy Project
Se an opportty and keepi its eye on th futu,Was Manment las wee li the cu on a five-yea
pla to bud up to 60 ener faes tht wi us ladf ga.
Th pr wi ret in the crti ofmor th 700 MW
of generon capacity, sad Paul Pab, vice pret of re-
able en fu Was Mament. Tht, he sa is enou en-
erto power 700,00 homes. .Th pas wee Pab sa the copany cut th ribo on itsnewes faci tht us ladf ga to crte eleccity. Lo
near Dalas, the 6 MW plat is jus the:f of may to bebuit
over the nex fie ye, he sad.
Th th reder of th ye, he sa WasMa
m.t wi br 10 of the la-gatoer plants onle and
be the deelopent of anoth 10. By 2012, th compay wi
have brug one a to of60 of th plats br th to
ta to 160 facities.
It co beee $4 mi and $8 mion to pr a ladf
for collecon and po geerti wi th sm site able to
prouc ab 3 MW ofpeyea and the la 10 MW.A Was
Maent spke sa ea site is di in the amount
(continued on page 7)
NATURAL GAS FUTURES
July 2007
Auust 2007
Septembe 2007
Ocbe 2007
Novmbe 2007
Deber 207
January 2008
Februry 200
March 200
April 2008
May 2008
June 2008
July 2008
12.MON ST 8.053
TOTAL VOLUME
6 NATU GAS WE . July 2,20
Wees
High.Lo
7.035-6.770
7.160.575
7.240-6.705
7.390-6.940
8.080-7.710
8.675.8.525
8.8908.867
8.8908.870
OpInl
101,839
94,493
67,912
31,345
44,789
40,863
31,646
51.118
36,105
25,873
13,967
6,234
ww.enerteLcom
Survey: Geopolitical Risks Top
Concern of World Energy leaders
Political uncertty in the us and arund the world wi
remai one of the biggest factors in energy developments
over the nex five year.
That was one of the key fidings of a World Energy
Counci surey of 50 of the world's senior energy execu-
tives. Conducted by the council and Kornerr Interna-
tional, the survey took more than 18 months to complete
and was presented last week durig a media briefig by
WEC offcials in Housn.
"The energy industry is at a crossroads," said Richard
Preng, one of the surey's authors. "Major shis in prices,
geopolitica conditions and envionmental concerns are
propellg the industr into new terrtory."
About 90% of those suréyed expecte the global geopo-
litical situation to remai tense and at an almost warlike
status for the nex five years, Preng said. Among the key
hotspots mentioned by those sureyed - the Middle East,
Russia and the contiuing nuclear standoff between the
West and Iran.
"Te reliabilty of Russian gas supplies to Europe was a
common concern," Preng said. He said many were con-
cerned that Russia was now using its enormous energy re-
serves as an economic weapon.
In addition to the overal gloomy forecast for the contiu-
ing Iraq confct, about 70% said they saw no end in sight to
the Israeli-Palestian fight or the stàdoff between the
Westrn power and Iran over its nuclea weapons progr.
"In the short term, those surveyed do not expect to see
any imedate deterioration in the crsis zones," said Bob
Sutton, another of the suréy's authors. "A new potential
geopolitica hot zone, Saudi Arabia, appears on the rada
of 20 percent of the respondents ths year. " .
Suttn said tht in addition to those hot spots, other crt-
ical areas of concern for the executives sureyed included
Lati America.
"Latin America, terrorism and some agessive national
oil companes register as geopolitica risks among a smal-
er group of those surveyed," Suttn said. He said that
about thee in 10 said they felt Lati America, partcuar-
ly Venezuela, was a potential area of concern.
Ths was highlghted by recent moves by the Venezuel
governent to national large energy projec.Chia is regarded as a crtical player in the world ener-
gy market, Sutton said, not becuse of politica risk, but be-
cause of its economic power. China and India wi contiue
to domiate the world's energ market.
Using figures from the International Energy Agency
(l), Prng said that global priar energy demand is ex-
pectd to increase by at least 50% between now and 2030,
an average of about 1.6% per year. The IE has said more
tha 70% of the demand increase wi come from develop-
ing economies, with Chia accountig for about 30% of the
grwth. Chia's share of world oil demand was 7.6% in
. 2004 and is exp to clib to about 11% by 2020.
Suttn said the results of the surey, in regard to natu-
ral gas prices, represent a mostly Nort America view.
About eight in 10 sad they felt prices would range between
$10/MBtu and $151MMBtu over the next five years. He
added that about one in 10 said they felt prices would drop
lower, $3/MBtu to $9IMMBtu, whie another one in 10
said they felt prices would go higher than $15IMtu.
Such lofty price levels could cub natural gas's growing
use in energy production, Preng said, and more than 60%
of those surveyed believe natural gas wil continue to be
used primariy for space heating and as an industral
feedsock.
He added that a large number of the executives said the
ever-growig number of LNG projects, even accountig for
the fact that many wi not be buit, will be enough to im-
pact the supply-pricing side of the natural gas industr
withi the next thr years aid beyond.
About 90% said they felt envinmenta concern would
impact energ industr ecnomics in both the sharand long
term. In addition, about 50% said they felt the commercal
deployment of clean-cal techology was ta too long.
Preng said the executives, almost unanimously, said
they felt there most be greater cooperation among the in-
dustr itself in plang projec and helping develop newteologies.
"We live ii an interconnected world," Preng said. "We
need interconnected solutions."
John' A. Sulvan Houston
Trading Da: June4- June 8, 2007
NEW YORK MERCANTILE EXCHANGE (NYMEX) (HENRY HUB)
NATURAL GAS FUTURES
Weás
High-Lo
8.210-7.650
8.330-7.790
OpInt
99,515
48,758
55,757
58,961
25,493
41,951
40,483
28,524
54,228
33,346
19,186
9,996
Jul 2007
Augus2007
September 2007
Odober2007
Novmber 2007
Demb 2007
January 2008
Ferury 200
Morc2008
April 2008
Ma-2008
June 200
12.MON SlP
TOf VOLUME
Monday
Le
8.191
8.323
8.392
8.512
9:177
9.837
10:172
10.167
9.932
8.577
8.477
8.562
9.lY7
6 NATU GA WE · June 11, 2007 ww.enerteLcom
Deepwater ...
(continued from page 5)
2008, possibly leadig to downward pressure on day rates.
She therfor bees tht copaes, li Globaltae,
Transocea and Noble, with a hi porton of thei jack-up
fleets under contr fo the comiye, ar at an advata.
Todco, Ensc and Rowan - with a hier poron ofuncon-
tract show-water capacity - would be most afec by
any softnig in jack-up rates over the nex couple of year.
Andrew Kelly, Houson
July...
(continued frmpage 1)
very lae quantities of puts la week," one futu trer in
Texs said. "It's most liely as an inurance policy to alow
ths market to deflate and gie the steadfast bears tht re-
fued to conce on pops over $8 a chance to tae prfits."
Las wees larger sel-off thugh key levels ha given the
specuative shorposition taers a chce to cover their posi-
tions at the bet profits in over th month. As soon as one
large player decides to rig the register, the underlyig bid
create and subseuent lig of offers should help crate a
domio efect of other short players looki to profit. In other
words, the market appe ripe for a shortverig raly.
With July gas futures due to roll off the board Wednes-
day, it wouldn't be out of the question for a raly to develop
as expiry approaches, once agai takng ai at the $7.50
area, where futus have setted over the last four months."Iwe se a shorvegray emer nex wee the ra
now looks li a possile $7.25 to $7.90," another futu trer
said 'Th trpics ar seasnay to ealy to'wrte of and pe
sumer load ar jus arund the corner. So from a dyncs
pepeve, we're ac more bul rit now th be"
July ga futu clos dow 21.8ø Fndayat $7.131tu
off78.8ø for the wee Meawhie, Aug crde futu close
up 49ø Fnday at $69.141bi a ga of$I.14 for the wee
Techical indicators for July gas remai mixed, but
prices appear poised for a rebound back toward the $7.50 to
$8 range. On the dowide, key support is seen at Frday's
low of $7.065, whie next lower-level support resides at
$7.05 and then agai at $6.91. On the upside, near-term re-
sW", "" at $7,30, and th _ _ $7.52 an "
$7.65. If the latt is violate, then look for fuer strng
to send prices clibing to the $7.73 to $7.90 zone.
Market bear may have some reason to rejoice over some
new tropica season data published on the Energy Inorma~
tion Admation's website, which sugsts tht the 2007
hurrcae season miht not pack much of a punch afr al.
