Where is the mention of J Block hedges. 


   
	
	
	From:  Christian LeBroc @ ENRON                           11/07/2000 12:04 PM
	

To: Chris Abel/HOU/ECT@ECT, Susan D Trevino/HOU/ECT@ECT, Michael 
Benien/Corp/Enron@ENRON, Homan Amiry/LON/ECT@ECT, Bjorn 
Hagelmann/HOU/ECT@ECT, Ted Murphy/HOU/ECT@ECT, Jeffrey A 
Shankman/HOU/ECT@ECT, John L Nowlan/HOU/ECT@ECT
cc: John Swinney/HOU/ECT@ECT, Scott Earnest/HOU/ECT@ECT, Michelle 
Bruce/HOU/ECT@ECT 
Subject: Liquids Violation Memo: Nov. 6

Liquids desk has a VaR violation for effective date Nov. 6 of  $8.2MM, over 
its limit by 3 percent. 

The violation was due to heating and gasoil going shorter by 939K barrels.  
Essential, shorten the heat/gasoil position reduced the overall net long 
products, portfolio causing the crack spreads to widen when crude oil is net 
short 5MM barrels.

Furthermore, volatility on crude was up 3 percent with 15 cents upward move 
in price. 

Christian