Benzene Forward Curve & Hedge Calculator ,
 New market we are trying to develop in Benzene swaps - possibly hedging with 
financial naphtha and physical toluene.

Rgds,

Anjam
---------------------- Forwarded by Anjam Ahmad/LON/ECT on 14/03/2000 10:35 
---------------------------


Anjam Ahmad
14/03/2000 10:34
To: Robert Brewis/LON/ECT@ECT, Stuart Bland/LON/ECT@ECT
cc: Dale Surbey/LON/ECT@ECT, Hrvoje Paver/LON/ECT@ECT, Stinson 
Gibner/HOU/ECT@ECT, Tracy Wallace/LON/ECT@ECT 

Subject: Benzene Forward Curve & Hedge Calculator

Dear All,

Attached is the spreadsheet "BenzeneCurves.xls" (also available in 
S:\RESEARCH\GLOBALPRODUCTS) that will hopefully allow you to derive a 
mid-curve for Benzene based upon our existing naphtha curve produced by 
Tracy.  The previous hedge ratio analysis is still part of the new 
spreadsheet.

For clarity a graph of the curve based on 1996 through 2000 data is depicted 
below:



I can also provide confidence bands on the regression model, if this can 
assist in deciding the bid-offer spread for the forward curve, but this is 
slightly more involved - let me know you'd like this.

Regards,

Anjam
x35383

ATTACHMENT:
vince.kaminski@enron.com