Based on the results of a Monte Carlo hurcane outa
simultion, which is conditional on how National Oceanc
and Atmospheric Admistation's most recent prectons
for the level of Atlantic basin hurcae actvity compar to
hitorical actvity, the EIA exec a tota of about 13.2 mi-
lion barels of crde oil and 86.5 bilon cubic feet of natual
gas to be shut in dur the 2007 hurcae sean.
Simulation results indicated a 1.3% probabilty of more
th 100 mion bbl of crde oi and/or 600 Bcf of natual ga
being shut-in durg the 2007 hurcae season, simar to
the cumulative impact of hurcaes Katra and Rita in
2005. Converely, the data also projec a 2.2% chce tht
offore Gul of Mexco proucton won't be afec th ye.
On an even more bearsh note, the most recent forecat
for the upcomig storm seasn by UKs Met Offce found it
may look a lot more lie 2006 th 2005. The outlook ca
for about 10 tropica strms from July to November with a
70% chance that the number wi be in a range of seven to
13. In 2006, nie tropica storm were recorded. Thi com-
pares to the 1990 to 2005 long-term average of 12.4. The
tie peod excludes the two named, but subtrpica sto
that brought load-dampenig rai to the Southeast.
On the storage front, the EIA reported injectons of 89
Bcf, or 12.7 Bctd, for the week ended Jun. 15, raiin ga in
storag to 2,34 Bcf The report was in the middle ofBentek
Energys 85 Bcfto 95 Bcfrange suggested by pipelie flow
data and generally jibed with analysts' expectations'. Last
week's report was compared to the 79 Bcfbuid durig the
same week las year and a five-yea average buid of arund
88 Bcf. Early estates for thi week's storage data is for a
buid of inventories in the neighborhood of 70 Bcfto 85 Bcf
Friday's Commodity Futues Tradig Commission's
Commtment of Traders report for the week ended Jun. 19
showed noncommercals in about 58.1% short futures-only
positions for the week.
Al Laey, Houstn
Trading Da: June 18. June 22, 2007
NEW YORK MERCANTILE EXCHANGE (NYMEX) (HENRY HUB)
NATURAL GAS FUTURES
July 2007
August 2007
Septembe 2007
Ocober 2007
Novber 2007
Debe 2007
January 2008
February 2008
Morch2oo8
April 200
May 2008
June 2008
1 2-MON STP
TOTAL VOLUME
Mol.
7.690
7.828
7.909
8.049
8.839
9.609
9.969
9.964
9.739
8.50
8.414
8.503
8.751
6 NATU GA WE . June 25, 200
Wees
Hih.Lo
7.875.7.065
8.020-7.180
7.870-7.360
8.010-7.480
8.6808.230
9.4508.90
9.839.360
9.815.9.355
9.5909.100
8.408.285
8.3308.190
OpInes
39,189
90,529
86,40
61,458
31,766
43,947
40,674
30,394
50,601
34,511
19,363
10,30
ww.enertecom
July...
(continued frm page 1)
the week. Whether it can contiue the raly into the comig
week depends on how traders read weather-related dE!
mand. Whe gais going into the weekend were pegged to
a much ballyhooed war-up in the nortern tier markets,
the heat shouldn't be sustaed and a coldown is anticipat-
ed by midweek.
Meanwhie, another leg of the raly - a smaler th ex-
pectd storage estiate from the Energy Inormation Ad-
minstration - may lose its bullish luster when cooler
heads prevai.
The EIA reported a buid of92 billion cubic feet, or 13.1
Bcfd, for the week ended Juh. 8, which was about 5 Bcfun-
der analyst consensus and short of the 95 Bcfto 105 Bcf
range suggested by pipeline flow data. Perhaps it was the
shock of seeing a double-dit report afr a strng stg of
trple-digit buids tht roused bulsh sentient. However,
there is no disguing the fact tht the strage refi conti-
ued at a recrd pace.
"Hec, you would have thougt the EIA report a 92 Bcf
deliver, rather than the eighth staight contracton in the
year-on-year deficit," analyst Steven Schork said in The
Scfwrk Report on Frday.
The report, raising gas in storage to 2,255 Bcf, cut the
yea-on-yea surlus down to 142 Bcf, whie shavig 2 Bcf
off the surplus to the five-year average, now at 377 Bct
Even though the EIA number fell under stet expec-
tions, Schork noted that it brought th years refi to more
th 800 Bcf.
"That is just simply awesome," Schork said. "816 Bcf of
gas is an enormous amount of molecues to aleady have inthe ground at ths point in the caenda."
But perhaps the most powerf weapon in the bul' are-
. nal was a surgig crde contract, which rode to nie-month
highs l~t week as worres fester over the adequacy of sum-mer gasolie and winter heati oil stocks, as well as
enough geopolitica bugabos to fi an anety closet.
The Nymex July crde contract eked out a 35ii ga Fri-
day to sette at $68.00lbbl, up $3.24 for the week.
. Techca indicators for both July ga and crde contract
lean bulsh, though profit tag could emerge at any mo-
ment. Natural gas in parcular wi be had-pressed to,
brea thugh $8 resistace uness some traders rik being
left holding the bag when the market decides to retrace.
And traders appear to be dumpin more lengt.
The CFTC reportd Frday tht trader stood - on a fu-
tues-only bas - at 57.7% short for the week ended Jun.
12, up frm 55.1% for the prior wee. Trers have been net
short since Mar. 6.
Bad News ...
Tom HaywoO Houston
(continued from page 1)
As it now stads, bulsh traders are countig on a hot
summer, an active tropica season, and a potentialy cold
witer in coming months to keep prices elevated for the
longer term. Some trders, mosty hed fuds, are bettg
on sumer weather events to send prices spik into the
$9/MMBtu range or higher. However, so far, consistentsumer demand has not yet arved - as evidenced by
gas inventories refilig at a record pace. Additionaly,
some market players say even. if this hurrcane season
proves especialy actve, there's more lielood tht tropi-
ca storms wi prove more demand-dampenig than sup-ply-crshi events. .
"There's lots of new, young-blood traders in the gas
market these days that want to send futures prices rock-
eting when there is even just a mention of a tropical
storm or weak hurrcane forming that could potentialy
get into the Gul," said futures broker George Speicher in
Houston. "But the fact is, historically, there is far more
demand loss than risk of potential supply loss, which is
not exactly bulsh."
To make matters even bleaker for market bull on a
longer-term basis, some leadig meteorologists are begi-
ning to suspect that the comig witer might be warer
than normal.
"Chances are faily high, that when taken as a whole,
ths witer wil be above normal nationwide," said Weath-
erInsite senior rik consultat Steve Gregory. "I a La Nin
should form, then it wi be distictly mild coast to coast.
But even without a signifcant ENSO event, the multi-
(continued on page 14)
Trading Dat: June 11 . June 15,2007
NEW YORK MERCANTILE EXCHANGE (NYMEXI (HENRY HUB)
NATURAL GAS FUTURES
July 2007
AulJus 2007
Septembe 2007
Ocber 2007
Novmbe 2007
Deber 2007
January 2008
February 2008
March 2008
April 2008
I- 2008
June 2008
12.MON S1P
TOTAl VOLUME
Moay
La
7.608
7.746
7.836
7.977
8.727
9.467
9.827
9.825
9.600
8.340
8.250
8.337
8.628
6 NATU GAS WE · June 18, 2007
WeØs
Hih.lo
8.007.560
8.120-7.720
8. 145.7.80
8.260-7.970
9.070-8.915
9.820-9590
OpIn
62,166
71,688
82,390
62,513
27,149
41,612
41,164
29,433
50,292
34,640
19,024
10,11
ww.enertecom
us ...
(continued frm page 5)interests here in Washin ard at home."
Du the meeti, lawmaker and indus leaders dis-cussed how the Gul Coas can be recogned not only for its
energ resours, but how they ca becme what she caed
a model of sustaabilty and stewardshp in ta car of
the envionment.
Landreu and Sen. Trnt Lott (R-Mississippi) are the co-
chairs of America's Energy Coast Honorar Leadership
Counci.
In August, the four Gul Coast states were offcialy
dubbed Amerca's Ener Coas by Louia Go. Katheen
Blanco (NGW Aug,pl). In doing so, the governor caed for
unty among the sttes as Congss debate bil tht would
provide them a larer shar of offhore royalty fuds.
The four states face simar problems, she said, such as
coasta erosion and a lack of understadig about their im-
portance to the energy portolio. of the nation considerig
the four sttes account for much of the oil and natural gas
used in the US.
Blanco said the 2005 hurcae season showed how vul-
nerable the coast is and its importance. Hurcaes Katr-
na and Rita raked the Texas, Louisiana and Mississippi
coasts and, in the case of Louisiana, ate away 200 square
mies of coase.
