Re: Basis Positions

Read what Kathy wrote...What am I supposed to go tell Lavo he's wrong!! I
know she's the best risk person we have, but give me a break!
---------------------- Forwarded by Robin Rodrigue/HOU/ECT on 12/13/2000
06:49 PM ---------------------------

Kathy Reeves
12/13/2000 06:31 PM
To: Robin Rodrigue/HOU/ECT@ECT
cc:
Subject: Re: Basis Positions

Robin,
As of the end of the 13th Clark had a Sumas Intramonth Position of 2
contracts.

Regarding prompt physical and gas daily positions I don't think that the risk
is being correctly reflected on the basis reports for Canada given the way
our market trades (despite what Lavo says he wants).

Kathy

Robin Rodrigue
12/13/2000 07:00 AM
To: Kathy Reeves/CAL/ECT@ECT, Brian Gillis/CAL/ECT@ECT
cc:
Subject: Re: Basis Positions

Kathy,

I added Clark's Aeco position, however I don't show a Sumas Basis position.
Let me know how much of a sumas basis position he should have and I'll try to
find it. As for the prompt physical and gas daily positions, Lavorato
requested that those positions be shown for intramonth only. We have other
traders in Houston that have prompt physical and gas daily positions that are
not shown on this report.

Brian,

I adjusted McKay and Lambie's positions, so they should be correct now. Let
me know if we are still off. I have attached a copy of the report
containing December 12th basis positions.

Thank you for your help.
Robin

Kathy Reeves
12/11/2000 05:34 PM
To: Robin Rodrigue/HOU/ECT@ECT
cc: Brian Gillis/CAL/ECT@ECT
Subject: Re: Basis Positions

Robin,
I have reconciled the positions for Clark and Cowan. Brian Gillis will do
Disturnal, Lambie & McKay

I believe that Clark & Cowan's positions were incorrect because of the
following:
1) Clark has positions at Sumas and Aeco/Stn2. This is not reflected in the
spreadsheet.
2) Our basis positions for the prompt month in our Intramonth books are not
being picked up any where. Because our IM traders actually trade for this
month AND the prompt month their physical and gas daily positions should be
picked up as basis positions for the prompt month as well as intramonth. For
example, Cowan is long 189 contracts physically Aeco for January. Our IM
traders trade prompt and well as intramonth because of the way our Aeco
prices settle (ie: during the month preceding, not during bidweek).

Kathy

Robin Rodrigue
12/11/2000 07:58 AM
To: Brian Gillis/CAL/ECT@ECT, Kathy Reeves/CAL/ECT@ECT
cc:
Subject: Basis Positions

Brian/Kathy,

I have attached a copy of a report that is given to John Lavorato every
morning. This report shows basis positions by trader for specific points.
Please let me know if the positions we are reporting for the Canadian traders
are correct. If you unhide columns C-S you will find the curves that are
added in each section. The curves highlighted in green are used for
intramonth positions and the white are the basis curves. The intra-month
position that shows is a combination of physical and gas daily. All other
time periods are only basis notional. If you have any questions give me a
call.

Thanks,
Robin