Re: Interpreting Curves Data

Tom,

I believe that your right up correctly interprets the current model, but as
we discussed, I think the more correct methodology is to use the next day's
cash price since the Gas Daily print is for gas traded the previous day and
delivered the same day as the print. If I'm trading day gas on April 7th,
the prices I'm basing my decisions on are those represented in the Gas Daily
print for April 8th. If we do not change the model, I think we need another
sentence to clarify that the cash prices a day behind. Of course, eventually
we need to fix the model.

Mat

Tom Halliburton
02/02/2001 08:25 AM
To: Matt Smith/NA/Enron@ENRON
cc:

Subject: Interpreting Curves Data

Matt,
Here's a one page document showing how I have interpreted the curves data.
If you would like any changes, please mark up / edit and I'll make the
changes today.

Tom