I lost $2 million in new deal P&L putting the spread on because they have their curves so srewed up.   With respect to your question, I think the answer is yes because I can sell 02 on-line by controlling the stack (limit orders) and the coal group will sell 03-04 at $35/ton.   I now own this at $32 because they mis-mark their curve in 04 by $4.00/ton (ie negative $2 million in new deal P&L.)

The bottom line is it was painful putting that spread on.

 -----Original Message-----
From: 	Herndon, Rogers  
Sent:	Friday, August 24, 2001 9:26 AM
To:	Presto, Kevin M.
Subject:	RE: PIRA Draft Report

can you get any more of that spread?

 -----Original Message-----
From: 	Presto, Kevin M.  
Sent:	Friday, August 24, 2001 9:24 AM
To:	Herndon, Rogers
Subject:	RE: PIRA Draft Report

Good info.   Consistent with reports from McGowan.   I am now short 02 at $39/ton and long 03-04 at $32.50/ton.   Love the spread given my view of natty.

Since the report is almost identical to info I have received from McGowan, I don't see any pressing need to call Alan.   You are certainly free to call him if you want.



 -----Original Message-----
From: 	Herndon, Rogers  
Sent:	Friday, August 24, 2001 9:03 AM
To:	Presto, Kevin M.
Subject:	PIRA Draft Report


Kevin -

I just received this.  You may want to read it and we can give Alan a call if you like.

Rogers
 -----Original Message-----
From: 	"Allan Stewart" <astewart@pira.com>@ENRON [mailto:IMCEANOTES-+22Allan+20Stewart+22+20+3Castewart+40pira+2Ecom+3E+40ENRON@ENRON.com] 
Sent:	Friday, August 24, 2001 8:21 AM
To:	Pradhan, Salil
Cc:	Herndon, Rogers
Subject:	RE: Request for Information/Status Report

I have attached a copy of a draft section to our upcoming eastern grid for
your comment. I would be interested in your views of our views.

Regards,
Allan Stewart


 - COALEast.doc << File: COALEast.doc >>