erac koch p spread options forwarded stinson gibner hou ect 01 29 2001 10 42 stinson gibner 01 29 2001 09 47 bob lee na enron enron paulo issler hou ect ect zimin lu hou ect ect cc subject erac koch p spread options booking spreadsheet research common projects exotic 2001 _ 0125 xls sheet options booked called index deals stinson forwarded stinson gibner hou ect 01 29 2001 09 43 mark fondren 01 26 2001 10 53 stinson gibner hou ect ect cc subject erac koch p spread options forwarded mark fondren hou ect 01 26 2001 10 53 mark fondren 01 25 2001 12 07 pm john l nowlan hou ect ect cc spencer vosko hou ect ect subject erac koch p spread options price 1 wti cushing physical cash price wti nymex contract example april 2001 wti cushing price equals aprol wti nymex contract price 2 koch oil posting west texas new mexico intermediate koch p price 1 price 2 price 2 calculated subtracting 3 spreads price 1 1 koch posting wti nymex basis spread 2 66 6 aprilol mayol wti nymex spread 3 33 3 aprilol junol wti nymex spread example using 1 24 2001 wti settles aprol 28 31 mayol 27 72 junol 27 19 april 2001 koch posting april 2001 wti nymex settlement koch nymex basis spread 666 apr may 333 apr jun 28 31 2 75 666 59 333 1 12 28 31 2 75 3929 37296 24 794 koch p 28 31 24 794 3 516 please call questions mark f ext 853 1982