Subject: PARKING
From: [email-masked]
To: [email-masked]
Cc: [email-masked], [email-masked], [email-masked]
Date: Tue, 18 Jul 2000 06:56:00 -0700 (PDT)

For prior periods - I am not sure if you need to handle this using the 
instructions below - or if for prior months ONLY - if  you would be allowed 
to create a 
cashout ticket to clear out any prior period imbalances.   Your controller 
and volume management (Kathy Kelly) should make this call.

Kim and David can brain check me on this - but I think this is how parking 
should be done; however,
please verify with West or East desk economics to ensure accuracy/consistency.

PARKING PROCEDURES

Create a Storage deal in SITARA - Service Type: Parking  
Use this service deal to path to a storage account in UNIFY - this way you 
have accounted for the gas in UNIFY
Inject into storage account
Withdrawal from storage account

(When you do the opposite of parking - withdrawal first - it is called a 
"loan") 

Create two economic deals in SITARA - Exchange deal
Create an internal buy and sell of physical gas for economics and position 
purposes - (no invoices - fake 3rd party) 
Exchange deal - 
Sell to CPR Pipeline Exchange (parking gas)
Buy from CPR Pipeline Exchange (getting gas back)

Within the month parking - no money exchanges hands - except any service fees 
which can be recorded on the Storage deal.
Sell to CPR Pipeline Exchange (parking gas) -   Price = $0
Buy from CPR Pipeline Exchange (getting gas back) Price = $0

When the deal crosses a month - if you keep the risk within the desk - in the 
short term you record a big loss - sell at $0 - and the 
next month you record a big gain - buy at $0.   To manage this - usually the 
cash desk swaps out the time risk to a storage financial book - who will pick 
up the time 
spread loss and offsetting gain - as this book captures forward value.     
When you are adjusting your physical injections (parking) within the month - 
you will need to
adjust your swaps too - which will adjust the P&L for the time spread 
accordingly - otherwise you will have liquidation problems.

Period 1 - Sell to CPR Pipeline Exchange (parking gas) -   Price = $0   Swap 
to firm book for Index + mid
Period 2 - Buy from CPR Pipeline Exchange (getting gas back) Price = $0   
Swap to firm book for Index + mid