Accordg to report frm the Depaent of Energy, Ka-
tra and Rita shut down vialy al large natual ga pro
cessing plants from Galveston Bay, Texas, to the coast of
Mississippi. A total of27 plants, or about 75% of the total
processing capacity in the region, were afecd.
Landreu said a series of forums were being planned to
brig together industrj governent and envinmenta
leaders from the Energ Coast sttes.
''We are brigig together the power Gul energy-pro-
ducig states with the leaders of governent, industr and
conservation in an open and ongoing dialogue," said V alin
A. Marmon, diecor of America's Wetland Foundation.
"At the America's Energy Coast Leadership Forus, the
discussion wi be on maita a sec domestic energy
supply whie sustaig the region's workig and natural
landscapes for the futu."
The Wetland Foundation is supportd by a coaltion of
. world, national and state conservation and envionmental
orgazations and, accordig to Marilon, has received
private support from businesses tht see the coasts as the
key to ecnomic grwt.
Ladreu said ener indus leaer wi form the Amer-
ica's Energy Coast Industr Counci. Together, she said, the
Honorar Ledership Counci and the Industr Counci wi
work in Wasgtn, D.C, to promote policies for the region
tht include protect and restrig coasta landscapes and
workig to meet the chalenes of a sec energ futu.
The senator said both councis wi meet at the two Lead-
ership Forus that wi be held ths year, one in Washi-
ton. D.C., and the other in a spot to be picked along the Gul
Coast. The dates for the forums have not been anounced,
Landreu sad.
John A. Sulvan Houston
Analysts: Pipeline Tax Ruling
May Be Boon for Growing MLPs
Analyst are haig a rent ta rug by an admstr-
tive law judg in Washigtn as god news for pipelie own-
ers tht want to place their assets into a master liited
parershp (MP).
They say the rug should make interstate pipelies
more valuable and remove an obstacle tht has delayed or
even prevente the tranfer of such assets into MLs.
Over tie, that should give a substantial bost to the
shar price of pipelie companes suc as EI Paso, Wil,
Southern Union, NiSour and Specta.
MLPs ar exempt from taes at the corporate level as
long as they payout al of their free cah flow to investors.
Their focus is on cash generation and dividend payments,
so they gravitate toward assets that throw off a steady
stream of income.
More recently the ML structUr has sta to fid fa-
vor in the upsteam segment of the industr (NGW
Mar.26,p7); with several MLs set up to invest in oil and
ga proucig propertes.
The rent tax ru was haded dow in a cae brught
(continued on page 7)
NATURAL GAS FUTURES
June 2007
July 2007
Auusl2007
, Septembe 2007
Ocobe 2007
Novmbe 2007
Deber 2007
January 200
Febru 2008
March 200
April 2008
Ma 2008
June 200
12-M STP
TOTAl VOLUME
6 NATU GAS WEK · June 4. 207
Wees
H"igh-Lo
7.67Q.7.489
8.007.620
8.115-7.770
8.1727.845
8.277.7.978
8.9608.690
9.635-9.424
9.97Q.9.750
9.955.9.750
9.726.9.534
8.411.8.275
8.30.179
8.392.8.267
OpInl
122,573
41,249
43,363
53,342
23,710
41,219
39,315
25,132
51,531
35,715
19,125
9,962
ww.enerteco
Trinidad ...
(continued frm pae 5)
Whe the Tr 4 maitenance should help aleviate the
lackluster LNG market, it wi be offset by the startup of
Marathon's Equatorial Guiea LNG Train 1 th week. BG
reives nearly al the EGLNG supply. Thus, BG's Tridad
volumes wi be made up though EGLNG, and those vol-
umes will have first dibs at Lake Charles and Elba, as BG
holds capacity at both termal.
Last September, Dominion began buidig two 3.4 Bef
cryogenic LNG storage tanks at Cove Point, adding to
the five already at the plant and boosting storage capac-
ity to 14.6 Bef. Construction is expected to take two
years.
Dominon is also raisig Cove Point's sendout capacity
from 1 Bcd to 1.8 Bcfd, as well as buidi a 36-inch diam-
eter, 48-mile pipelie though Marland into Virginia, to
serve customers in Nortern Virgia, and a 24-inch, 81- .
mile pipelie on to compression facities around Leidy,
Pennylvana.Ivan Weiss, New York
Deja Vu ...
(continued frm page 1)
running, so why stop now?" said one futures trader in
Texas. "The fundamentals are simply not that support-
ive for higher gas prices, yet we've maintaied a higher
level in prices because we're seeing a big player out
there who probably has on a lot oflength and is contin-
uing to pile more of it on. By keeping prices elevated
near $7.70, they've built in an artificial buffer, so they
can ensure that prices probably won't fall much below
$7.50 at expiry."Lokig ahead, temperatues acrss the countr remai
moderate to below normal in inany regions, so from a de-
mand perspective, weather conditions ar a nonevent. Fac-
tor in the loss of industral demand from the long holiday
weekend, and it's likely that storage wi contiue to buid
at a steady pace unti sumer heat begis to emerge. Cash
prices at the Henr Hub averaged in the $7AOs for the
Memorial Day weekend.
~
Ahead ths week, Frday wi mark the offcial begig
to the 2007 Atlantic hurrcane seaSon. Even though June
gas prices are tradig in the $7. 70s at ths time, it doesn't
not appear there is hurcane premium built into the
prices as of yet. It should be noted that at expir durg
the same week last year, June gas rolled off the board at
$5.925/MMBtu.'We're seeing an amazing premium in prices at this
time of the considerig there's nothg going on," one fu-
tures trader in New York said. "It alost seems lie those
who are keeping prices elevated are buyig tie unti the
summer heat and hurcane season arve in hopes that
prices wil find a new level of stabilty in the $8 level in
coming weeks."
Afer remaiing mostly rangé-bound for the week, the
Nymex June gas futues contract lost 4.1i,, to close at
$7.64/MBtu on the day Frday, and also fiished down
30Ai, for the week. July crde oil forged ahead amd gaso-
lie supply and geopolitica concers to close at $65.20Ibbl,
up $1.02 on the day, and up 261t for the week. In obser-
vance of the Memorial Day holiday, the Nymex will be
closed today.
Tecca indicators for June gas futues remai mixed
to bearsh amd weak weather-relate fudamentals. Key
support is seen at $7.65, but if violate then look for price .
to grd down to the $7.50 and $7.25 zone as a next stop.
Beyond tht, sellers would liely taget the $7.15 to $7 ar
On the upside, key resistance is seen at $7.80, whie the
next series of signcat techncal tagets reside at $7.95,
$8.05 and $8.23. Longer-term major resistance resides be
tween $8.35 and $8.50.
Also on a bear note lat week, the Energy Inormation
Adtion report a strage injecon of 104 bion cu-
bic feet, or 14.9 Bcfd, for the week ended May 18, raisig
gas in storage to 1,946 Bcf. The reort was on the high side
extins, both from pipelie flow data and anys' su-
veys, and it was well over the 83 Bcf injecton reportd for
the same week last year and the five-year average buid
around 84 Bef.
UBS anyst Wil Feathersn said he expcts an in-
jecton between 100 Bef and 110 Bcfto be report for the
week ended May 25, which would send stores well over the(continued on page 14)
Trading Daes: ll 21 . ll 25, 2007
NEW YORK MERCANTILE EXCHANGE (NYMEX) (HENRY HUB)
NATURAL GAS FUTURES
June 2007
July 2007
Augus 2007
Septembe 2007
Ocobe 2007
Nombe 2007
Dember 2007
Jonuory2008
Febru 2008
Morc2008
Apnl2oo8
Mo200812-M SIP
1OTAVOWME
Moay
La
7.913
8.091
8.224
8.296
8.412
9.062
9.712
10.052
10.037
9.807
8.422
8.304
8.861
207
J Wees
High-Lo
7.9507.525
8.1307.690
8.235-7.820
8.310-7.910
8.420-.05
9.0308.760
9.7009.470
10.069.820
10.060-9.820
9.820-9.600
8.430-8.32
8.358.210
Op
Ineres
19,390
120,382
38,80
39,862
49,474
24,264
40,623
40,721
22,821
50,809
36,012
19,002
ww.enertecoin
Tri- Valley...
(continued frm page 5)
tion program to sustai and expand those projects is also
growig apace," said Chief Executive F. Lyn Blystone.
In early Apri, 1Æ-based Valore Group bought a 5.5%
interest in Tr.valey (NGW Apr16,pll). Valore's invest-
ment was made via a previously anounced private place-
ment of 600,000 restcted shares and 200,000 warants in
late Februar. Tr-Valeyoffcials said Valore "expressed
its stong ageement" with the company's stategy to devel-
op its Californa-based propertes.
