market sentiment, page-25

SF,

I don't believe we are on different pages, just seeing slightly different angles.

I am really trying to test the downside, gas glut scenario a little more fully, as I believe that even if it is correct the conclusions being drawn from it are excessive and incorrect.

When the going gets tough everything is about competitive strength, and from what I can see Qld LNG is in one of the strongest competitive positions, and hence will have some of the projects that make it through first. AOE has an early window and can afford to market it's gas more aggressively than those with existing market positions to defend.

I actually subscribe more to the bullish BG view. How low before $6? My bet is strong support at previous 304 cent low, but hoping Friday was the low.

EL