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.