Bylstone said drg wi begi in the Chowch Rach
and the Moffat Rach Ga fields 120 mies nor of its Bak
field headquar in the thd and four qurs. He added
tht devopment work is pr on th prouci prp-
ertes includig the Temblor Valey propertes in the South
Belrdge oileld 40 mies west of Bakersfield, and a project
some 15 mies eas ofBakereldin the Edison oil field.
Blystone said Tr-Valey is workig on the Ekho No.1
and the Sunse Natual Ga Projec, a new gas field locked
in a tight shae formation.
In 2006, Blystone said Tr-Valey began buyig drg
rigs in an effort to deal with the acute shorte of both pro-
ducton and exploration rigs. The company is refubishig
the rigs with modem engies and digita contrls.
He caled the program a success, sayig the company's
fist production rig has so far servced more tha 40 exist-
ing wells in the TemblorValey propertes and its No. 103
rig has dred four new wells in Temblor Valey West with
a :f to be dred in this quarer. Another dr rig wi
leave the yar for field testig ths quarr as the company
steps up its drg of new shalow wells.
To fuher support development of heavy oil zones in
Temblor Valey and Pleaant Valey producton propertes,
Blystone said Tr-Valey ha acquied a fleet of steam gen-
erators to provide downole heat and repressur the forma-
tions for enhced recovery.
"These ar being refbished to meet new envionmenta
reguations before going into servce," he said. "The compa-
ny is making arangements to increase the fleet as new
wells are dred on these propertes."
In its mieral dision, Blysne said Tr Valey alo pla
fu _k on il 60 "" mi.. of cl fu god exo- ·
mOO al il AI Th oopay ;g al dc prous .. 'I
meta prope for outsde clents in Uta and Wes Afca
John A Sulvan Houston
Survey: Investors Concerned over
Impact of Increased Energy Costs
Concems over higher energy costs and the impact that
might have on the US ecnomy were some of the top items
in the latest Citi Smith Barey poll of its investrs.
The poll was conducted of investors who have at least
$100,000 in fiancial assets - a definition that descrbes
about 25% of al US households, accordig to Craig Pfeier,
exective vice president of Smith Barey. The results are
from a poll taen of investors between Feh. 14 and Feb. 28.
"Concern about energy prices are retug, with eiht
in 10 sayig they expect energy prices to contiue to in-
crase over the next year," Pfeier said. "Fer, thee out
of four believe that energy prices will have a negtive im-
pact on the ecnomy in the comig month."
The surey showed that the more afuent investors -
those with $1 mion in assets - were alo very concemed
about energy prices in general. The 73% of those sureyed
:who said they expect consumer prices to rise over the next
year represents the second straight month of increasing
pessimism, Pfeifer said.
Pfeifer did point out that the majority of those sureyed
were optitic about the futue, though.
Some business leaders have also voiced conce over the
past couple of weeks over higher energy costs, especialy
natural gas prices.
Paul Cicio, president of the Indust Energy Consers
of America, brougt hi concems and those of the busiess-
es his group represents to Congress. Cicio testied before
Congress about the impact of higher energy prices.
"Te US remais in a serious natural gas crsis tht
staed in mid-2000," Cicio said. He said the situation is
more alarg th most of the public reals.
"In our view, the only reasn the US is not rationig nat-
ural gas today is because high natual gas prices sice year
(continued on page 7)
Trading Da: Ma 7 - Ma 11, 2007
NEW YORK MERCANTILE EXCHANGE (NYMEX) (HENRY HUB)
NATURAL GAS FUTURES
June 2007
July 2007
Augus2oo7
Septembe 2007
Ocobe 2007
Noembe 2007
Dember 2007
Jonuory 2008
Ferury 200
Morcl200
April 200
May 2008
12-MON ST
TOTAL VOLUME
Moayla
7.779
7.944
8.059
8.114
8.224
8.90
9.569
9.909
9.899
9.659
8.384
8.254
8.725
6 NATU GAS WE . May 14, 2007
Wees
High-Lo
7.9607.590
8.1007.750
8.187.7.90
8.240-7.950
8.330.8.1 10
8. 980.800
9.640-9.445
9.980-9.800
9.980-9.780
9.750-9.550
8.415-8.340
8.270-8.230
OpInl
53,501
103,741
35,427
28,241
40,223
22,201
40,417
36,277
18,180
50,183
36,757
18,188
ww.enerteco
Alaska ...
(continued frm page 5)
companes expecd to seek accss to the ga lie in the fu-
ture, put it more bluntly.
"Fstly, an Alaska natural ga trporttion projec wi
be a monopoly," the company said in its figs with FERC.
"It ca safely be said that the market for interstte pipeline
capacity in Alaska is not competitive."
The fact tht the pruce did not coent spcay on
how the proposed rues relte to the Alaska proec is a go
si tht FERC wi approe the stte's reues, Shepler said
FERC previously acknowledged the states anticompeti-
tive concerns when it intialy issued the ope-season rues
for the gas lie.
"We ar well awar of the riks to competition impose by
a project that is owned or priary sponsored by a smal
group," the commssion said in 2005.Public comment on the revised rues ended Apr. 30.
'FERC staf must now review the comments and recom-
mend fial language to the commission. The commission
has not set a deadline for iss$g a fial rue, said FERC
spokeswoman Barbara Conner.
Robert Dilon, Washigtn
New Support Ship Leads List of
Innovations Showcased at OTe '07
With a chpae toas and a rod of applaus, th C&M
Group las wee reebrate the ofci launch ofthelæ Mai
I, a git multipur vesel desed to opete anywher in
th world thts neeed to support th offor ener indus.
The reebrti was one of th maytecahits at thOf Teclog CoIier 207, he la wee in Hou
The Iæ Maidn rs mai taget ara wi be above the.A-
tic Circle, accor to C&M Üprations Direcr David Kel-
las. The Ice Maiden I has accommodations for 400 people
and when it begi contrac work in the Nort Sea later th
year, wi be the fit mono-hul flotel to work in tht region.
''Her ice-breakg capabilties and temperatu controlled
.workshops means tht she wi be capable of operatig in
some of the hahest cliates, includig the Arctic Circle,
~
where it is reported tht over 30 percent of the world's re-
maig hydrbons are located," Kellas said.
The 14,OOO-ton vessel was commsioned into the Russian
Navy in 1991 as the polar icebreer Alexndr Sledzuk. It
was then sold to a private:f and then resold to the South
Afca Navy in 1993 and renamed the SAS Outeniqua.
The vessel was retied frm the South Afca Navy in
2004, renamed the MV Paardeberg and served unti 2006
as a polar supply vessel on many scientic expeditions to
the Antarctca. In 2006, it was bought by the C&M Group
and ha undergone $100 mion wort of modications and
refubishi at a Mobile, Alabama, dr dock.
The vessel is curently at the Atlantic Mare Shipyard
in Mobile for fial outfttg before headig to the Nort
Sea. Among its many features ar spec stabilers along
the hul, which give it the abilty to stay on sttion and st-
ble in rough weather.
The vessel also has a moon pool that wi alow it to pro-
vide remotely operated vehicle and divig support for
maned divers. In addition to the individual cabins, the Ice
Maidn I boasts a 140-seat theater orlec room, a fuy-
equipped gy, a librar and a 20Q-seat mess ha.
Thelæ Maidn I represents a new way ofpr suppor
fo arc dr opetion, Ke sa Eac worer wi hae
an individua ca with Internet capabities. In addition, the
vessel ha two 25-ton capacty cres and a dec capable ofsuppo ERI0l hecopt with re capailties.
"It is a fuy, self-contaed community," Kellas said, rep-
resentig the sta of a new generation of suppor vessel to
support remote' dr loctions. around the world.
The Offshore Technology Conference held last week in
Houston is famous for showcasing industr advances, and
more than 200 techologica innovations were anounced
at th years show, includig:
* * *
New dr pipe: Aquatic Company, a Russian-based
fi, showcased a new range of aluminum dr pipe and
risers. A company spokesman said the lightweight and
durable dr pipe ca be used in extnded reach well that
might reach 55,000 feet. Aquatic is cuently workig with
Weatherford to develop a new dr pipe for ultra-deep ex-
tended reach well.
(continued on page 7)
Trading Da: Apl 30 - Ma 4,2007
NEW YORK MERCANTILE EXCHANGE (NYMEX) (HENRY HUB)
NATURAL GAS FUTURES
June 2007
Jul 2007
Augus 2007
September 20070d2oo7
Novmbe 2007
Deembe 2007
January 200
Februry 2008
March 2008
Apnl2oo8
Il 200
12-MON STP
TOTAL VOLUME
Moay
La
7.863
8.016
8.136
8.191
8.301
8.981
9.661
9.996
9.979
9.731
8.351
8.219.
