Attached is how we see the physical gas contracts working.  Crude oil should 
be basically the same with different contract and spot price indices.   



Teresa G. Bushman
Enron North America Corp.
1400 Smith Street, EB 3835A
Houston, TX  77002
(713) 853-7895
fax (713) 646-3393
teresa.g.bushman@enron.com


----- Forwarded by Teresa G Bushman/HOU/ECT on 12/20/2000 11:21 AM -----

	Sheri L Cromwell
	12/20/2000 11:03 AM
		 
		 To: Teresa G Bushman/HOU/ECT@ECT
		 cc: 
		 Subject: See attached