EOL WTI New Simulations

---------------------- Forwarded by John J Lavorato/Corp/Enron on 12/21/2000
12:41 PM ---------------------------

Stinson Gibner@ECT
12/21/2000 07:36 AM
To: John J Lavorato/Corp/Enron@Enron
cc: Vince J Kaminski/HOU/ECT@ECT, Zimin Lu/HOU/ECT@ECT

Subject: EOL WTI New Simulations

John,

Here are the simulations for:

Normal roll: (same as before, but included for completeness)
No Roll: (liquidate position at end of each month)
Roll to fill price gap

I have included in place of the Roll P/L, the cumulative price gap over all
the contract rolls ($/bbl). Negative value means a backwardated market.

Normal Roll No Roll Fill Gap

Will send the same set of runs for 2nd last day later this morning.

--Stinson