8.785
6 NATU GA WE · May 7, 207
Wets
Higl-L.
8.100.7.530
8.210-7.700
8.307.840
8.270-7.885
8.450-8.09
9.120-8.780
9.6609.483
10.030.9.835
10.050-9.820
9.7309.520
8.4608.240
8.350-8.120
OpIn
83,770
79,581
30,845
27,524
40,718
20,878
40,441
35,889
18,212
49,90
34,749
17,617
ww.enerteco
Conway...
(continued frm page 5)
in 2006, with more than 31,500, whie the number of on-
shore rigs in the field doubled over the last the years to
more th 1,400, though producton has remaied steady
between 50 bilon and 54 bilon cubic feet per day. But
with increased drg activity, proved gas reserves have
blossomed frm 158 tron cubic feet in 1999 to 196 Tcf in
2005. Coalbe mete, she, and tight sands reeres also
showed an incrase, risin from 18.4 Tcfin 2004 to 19.9 Tcf
in 2005. Al of th shows tht proucer are respondig ag-
gressively to increased demand, he sad.Goon Kerr, president ofCAPP, brought good news frm
the nort, though he also said that prices were havig an
impact on producton. Canda is the numbe one energy im--
portr to the US, and ran thrd among the world's natu-
ral gas produce. But, oil sands wi be the countrs futue
as the 179 bilon barels in oil sands reserves makes Cana-
da second to Saudi Arabia in global oil reserves, and oil
sands production wi propel Canada as the four-largest
crde oil producer by 2015.
CAPP is foreg that newer techologies wi reuce
the amount of pur chaed natual gas used to pruce the oil
sands by nearly hal by 2020.Mattew S. Car, Washigtn
Apache Could Boost Gas Driling
As Canadian Service Costs Cool
Houstòn-based independent producer Apache said last
week it may step up its Canadian shalow gas drg later
ths year if servces cost contiue to fal.
Apace and many oter companes cut ba on thei capitalspendi and drg in Canda th year because hih costs
for ri and other serce were erodig their profit mar.
Apache's fist-quarr capital spendig in Canada was
down 43% versus the same period of 2006.
Simar moves by oter companes have led to a much lower
ri count in recent month - Canad's Mar 2007 rig count
of392 was down by more th 200 un on Mar 2006.
But Apache Chief Executive Steven Far said there has
bee a prunæd reuc m Canan se cots m~
recent month.
"If cost contiue to decreae, and I predict tht they wi,
we may increase our shaow ¡drg) actvity later in the
year," Far said durg a conference ca on fist-quarr
ear, in which it report income of $492 mion, down
34 perct frm th same period in 2006, as lower oi and ga
prices and higher costs offet increased producton volumes.
EnCana, which has also cut back on its Canadian gas
drg, al said ths week tht cost pressurs have star-
ed to ease in response to the shar downtu in drg.
Far twed the spotlt on th compay's "ar ofma-
tug exloration pro" which have led to rect div-
eres in pl su as Australia and Egyt (NGW Ap.23,p13).
The exploration portolio curently holds 10 prospects
which each have a reserve potenti of 50 mion barls of
oil or 500 bilon cubic feet of gas, he said, whie develop-
ment projects in Austala and Egyt have the potential to
add 70,000 boeld to Apache's producton by 2009.
But Far alo said tht Apache needs to improve its op-
erati effciency in the Nort Sea, where oil proucton fell
short of expcttions in the latest quarr. "Te bottm lie.
is, we need to get bettr," he said.
Separately on Thurday, Canadi producer Nexen En-
ergy said costs have contiued to clb at its Long Lake oil
sands projec in norern Alber.
Calgar-based Nexen said it has raed its cost estiate
. for the fist phase of its Long Lake oil sands project to C$5
bilon (US$4.5 bilon) from C$4.6 bilon. It has al crat-
ed a C$300 mion (US$268 mion) contigency fud to
cover any other unoreseen cost incrases.
Periodic increases in cost estiates for Canadian oil
sands project have become alost routie as rival project
compete for labor and other scarce resources. Last Octber,
Nexen anounced that costs for the fist phase of the Long
Lake projec had jumped by arund 20% to C$4.6 bilon.
N exen said high oil prices are drvig increased oil sands
development actvity, resultig in "uprecented demand
for supplies and servces in the Athbasca region."
"Te cost increase is disappointi," said Chief Exective
Chalie Fischer. "However, the real value of the project lies
in the proucton of synthetic crde oil for decdes."Andrw Kelly, Houston
NATURAL GAS FUTURES
May 2007
June 2007
July 2007
Augus 2007
Septembe 2007
Ocbe 2007
Novembe 2007
Dembr 2007
January 2008
Febru 200
March 2008
April200
Mty 2008
12.MON sr 8.70
TOAL VOLUME
6 NATU GAS WE · Apri 30, 207
Wees
High-Lo
7.700.7.280
7.890.7.420
8.030-7.600
8.145-7.730
8.195-7.810
8.310-7.910
8.9508.610
9.590.9.220
9.930-9.590
9.920-9.630
9.675.9.330
8.370-8.130
8.135.8.060
OpIn
98,647
75,09r
30,231
27,458
38,996
20,857
39,938
34,325
17,80
49,517
33,198
17,316
ww.enertecom
ConocoPhi/lips ...
(continued frm page 5)
And soon afr, Conoc th its suppor bed the US Cli-
mate Acton Parp ((SCAP), a grup ofbig corpration
seekig leglation to cub grouse ga emsions.
The Conoc chef shed some light on the company's dec-
sion to join USCAP, sayig it prefer a federal approach to
emissions cuts over a-state1evel approach.
"We don't th it's necssary the best thg to have 50
sttes come up with an approach to clate ch," Mulva
said. He added that the company does not want a boutique
fuels approach to cuttg emisions, refer to the compli-
cated web of statetostate fuel stadads.
Whe it may appear that the slew of alternative energy
anouncements is par of a strategy to offer a grner face
to the public, Mulva sad tht it is coincidenta tht so much
has been anounced in such a short amount of time. He
said tht discssions regag techology and oter facrs
have been onging with Tyon for over a yea.
Tyon's Bond has been critical of corn-based ethanol's
growi role in the fuels industr. With more ethol mak-ing its way into vehicles, he has argued that food prices wi
clib as corn is divert from anal fee to ethanol. In its
parersp with Conoeo, Bond noted tht the source of fuel- animal fàts - has no role in the food supply, meang
that other consumer goods prices won't jump as a result of
the byproduct being used to produce dieseL.
Jeff Gosmano, Houson
Anadarko Sells Properties in
Austin Chalk Play to EnerVest
Anadarko has sold oil and gas properties in the Austi
Chal play in central and ea Tex to varous afate
of private equity fi EnerVest for $750 mion.
The deal taes tota proeeed frm the asset sale progr
that Anadako launched last yea to more th $10 bilon.
The company is tagetig prds of$13 bilon to $15 bil-
lion as it sees to pay down debt assocated with last years
acquisitions of Kerr-McGe and Westrn Gas Resour.
The COmpay st ha domesc oi and ga assets wor an
este $1.25 bilon to $2.75 bion tht it inte to se and
intetional propertes wor $400 mion to $600 mion.
It expect to raise a fuher $900 million to $1.3 bilon
thug the sale of midseam assets, sùch as pipeliès and
procssig facities.
One of the EnerVest afates involved in the acquisition
is EV Energy Parers, a master limited parnership
(M) set up by EnerVest that held its intial public offer-
in GPO) in September 2006.EnerVes is maiy active in oil and gas exloration and
production though pooled private equity fuds that are
markete to large insttutional investors. It holds a 71% in-
terest in EV Energys general parer.
EV Ener said it wi pay $100 mion for its she of the
acui assets, which have esate proved reseres of39
bilon cubic feet of gas equivalent and producton of 13.8
mion cubic feet of gas equivalent per day.
Those numbers imply tht the entie package sold by
Anadako has tota proved reseres of alost 300 Bcfe and
output of over 100 MMcfe/d. They also imply a price of
$2.561tu for the proved reserves.
Since the star of 2006, half a dozen upstream MLPs
have gone public in the US. Analysts expect many more to
follow over the next few year and tht they wi be sign-
cat buyers of oil and gas properes (NGW Mar.26,p7).
EV energy stad out last year with assets in the Mon-
roe Field in nortern Louisiana and in the Appalachan
Basin, namely in Ohio and West Virgi.
The deal with Anadako is the company's four acquii-
tion since completig its IPO and the largest to date.
In a conference ca wíth analysts on Monday, EV Ener-
gys mangement said the acquied assets consi maiy of
interests in the Giddis and Brookeland fields.
