January 28, 2002; Natural Gas Looks Better Further Out

 Our favorable fundamental view on energy investments tempered with some caution matches recent commodity price action (see Chart).  Long-term natural gas and oil prices are holding up and even advancing in the past week to $3.20 from $3.17 for six-year natural gas and to $20.52 from $20.22 for six-year oil.  Short-term natural gas price became somewhat further depressed relatively to long-term price.