no... i went with matt thurell from koch.  they've got some corporate 
townhouse out there.  very nice.  good to see the old days of waste aren't 
completely gone yet. 




slafontaine@globalp.com on 02/05/2001 06:59:36 AM
To: John.Arnold@enron.com
cc:  
Subject: Re: v/x



did you happen too meet my friend dwight anderson down there? a good guy. im
gonna take a wild gues since he was there and you were there and hes an enron
customer there is a good chance you guys were in the same place!! i got to 
stay
at one of those swanky enron beaver creek chalets a few years ago so i know
whats up.
   this weather disappoints again.




John.Arnold@enron.com on 02/04/2001 10:13:24 PM

To:   Steve LaFontaine/GlobalCo@GlobalCo
cc:
Fax to:
Subject:  Re: v/x





i actually started writing this on thursday.  got distracted and left late
morning to go to Vail.  Apparently I missed a little craziness.  My point
on v/x is that forward spreads, months 3/4 and back, don't necessarily
trade on value, they trade on drawing a forward curve that makes
equilibrium between hedging and spec demand.  Look at k/m... do you think k
cash will average 3 cents above m.  i don't really see that scenario.  yet
that's what it is worth because the market says jv is worth $x and to get
there k/m=3.  The same argument applies to v/x.  i think this summer will
be exceptionally strong as we try to inject 2 bcf/d more gas than last
year.  But cal 2 will lag the move.  It's the main thing customers are
selling right now because every equity analyst and even Pira are telling
their customers that cal 2 will average 3.50.  so either the v/x and x/z
spreads come in or f/g g/h h/j blow out.  After this winter, who in there
right mind wants to buy f/g or g/h again.  my thought is that the primary
juice will be h/j but v/x and x/z will be under some pressure.  i'm a
seller at 9 and buyer at 5-6.  Not much in it either way though.




slafontaine@globalp.com on 01/31/2001 04:47:22 PM

To:   John.Arnold@enron.com
cc:
Subject:  Re: v/x



you got me wrong-i wanna sell oct buy nov forward. look-two scenarios med
longer
term. we inject like mad early summer-economy stays crappy the frot of the
curve
gets slaughtered.-oct/nov goes to 3 cts sometime between now and end sep
   scenario 2-they dont enject what they want-oct /nov wil stay tite
between say
3-and 10 cts like this year but man after this winter they will panic at
some
point and buy the hell out of the winter strip and blow out oct /nov to 30
cts
cuz they panic. to me if that one was to ever backwardate it was this
summer-low
low stx and injections and they still blew out cuz they panicked about
winter-as
we see this winter now for good reason..?? capeche? i thinkit a win win

 you still in the damn mar/apr-i only sold a little prenumber-cant beleive
how
this got killed after-what changed?? from 1:30 to 2:05




John.Arnold@enron.com on 01/31/2001 05:41:45 PM

To:   Steve LaFontaine/GlobalCo@GlobalCo
cc:
Fax to:
Subject:  Re: v/x





quit pressuring them    i want to sell some too.  actually sold a few at 9
on the close




slafontaine@globalp.com on 01/31/2001 12:40:07 PM

To:   John.Arnold@enron.com
cc:
Subject:  Re: v/x



i hate hate that sprd-at 8 cts i think its such a good bearsprd-hope it
keeps
coming in. ill tell you why later