Andrw Kelly, Houstn
Stanford Study Finds E85 Could
Raise Smog-Related Deaths in US
As ethol prouctn in the US contiue to br re,
a Staord Universty study ha claied that the incrased
us of etol in lieu of gaslie wi lead to n:or smog-ret-
(continued on page 14)
Traing Dat: Apl 16 - Apl 20, 207
NEW YORK MERCANTILE EXCHANGE (NYMEX) (HENRY HUB)
NATURAL GAS FUTURES
Ma 2007
June 2007
July 2007
Auus 2007
Septembe 2007
Ocobe 2007
Novmbe 2007
Decber 2007
Januaiy 2008
Feruiy 2008
March 2008
Apn12008
12.MON Sl
TOAl VOlUME
Moay.
La
7.530
7.669
7.838
7.956
8.00
8.098
8.763
9.398
9.723
9.713
9.473
8.118
8.523
6 NATU GAS WE . Apri 23, 207
weSs
Hih-Lo
7.670-7.340
7.820-7.450
7.990-7.640
8.110-7.810
8. i 40-7.870
8.240-7.960
8.8508.630
9.460.9.290
9.785-9.635
9.720.9.60
9.5009.380
8.150-8.00
OpIntes
45,572
84,619
70,665
30,223
26,323
37,710
20,179
38,949
32,619
18,567
49,812
32,529
ww.enerteea
Planned ...
(continued frm page 5)
ford Landig, which is the furtest along in the approval
process in the state, a fial stap is sti neeed from the
Federal Energy Regutory Commsion. Bradwood Lad-
ing-owner Northern Sta Natural Gas fist submitted the
proposal for the 1 bilon cubic foot per day project to FERC
in 2005, and it exct fial approval ths sumer.
Momentu is alo buidi bed the 1 Bcfd Joron Cove
projec at Coos Bay, Orgon, which would be buit in tadem
with a: 36-inch diameter pipele li the LNG plant to
markets in the US Nortwest, Calorna and the Midwest.
The pipelie project, caed Pacic Connecr, is being led
by major US gas producer and pipelie operator Wils.
Its parners include PG&E Strategic Capital and Fort
Chicago LNG, which is a publicly traded Canadian trut
fud. Fort Chica is al a parer in the Jord Coe proj-
ect, as is Energy Prjects Development.
The pipelie would ru frm Coos Bay to Mal, Orgon,
and might be interconnected with Willams' Northwest
Pipelie, Pacifc Gas & Electc's pipele syste, Tucao-
ra's Gas Transmission system, and Gas Transmission
Nortwest's system, Wilams says.
Earlier ths month, Wilams :fed an open season for
the 231-mile Pacific Connectr. "Te number of shippers
who responded to the open season met our expectations,
and we believe this favorable response demonstrates the
strategic value ofthé project," Han Henre, a project man-
ager for the pipelie, told Natural Ga Week. Wilams has
yet to divu the companes seeki capacity in the proje~
sayig only that they wi be included in the fial applica-
tion to FERC, which is to be submittd in May.
Wils' open seasn could ultiately help Jorda Cove
firm up supply, although prospect remai tenuous in the
supply ara. Jord Cove is in ta with supplier' in Aus-
trala, the Pacic Ri, Alaska and elsewhere, but no deals
wi. come to light until FERC approval is granted, which
could be a year or more afr the initial fig, said Bob
Braddock, project manager at Jordan Cove. The project,
which would tae the years to constrct, could come on
lie as early as sprig 2011.
Ivan Weiss, New York
,Bodman Says Market.lnterference
Bad for Both Consumer, Producer
US Energy Secretar Samuel Bodman last week crti-
cied attmpts by foreign governents to inuence world
energy prices, sayig such efforts are detrenta to both
producers and consumers.
"Ener markets fucton most effecvely and ens the
best results for the American people when they ar open,
tranparent, well reguted and competitive," he said.
Bodan, speakg at a Federal Trde Commission con-
ference on energy markets, made hi comments a day af
offcials from the major natual gas producig nations an-
nounced pla to study pricig policies (see p13).
Bodan said attmpts by suppliers to inteifere with:fe
markets and the unestrctd flow of energy in order to in-
fluence prices are "unwarted and ineffcient." .
"I th that when you have anti-competitive actvity, it
generaly leads to problems for both the consum nations
as well as the supplyig nations," he said.
Whe some countres may benefit from such policies in
the short term, "i the long ru it deprives countres of pro-
ductvity and properity," Bodan sàId.
"These kids of actons wi hur not only those nations
tht depend on the supply, both develope and undevelope
nations, but also in the long rU wi damage the interest
and the global standig of the producig nations them-
selves," he said.
Major producig countres should instead focs on estab-
lihig stable reguatory frameworks, open investment cl-
mates, adherence to the"rule oflaw, transparncy in deci-
sion makg, and market-based pricig of energy resources.
''I order to effecvely and effciently settle issues of sup-
ply, demand and price, we need markets that are fai, open
and free of collusion," he said. "Domesticaly and interna-
tionaly, an open and competitive market for energy trde
and investment is essential to incrg ener sety al
around the world."
Bodan sad the forw's report on prici policies, which
is execd next year, wi hopefuy reflec the negative con-
sequences ofinteiferig with market forces.Robert Dilon, Wasgtn
Trading Dat: Apl 9 - April 13, 2007
NEW YORK MERCANTILE EXCHANGE (NYMEX) (HENRY HUB) -
NATURAL GAS FUTURES
Ma 2007
June 2007
July 2007
Augus 2007
Septembe 2007
Ocobe 2007
Novmbe 2007
Deber 2007
January 2008
Febru 200
Mardi2oo8
April 2008
12-M0N SlP
TarAL VOLUME
Moay
La
7.546
7.701
7.861
7.962
8.006
8.11
8.801
9.471
9.796
9.786
9.556
8.141
8.562
6 NATU GA WEK -. Apri 16, 200
Wees
Hih.Lo
8.010-7.540
8.140-7.710
8.240-7.870
8.315-8.055
8.355-8.11 0
8.508.210
9.105-9.020
9.720-9.640
10.035.9.875
10.009.970
9.750-9.730
8.350-8.20
OpIner
75,266
75,842
57,091
28,362
24,423
35,881
20,736
38,421 .
33,954
19.,370
50,133
32,271
ww.enerteLco
Wachovia: Rising Rig Count Fails
To lift US '06 NatGas Production
Exploration and proucton companes searhed for nat-
ural gas lie crazy in 2006, with the US gas rig count
marhing higher thughout the year.
With more than 1,400 rigs dring for gas at the end of
2006, versus 1,200 rigs actve earlier in the yea, it would be
expcted that ga prouction would have clibed consider-
ably as mor ri worked to brig gas to the market. But not
so, accordg to an analysis of producton data by analysts
at Wachovia Capita Markets.
"Adjusting for hurcae production, US natural gas in
the lower 48 was up only 0.6 percnt in 2006 vs. 2005. Ths
is despite record well counts, record capita spendig and a
rig count which was up approxiately 16 pent year-over-
year," concluded Wachovia analysts.
Wachovia's concluson diers considerably frm a recent
production analysis made by the US Energy Information
Admistration. In their year-end gas producton surey,
the EIA found that production in 2006 was up 2.7%. The
EIA report, however, does not tae into accunt the impac
of hurcanes. In 2005, a hadf of big stos impact ga
producton - causing volumes that year to be lower _
while a less actve 2006 hurrcane season failed to have a
huge impact on ga volumes.
. US gas producton is havig a had time movig higher
largely as a result of weak offshore exploration results.
"Wt many investrs fai to consider is that whie, yes, on-
shor producton is growig, ths is more th offset by Gul
of Mexico producton volumes which contiue to slide," Wa-
chovia concluded.
Onshore gas producton increased by 3.8%, or 1.7 bilon
cubic feet per day, whie hurcane adjusted Gul gas pro-
ducton dipped 14%, or 1.4 Bcfd.
Industr executives say they have a simple explanation
for the lackluster US production numbers. At last week's
Howard Weil energy conference in New Orleans, several eX-
ecutives suggested that because the US is already such a
heaviy drled place, today's wells are far less productive
th wells dred in previous year.
Andrew Gould, chief executive of Schlumberger, said in
New Orleans tht 17% more well today are producig 8%
less gas than si year ago. "Declig reserves and slipping
producton have drven the industr more and more towar
th exploitation of poorer qualty reservoir," Gould added.
Chad Deaton, chef exective of servce fi Baker Hugh-
es,made similar comments at the conference, sayig tht
well dece cures ar grwig sharly. He al pointe out
that new tehnologies and the rise in horionta drg is
alowig producers to drai smaler reservoir.
