Re: Liquids Violation Memo: Nov. 6

Where is the mention of J Block hedges.=20

=20
=09
=09
=09From: Christian LeBroc @ ENRON 11/07/2000 12:=
04 PM
=09

To: Chris Abel/HOU/ECT@ECT, Susan D Trevino/HOU/ECT@ECT, Michael=20
Benien/Corp/Enron@ENRON, Homan Amiry/LON/ECT@ECT, Bjorn=20
Hagelmann/HOU/ECT@ECT, Ted Murphy/HOU/ECT@ECT, Jeffrey A=20
Shankman/HOU/ECT@ECT, John L Nowlan/HOU/ECT@ECT
cc: John Swinney/HOU/ECT@ECT, Scott Earnest/HOU/ECT@ECT, Michelle=20
Bruce/HOU/ECT@ECT=20
Subject: Liquids Violation Memo: Nov. 6

Liquids desk has a VaR violation for effective date Nov. 6 of $8.2MM, over=
=20
its limit by 3 percent.=20

The violation was due to heating and gasoil going shorter by 939K barrels. =
=20
Essential, shorten the heat/gasoil position reduced the overall net long=20
products=01, portfolio causing the crack spreads to widen when crude oil is=
net=20
short 5MM barrels.

Furthermore, volatility on crude was up 3 percent with 15 cents upward move=
=20
in price.=20

Christian =20