pnl overnight loss of 6.7 mil for european distillates

fyi
---------------------- Forwarded by Jeffrey A Shankman/HOU/ECT on 10/18/2000
10:19 AM ---------------------------

Chris Mahoney
10/18/2000 07:14 AM
To: Jeffrey A Shankman/HOU/ECT@ECT, John L Nowlan/HOU/ECT@ECT, David J
Botchlett/HOU/ECT@ECT
cc: Ross Koller/LON/ECT, Tony O'Brien/LON/ECT, Pasi Hamalainen/LON/ECT@ECT,
Jason Harding/LON/ECT@ECT, Henkka Talvitie/HEL/ECT
Subject: pnl overnight loss of 6.7 mil for european distillates

some of this number is just due to the ipe gasoil mkt closing before the
brent.

I will highlight what is coming back in and where the money is lost by doing
an appx m-t-m where the mkt is at this moment.

ipegasoil +1.4
physical gasoil .90
heat -.20
brent -.30
dubai - .50
pnl clawback +1.3

we have been reducing the risk in the book on a daily basis as you can tell
from the var changes. I need to go thru
with the person who does our book in houston how he arrived at last night
numbers. the losses on physical gasoil
seem to great to me so hopefully the money coming back in will be greater
than my above estimate.