With US gas production faig to move noticeably high~
er in a risig rig count envionment, some industr expert
have staed wonderi what would happen if the rig countflattens or even stas movig lower. Whe some market-watcers argue tht a flt ga-did ri count mean tht
ga proucton wi decle, Dave Puell of Pickerig Ener-
gy Parers says the opposite is tre.
Should the ri count move lower, Purcell points out that
fewer less productve well would be dred. As.a ret, oth-
er wells would become more productve. "As actvity ramps
up, the average well gets worse. As actvity fals, the aver-
age well imprves," Puell said in a research note.
"Laying more rigs down has an increasing impact to
overal supply as more meangf wells are not dred,"
he said.
Jeff Gosmano, Houston
Supreme Court Hands Bush Defeat
In Carbon Emissions legal Melee
In a 5-4 decision that could help reshape US cliate
change policy, the Supreme Court early last week rejeced
the Bush admtration's fi and long-stadig view that
it canot reguate cabon dioxide and other grnhouse gas
emissions under the Clean Ai Act (CAA).
Haig the verdict, Democats and envionmental
groups imedately said the cours rug wi give momen-tum to legilation in Congrss seekig mandatory curbs on
greenhouse gases.Givi the majority opipon in the closly-watced envi-
menta CàS, Jusce John Paul Stevens said they had "ltte
trouble" concluding tht the CAA authorizes the Envion-
(continued on page 7)
Apl 2 - April 6, 2007 NATURAL GAS FUTURES
Mr2007
June 2007
July 2007
Auust 2007
Sepembe 2007
Ocber 2007
Novmber 2007
Dember 2007
January 2008
Februry 200
March 2008
April 2008
12-MON STP
TOTAL VOLUME
6 NATU GAS WE · Apri 9, 2007
Wees
High-Lo
7.790-7.380
7.905-7.530
8.050-7.690
8.1507.790
8.190-7.835
8.30-7.960
8.9408.635
9.5809.30
9.900.9.670
9.8909.630
9.680.9.440
8.190-7.955
OpIn
117,316
44,220
31,878
27,376
21,517
36,948
21,075
37,083
35,566
20,920
50,042
32,269
ww.enerte.co
Oneok ... .
(continued from pae 5)
of natual ga producton, reserves and development activ-
ity. Wilams expects intial operations at the Wilow Crek
processing plant to boost by more than fivefold the volume
of marketable liquids recovered from its producton in the
basin compared with cuent levels.
Wilams Chaian, President and Chief Executive
Steve Malcolm said his company exects the Wilow Creek
facity wi recover an additional 20,000 barels per day of
NGLs frm Wilams' producton at staup. The company
expects the plant to be operational in the thd quarer of
2009, subject to permttng and reguatory review. The ex-
pecttion for peak natu gas liquids producton at Wilow
Creek is nearly 30,000 bid.
''Te Piceance Basin contiues to be Wilams' corner-
stone for grwig our natural gas producton," Malcolm
sad. "We wi crate additiona revenues frm the same gas
stram whie settg the stage for our midsteam busess
to provide servces to producers in the basin."
As designed, the Wilow Creek facity wi consist of a
single-train crogenic plant located in Rio Blanco County,
Colorado, about 25 mies nortwest of Wils' exstg fa-
cities in Gareld County. Intialy, more than hal of the
plant's volumes wi come from Wils' producton in the
Parachute Valey area to the south of the facity. Ths gas
wi be transported to the Wilow Creek plant through the
company's new Nortwest Pipelie Parachute Lateral, a
30-inch-diameter pipelie curently under constrcton.
Malcolm said the remaig volumes for Wilow Creek's
fist trai are expeced to come from Wilams' newest de-
'velopment areas in the nortern portion of the Piceance
Basin known as the Highands. Wilams expec its Hih-
lands production to grow by 50% durig 2007.
The Overland Pass Pipelie wi connect. processing
plats in southwestrn Wyomig to Conway, the NGL mar-
ket center in the Midcontient. The $433 mion project is
being built by Overland Pass Pipelie, a joint venture be-
tween a subsidiar of Oneok Parners and a subsidiar of
Wilias. The pipelie is designed to trsport 110,000 bid
ofNGLs. Additional pump faciities would incrase the ca-
pacity to 150,000 bid.
hi asti wi cocton of th Overla Pas Pipee,
OnkParer is sp an adtiona $216 mion to ex
an upg its ex NGLs frati caes and the
ca of its natu ga liquds dibution pipees.-John A. Sulvan
GloballNG Surplus Spreads; US
Terminals'Reaping Heyday Supply
In an abrupt reveral of pattrn the global LNG spot mar-
ket suddeny looks overupplied and fiy tite towar the
US, where Mar ha seen rerd imports and Apri load-
in are potentialy as great. Indeed, receivig capacity in
the US is beig felt worldwide ~ a constrait for a chge,
leavig overspplied Eurpean countres at ties unable to
fid outlets for excess cas. The situation wi only be ex-
acebate when Marathon's Equatorial Guiea LNG projec
comes on lie, perhaps as soon as Apri (NGW Sep. 4,p17).
It's unclear just when European and Asian buyers wi
reemerge. The market could remain slack though mid-
sumer and even into fal when witer buyig commences
in Asia and Europe, traders told Natural Ga Week. Leav"
ing aside term-contract sales in Spai and in some cases
Japan, US East Coast termals Everett, Cove Point and
Elba Island cuently offer the be netback worldwide. US
terms on averag are offerig $3-$3.50 per mion Btu
premíums over European terms, traders say.
Although term prices remai strong in Japan and South
Korea, they aren't as attactve to Mideast selers as those
at US terminal other than Lake Charles, and Japan's and
Korea's appetite for spot cas remais lite. "You hear
of the occasional spot deal in the Far East, but these are
prett much one-off events," one trader says.
This has left US termals largely fied. Apri actvity at
Lake Chales is the only question mark. The Louiiana ter-
mial wi liely have reved alost 40 bilon cubic feet by
the tie March ends, with 14 loadigs, and it may see sim-
lar actvity in Apri dependig on Asia demand, accrdig
to US Waterborn LNG Report. hi parcuar, Lae Charles
has benefite from the gas glut in Spai, tag in Algeri,
Egyti and Trda cas tht would probably have
(continued on page 7)
NATURAL GAS FUTURES
April 2007
Mri2007
June 2007
July 2007
Augus2oo7
Septembe 2007
Ocobe 2007
Novmber 2007
Dember 2007
January 2008
Ferury 2008
March 2008
Ma 2007
12.MON S1P 8.323
TOTAl VOLUME
6 NATU GAS WE · Apri 2, 207
Wees
High-Lo
7.715.7.200
7.8307.340
7.960.7.520
8.100.7.690
8.2007.80
8.210.7.85
8.350.7.950
8.950.8.595
9.555.9.220
9.870.9.560
9.8609.550
9.665-9.35
8.130.8.030
OpIner
131,053
38,584
28,559
27,058
20,246
37,617
21,108
37,673
34,473
20,747
49,012
31,709
ww.enertecom
N.Ga:.Y'lI
Month/Yr VoL.mn :On :IntNov r;;)7 74295 81203
Dec t07 45061 70139
Jant08 25095 73544
Fêb tOB 2393 337BO
