---------------------- Forwarded by Stinson Gibner/HOU/ECT on 12/22/2000 
01:28 PM ---------------------------


Stinson Gibner
12/22/2000 01:24 PM
To: Ted Murphy/HOU/ECT@ECT
cc:  
Subject: EOL WTI Trading simulation

Ted,

Maximum daily loss was $12.2 MM on a daily move of $1.74 when we would have 
started the day already near the position limit of 5 MM bbl.

--Stinson