fyi, rick
---------------------- Forwarded by Rick Buy/HOU/ECT on 12/05/2000 07:54 AM 
---------------------------


John L Nowlan
12/04/2000 05:53 PM
To: Rick Buy/HOU/ECT@ECT, Jeffrey A Shankman/HOU/ECT@ECT, Mike 
McConnell/HOU/ECT@ECT
cc:  
Subject: VAR

Recognizing we were just below daily VAR limits today, coupled with the high 
volatility in the crude and products markets, we attempted to do an interday 
calc. Unfortunately it took us some time to get the right person but we did 
succeed in getting an  estimate right at the close which showed we were very 
near our limits as we were yesterday. I flag this up to point out it is 
critical in these ,markets that we have some cover or know who we can call if 
we need this type of interday analysis.