Read what Kathy wrote...What am I supposed to go tell Lavo he's wrong!!  I 
know she's the best risk person we have, but give me a break!
---------------------- Forwarded by Robin Rodrigue/HOU/ECT on 12/13/2000 
06:49 PM ---------------------------


Kathy Reeves
12/13/2000 06:31 PM
To: Robin Rodrigue/HOU/ECT@ECT
cc:  
Subject: Re: Basis Positions  

Robin,
As of the end of the 13th Clark had a Sumas Intramonth Position of 2 
contracts.  

Regarding prompt physical and gas daily positions I don't think that the risk 
is being correctly reflected on the basis reports for Canada given the way 
our market trades (despite what Lavo says he wants).

Kathy



Robin Rodrigue
12/13/2000 07:00 AM
To: Kathy Reeves/CAL/ECT@ECT, Brian Gillis/CAL/ECT@ECT
cc:  
Subject: Re: Basis Positions  

Kathy,

I added Clark's Aeco position, however I don't show a Sumas Basis position.  
Let me know how much of a sumas basis position he should have and I'll try to 
find it.   As for the prompt physical and gas daily positions, Lavorato 
requested that those positions be shown for intramonth only.  We have other 
traders in Houston that have prompt physical and gas daily positions that are 
not shown on this report.  

Brian,

I adjusted McKay and Lambie's positions, so they should be correct now.  Let 
me know if we are still off.   I have attached a copy of the report 
containing December 12th basis positions.  

Thank you for your help.
Robin







Kathy Reeves
12/11/2000 05:34 PM
To: Robin Rodrigue/HOU/ECT@ECT
cc: Brian Gillis/CAL/ECT@ECT 
Subject: Re: Basis Positions  

Robin,
I have reconciled the positions for Clark and Cowan.  Brian Gillis will do 
Disturnal, Lambie & McKay



I believe that Clark & Cowan's positions were incorrect because of the 
following:
1)  Clark has positions at Sumas and Aeco/Stn2.  This is not reflected in the 
spreadsheet.
2)   Our basis positions for the prompt month in our Intramonth books are not 
being picked up any where.  Because our IM traders actually trade for this 
month AND the prompt month their physical and gas daily positions should be 
picked up as basis positions for the prompt month as well as intramonth.  For 
example, Cowan is long 189 contracts physically Aeco for January.   Our IM 
traders trade prompt and well as intramonth because of the way our Aeco 
prices settle (ie:  during the month preceding, not during bidweek).

Kathy



Robin Rodrigue
12/11/2000 07:58 AM
To: Brian Gillis/CAL/ECT@ECT, Kathy Reeves/CAL/ECT@ECT
cc:  
Subject: Basis Positions

Brian/Kathy,

I have attached a copy of a report that is given to John Lavorato every 
morning.  This report shows basis positions by trader for specific points.  
Please let me know if the positions we are reporting for the Canadian traders 
are correct.  If you unhide columns C-S you will find the curves that are 
added in each section.  The curves highlighted in green are used for 
intramonth positions and the white are the basis curves.   The intra-month 
position that shows is a combination of  physical and gas daily.  All other 
time periods are only basis notional.  If you have any questions give me a 
call.  

Thanks,
Robin