Message-ID: <29152013.1075852722707.JavaMail.evans@thyme> Date: Fri, 28 Sep 2001 07:13:38 -0700 (PDT) From: john.arnold@enron.com To: jennifer.fraser@enron.com Subject: RE: heat vs NG Mime-Version: 1.0 Content-Type: text/plain; charset=us-ascii Content-Transfer-Encoding: 7bit X-From: Arnold, John X-To: Fraser, Jennifer X-cc: X-bcc: X-Folder: \JARNOLD (Non-Privileged)\Arnold, John\Sent Items X-Origin: Arnold-J X-FileName: JARNOLD (Non-Privileged).pst there are few scenarios whereby that spread comes in except if you take it to settlement. if dec is strong, jan is strong too. if dec is weak, jan retains some risk premium. -----Original Message----- From: Fraser, Jennifer Sent: Friday, September 28, 2001 1:58 AM To: Arnold, John Subject: RE: heat vs NG well TZ6 has been very very very high in those two months for some time. In particular, I can't understand the dec-jan spread for TX6. Fundamentally is there something i'm missing? -----Original Message----- From: Arnold, John Sent: Thursday, September 27, 2001 11:40 PM To: Fraser, Jennifer Subject: RE: heat vs NG Seems a little out of whack but as we seen time and time again, fundamental relationships don't have to hold in the short term. -----Original Message----- From: Fraser, Jennifer Sent: Thursday, September 27, 2001 10:25 AM To: Arnold, John Subject: heat vs NG Hey JA Have you looked at TZ6 vs HEat or resid. (ja-feb02) ? That basis seems awfully high. What are your thoughts? thanks JF