Enron Mail

Cc:jeff.skilling@enron.com, joseph.sutton@enron.com, pam.benson@enron.com
Bcc:jeff.skilling@enron.com, joseph.sutton@enron.com, pam.benson@enron.com
Date:Mon, 5 Jun 2000 11:09:00 -0700 (PDT)

Thanks, Joe

To: Rick Buy/HOU/ECT@ECT, Mark Frevert/NA/Enron@Enron, John J
Lavorato/Corp/Enron@Enron, Ted Murphy/HOU/ECT@ECT
cc: Jeff Skilling/Corp/Enron@ENRON, Joseph W

As you know, the ENA gas floor came in with a $30 million VAR position
today. Even though this left us with another $10 million of unused VAR, I
want to make you aware that we may exceed our VAR limit today. This move up
was much bigger than the market anticipated, and natural gas volatility was
up quite a bit. The VAR calculation is now kicked off at 2:00am and we will
know our VAR position by 6:00am. If we are over, I will need to ask for a
one day increase. I have already told the desk heads that we will most
likely need to sell some contracts tonight and tomorrow.