We have significantly increased our short-term and long-term commodity price forecasts to reflect our expectation of sustained tight markets and ongoing deficits in 2006.

Sometimes unexpected things are a disappointment for sure.Yet when it happens it makes one see how resilient we are.

Domestic demand has been nowhere close to strong or impressive.

An acquisition looks financially viable and is in line with National Grid's stated U.S. strategy. National Grid has shown that it has a decent U.S. acquisition track record.

We have limited information on the disaster. Our immediate focus and concern are for the well-being and safety of Morgan Stanley employees.

We now think that (U.S.) crude oil could reach $61 before a meaningful sell-off occurs. Long-term price patterns point to even higher prices.