Mar rOB 6431 4476BApr rOB 3424 36331.May '08 1.903 30179
Jun rOB 439 1B446
Jui rOB 235 1.137
Aug tOB 147 11714
Sep '08 159 9347
Oct tOB 201.4 32791
Nov 'OS 616 20265
Dec roe 79 14625
Jan. '09 825 33033Feb '09 61 4919
Mar r09 2933 28926
Apr '09 3241 20696May '091465 9693Jun. '09 253 3759
Ju1 '09 333 4053Aug t 09 47B 4009Sep '09 4 3893
Octr09 1146 10523
.~ f'.i - Seetin 8 -Octbu 12, 2007
~"'IEX NATU GAS FUTURS
T~10l1¡i)1
HYlEX "mum! Gas fwwG3Mo StrPS1.5193 -o.CiG4
ot Mo Strp $1.an -0.0013512 Mo Stp $1.1132 ...()3
13 Mo Strp $1.9&18 -0.0440~
llOV
DEC
JAJ
FEB
MAAP
rMY
JUri
JUL
AUG
SEP
OCT
Qm7.00
7.755
3.120
a.1551.89
1A12S
7.519
1.72
7.73
7.80
1.a2
1.lmi
High
7.OOS7.15
3.125
3.1557.m1.~
1.519
1.72
1.r-A
7.80
1.a2
7;9TO
lJ
6.a101.~
3.030
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NatGaN'V~SfI ti~. - Seqn 8- Ocøb 19. 2007
Mo.nth/Yr Volii OpnI:nt
Nov '07 5915B
Dec · 07 24123
Jan '08 14716
Feb 'OB 5000
Mar '08 7810
Apr '08 4569
May · OB 1290
Jun '08 319
Jul '08 446
Aug '08 742
Sep '08 348
Oct '08 1474
Nov 'OB 114
Dec '08 298
Jan '09 409
Feb '09 140
Mar '09 911
Apr '09 451
May '09 390
Jun '09 35Jul '09 0
Aug '09 0Sep '09 0
Oct '09 100
55363
83511
82909
32076
46686
39653
31193
18953
13470
11966
10092
34265
20179
14780
33213
5028
28670
21216
10411
3761
4053
4107
4156
11428
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8.424
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7.374
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8.424
8.451
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10/22/2007
7x.com: Natual Gas
HOf
Visllo
EduCllion NYMEX-----AbI the- Ex(:iuinge News ~
Rl$l11 Shiirldolder ßèlàtii
Market Data
Current Session
Overview
Current Expanded
Table
Previous Session
Overview
Previous
Expanded Table
Squawk Box
Contract Detail
Description
Specifications
Margins
Termination
Schedule
Request for
Information
Exchange for
Futures for Swaps
(EFS)
lof2
Natureil Gas!Pñ.icl__l''tME.ìt Cloarf'o!t-
17/18/2007 Session Expanded Table
Last Open Open High Low
High Low
Most
Recent
Settle
Aug 2007 6.579 6.280 6.270 6.579 6.226 6.528
Sep 2007 6.660 6.370 6.360 6.660 6.321 6.611
Oct 2007 6.813 n/a n/a 6.813 6.485 6.771
Nov 2007 7.650 n/a 7.420 7.650 7.340 7.621
Dec 2007 8.440 n/a 8.195 8.459 8.145 8.431
Jan 2008 8.812 nla 8.540 8.836 8.510 8.801
Feb 2008 8.820 n/a 8.540 8.84 8.535. 8.806
Mar 2008 8.641 nla 8.350 8.649 8.350 8.621
April 2008 7.959 nla 7.730 7.980 7.729 7.941
May 2008 7.919 n/a 7.704 7.919 7.704 7.896
June 2008 8.000 n/a 7.750 8.000 7.750 7.978
July 2008 8.060 n/a 7.893 8.090 7.893 8.078
Aug 2008 8.136 n/a 8.130 8.136 8.130 8.148
Sep 2008 8.180 n/a 8.080 8.180 8.080 8.201
Oct 2008 8.329 n/a 8.180 8.329 8.180 8.318
Nov 2008 8.758 n/a 8.610 8.760 8.610 8.758
Dec 2008 9:203 n/a 9.100 9.230 9.040 9.213
Jan 2009 9.480 nla 9.380 9.480 9.380 9.478
Feb 2009 n/a n/a nla nla n/a 9.481
Mar 2009 9.205 n/a 9.050 9.205 9.050 9.233
April 2009 8.020 nla 8.020 8.020 8.020 8.048
May 2009 n/a nla n/a nla n/a 7.938
June 2009 n/a n/a n/a nla n/a 8.015
July 2009 n/a n/a n/a n/a n/a 8.099
Aug 2009 n/a n/a n/a n/a nla 8.153
Sep 2009 n/a nla nla nla n/a 8.187
Oct 2009 nla nla n/a nla n/a 8.286
Nov 2009 n/a n/a nla n/a n/a 8.646
Dec 2009 n/a n/a n/a n/a n/a 9.001
Jan 2010 n/a n/a n/a n/a nla 9.206
Feb 2010 n/a nla n/a n/a n/a 9.206
Mar 2010 n/a n/a n/a nla n/a 8.951
April2010 n/a n/a n/a n/a n/a 7.716
May 2010 n/a n/a n/a nla n/a 7.596
June 2010 nla nla n/a n/a n/a 7.677
July 2010 n/a ¡'/a nla n/a n/a 7.761
Aug 2010 n/a n/a n/a n/a n/a 7.812
Change Open
Interest
+0.221
+0.209
+0.204
+0.229
+0.254
+0.259
+0.261
+0.266
+0.206
+0.206
+0.208
+0.208
+0.208
+0.208
+0.206
+0.206
+0.206
+0.206
+0.206
+0.206
+0.176
+0.181
+0.180
+0.179
+0.178
+0.177
+0.176
+0.176
+0.176
+0.176
+0.166
+0.166
+0.136
+0.136
+0.135
+0.134
+0.133
55967
131410
80863
37155
46868
39211
33632
51293
40834
27251
14569
6596
9497
6559
25028
11054
13696
25372
3371
19271
17873
8120
3275
2944
3589
3447
7291
1743
5439
6044
2736
8385
11430
3333
2650
1635
2570
htt://ww.nymex.com/ngJut-psf.aspx
.
Record First Quarter Results,
Declares Quarterly Dividend
...",......, A.._H ",.,._. '_Ic..t..t u. : Qj~
lla""h t'..
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Volume Last Updated
44335
16034
10874
2010
2328
3926
493
1518
1075
921
697
187
19
28
118
38
13
3
153
48
14
7
12
153
153
153
153
153
153
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n/a
17
17
22
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7/18/2007 3:00:37 PM
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n/a
22
n/a
7/18/20074:34 PM
Aom, Natu aa
htt://ww.nymex.com/ng_fut-psf.aspx
Sep 2010 n/a nla n/a nla n/a 7.845 +0.132 2579 7 7/18/20073:24:55 PM
Oct 2010 n/a nla n/a nla n/a 7.941 +0.131 7215 7 7/18120073:24:55 PM
Nov 2010 nla nla n/a nla n/a 8.296 +0.126 2611 n/a 7/18/20073:00:37 PM
Dec 2010 n/a nla nla n/a n/a 8.651 +0.121 9314 n/a 7/18/20073:00:37 PM
Jan 2011 n/a n/a nla n/a nla 8.851 +0.126 4502 n/a 7/18/20073:00:37 PM
Feb 2011 nla n/a nla n/a nla 8.846 +0.126 1599 n/a 7/18/20073:00:37 PM
Mar 2011 nla n/a n/a nla nla 8.596 +0.121 6020 nla 7/18120073:00:37 PM
April 2011 7.330 nla n/a 7.330 7.330 7.371 +0.091 4494 n/a 7/18/20073:00:37 PM
May 2011 n/a nla nla nla n/a 7.251 +0.091 2499 nla 7/1812007 3:00:37 PM
June 2011 n/a n/a nla n/a n/a 7.334 +0.091 925 nla 7/1812007 3:00:37 PM
July 2011 n/a n/a nla n/a n/a 7.424 +0.091 1069 nla 7/18120073:00:37 PM
Aug 2011 nla n/a n/a n/a n/a 7.474 +0.091 1016 n/a 7/18/20073:00:37 PM
Sep 2011 n/a nla nla n/a nla 7.509 +0.091 892 n/a 7/1.8/20073:00:37 PM
Oct 2011 n/a n/a n/a nla nla 7.604 +0.091 2975 n/a 7/18/20073:00:37 PM
Nov 2011 n/a n/a n/a nla nla 7.949 +0.091 1133 n/a 7/18/20073:00:37 PM
Dec 2011 n/a nla nla n/a n/a 8.294 +0.091 2650 n/a 7/18/20073:00:37 PM
Jan 2012 nla n/a n/a n/a n/a 8.494 +0.091 452 200 7/18/20073:11:59 PM
Feb 2012 nla n/a n/a n/a nla 8.499 +0.091 562 200 7/18120073:16:06 PM
Mar 2012 n/a nla n/a nla n/a 8.254 +0.091 1027 200 7/18/20073:17:16 PM
April 2012 n/a nla nla nla n/a 7.069 +0.076 990 200 7/18120073:19:07 PM
May 2012 n/a n/a nla n/a n/a 6.949 +0.076 607 200 7/18/20073:32:40 PM
June 2012 nla n/a nla n/a n/a 7.031 +0.076 411 200 7/18/20073:34:21 PM
July 2012 n/a n/a n/a n/a n/a 7.126 +0.076 412 200 7/18/20073:27:57 PM
Aug 2012 n/a n/a'nla n/a nla 7.181 +0.076 512 200 7/18/20073:29:54 PM
Sep 2012 n/a n/a n/a n/a n/a 7.224 +0.076 522 200 7/18/20073:31:04 PM
Oct 2012 n/a n/a nla n/a n/à 7.324 +0.076 424 200 7/18/20073:32:28 PM
Nov 2012 nla n/a nla nla n/a 7.674 +0.076 369 200 7/18/20073:33:55 PM
Dec 2012 n/a n/a nla n/a n/a 8.024 +0.076 1051 200 7/18/20073:35:03 PM
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