var calibration issues proposing following changes calculation ng correlations 1 weight data set 3 calendar months used calculating correlations recent data weighed heavier 2 use respective contract prices instead prompt month prices e nov 00 correlations use nov contract prices last 3 months opposed prompt month prices last three months tanya confirmed ted gave us green light make changes get opinion vince winston understanding changes apply ng correlations correlations commodities test changes gas decide world wide implementation estimate timing implementation cassandra ted suggested veronica document change var parameters inform commercial desk heads changes intend make na gas first ultimately make changes consistent across commodity groups let know questions thanks vlady wenyao jia 10 13 2000 03 43 pm vladimir gorny hou ect ect cc tanya tamarchenko hou ect ect jin yu hou ect ect subject var calibration issues vlady also meeting identified still issures regarding correlation matrix calculations since different commodity different expiration dates calculate correlation two commodities two may different prompt months going use prices two different prompt months going use prices month disregarding prompt months issues jin going changes correlation matrix calculation issures solved thanks winston tanya tamarchenko 10 13 2000 03 16 pm vladimir gorny hou ect ect cc wenyao jia hou ect ect jin yu hou ect ect jin yu hou ect ect subject var calibration issues vlady met winston jin today regarding var calibration issues outcome discussion 1 jin put weights calculation factor loadings 2 jin change way factor loading calculated commodity prompt month contract selected effective date vatrfacs run historical prices collected 3 month forward contracts starting selected prompt month contract variance covariance matrix calculated based data converted correlation matrix factor loadings analysis performed correlation matrix tanya