From: robert.cass@enron.com
To: matthew.adams@enron.com
Cc: robert.fuller@enron.com, beth.cowan@enron.com, tom.moran@enron.com, mark.taylor@enron.com, jeff.blumenthal@enron.com, stephen.douglas@enron.com, bjorn.hagelmann@enron.com, rudi.zipter@enron.com, lisa.lees@enron.com, jennifer.denny@enron.com, torrey.moorer@enron.com, tara.sweitzer@enron.com, dawn.kenne@enron.com, stephanie.sever@enron.com, john.swinney@enron.com, shifali.sharma@enron.com, melba.lozano@enron.com, kevin.meredith@enron.com
Date: 2001-01-09 14:31:00+00:00
Subject: New WTI Product Details

Hi Matthew-   

SIGMA FACTOR REQUEST:
Commercial has requested the following new WTI physical product type on 
EnronOnline.  The product type is similar to the US Crude WTI Phy Index 
except that the index is a "Basis" spread between Platt's WTI and another 
designated Platt's index (the list of all the other Platt's index choices is 
shown further below).  The delivery location is at Cushing, Oklahoma.:

US MTBE Swap   Platts GC WB  Mo/Yr  USD/Gl-b

New Product TypeCommodity:  
Product Type:   US Crude WTI Phy Basis
Commodity: Crude Oil (WTI) 
Currency:     USD
Default UOM:   Barrels per day
Country:   USA


e.g.:  PRODUCT :  US WTI Phy Basis PlattsMidl C-OK  Month/Year USD/bbl

  
A US Crude Transaction with Enron Reserve Acquisition Corp., under which the 
Seller shall sell and the Buyer shall purchase the agreed quantity of West 
Texas Intermediate crude oil deemed gravity 40 API at the Contract Price. The 
Contract Price shall be derived from the Index, as adjusted by the price 
submitted by Counterparty via the website.  
The term of the Transaction shall be from the Effective Date to the 
Termination Date. The Effective Date is [day/month/year]. The Termination 
Date is [day/month/year].

The Transaction is for delivery to the Cushing, Oklahoma U.S.A. TEPPCO Crude 
Pipeline, L.P.

The Index for each calendar month shall be the difference between (i) the 
mean of the daily first line quotations for WTI/(MONTH) under the heading 
"U.S. $/Bbl" in the Crude Price Assessments section of Platt's Oilgram Price 
Report for those issues published for such month, minus (ii) the average of 
the mean of the daily quotations for WTI Midland under the heading "U.S. 
$/Bbl" in the Crude Price assessments section of Platt's Oilgram Price Report 
for those issues published for the applicable calendar month.

The price is quoted in US Dollars per unit of volume, which will be the 
Contractual Currency.

The unit of measure in which the price is quoted is in Barrels per day and 
the quantity shown shall be in Barrels per day.

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Other Index options that may be used with this product type are as follows:
The Index for each calendar month shall be the difference between (i) the 
mean of the daily first line quotations for WTI/(MONTH) under the heading 
"U.S. $/Bbl" in the Crude Price Assessments section of Platt's Oilgram Price 
Report for those issues published for such month, minus (ii) the average of 
the mean of the daily quotations for Bonito under the heading "U.S. $/Bbl" in 
the Crude Price assessments section of Platt's Oilgram Price Report for those 
issues published for the applicable calendar month.
The Index for each calendar month shall be the difference between (i) the 
mean of the daily first line quotations for WTI/(MONTH) under the heading 
"U.S. $/Bbl" in the Crude Price Assessments section of Platt's Oilgram Price 
Report for those issues published for such month, minus (ii) the average of 
the mean of the daily quotations for  WTS under the heading "U.S. $/Bbl" in 
the Crude Price assessments section of Platt's Oilgram Price Report for those 
issues published for the applicable calendar month.
The Index for each calendar month shall be the difference between (i) the 
mean of the daily first line quotations for WTI/(MONTH) under the heading 
"U.S. $/Bbl" in the Crude Price Assessments section of Platt's Oilgram Price 
Report for those issues published for such month, minus (ii) the average of 
the mean of the daily quotations for LLS under the heading "U.S. $/Bbl" in 
the Crude Price assessments section of Platt's Oilgram Price Report for those 
issues published for the applicable calendar month.
The Index for each calendar month shall be the difference between (i) the 
mean of the daily first line quotations for WTI/(MONTH) under the heading 
"U.S. $/Bbl" in the Crude Price Assessments section of Platt's Oilgram Price 
Report for those issues published for such month, minus (ii) the average of 
the mean of the daily quotations for HLS under the heading "U.S. $/Bbl" in 
the Crude Price assessments section of Platt's Oilgram Price Report for those 
issues published for the applicable calendar month.
The Index for each calendar month shall be the difference between (i) the 
mean of the daily first line quotations for WTI/(MONTH) under the heading 
"U.S. $/Bbl" in the Crude Price Assessments section of Platt's Oilgram Price 
Report for those issues published for such month, minus (ii) the average of 
the mean of the daily quotations for Wyo. Sweet under the heading "U.S. 
$/Bbl" in the Crude Price assessments section of Platt's Oilgram Price Report 
for those issues published for the applicable calendar month.
The Index for each calendar month shall be the difference between (i) the 
mean of the daily first line quotations for WTI/(MONTH) under the heading 
"U.S. $/Bbl" in the Crude Price Assessments section of Platt's Oilgram Price 
Report for those issues published for such month, minus (ii) the average of 
the mean of the daily quotations for Eugene Island under the heading "U.S. 
$/Bbl" in the Crude Price assessments section of Platt's Oilgram Price Report 
for those issues published for the applicable calendar month.
The Index for each calendar month shall be the difference between (i) the 
mean of the daily first line quotations for WTI/(MONTH) under the heading 
"U.S. $/Bbl" in the Crude Price Assessments section of Platt's Oilgram Price 
Report for those issues published for such month, minus (ii) the average of 
the mean of the daily quotations for Mars under the heading "U.S. $/Bbl" in 
the Crude Price assessments section of Platt's Oilgram Price Report for those 
issues published for the applicable calendar month.
The Index for each calendar month shall be the difference between (i) the 
mean of the daily first line quotations for WTI/(MONTH) under the heading 
"U.S. $/Bbl" in the Crude Price Assessments section of Platt's Oilgram Price 
Report for those issues published for such month, minus (ii) the average of 
the mean of the daily quotations for Kern Riverunder the heading "U.S. $/Bbl" 
in the Crude Price assessments section of Platt's Oilgram Price Report for 
those issues published for the applicable calendar month.
The Index for each calendar month shall be the difference between (i) the 
mean of the daily first line quotations for WTI/(MONTH) under the heading 
"U.S. $/Bbl" in the Crude Price Assessments section of Platt's Oilgram Price 
Report for those issues published for such month, minus (ii) the average of 
the mean of the daily quotations for ANS(Cal) under the heading "U.S. $/Bbl" 
in the Crude Price assessments section of Platt's Oilgram Price Report for 
those issues published for the applicable calendar month.
The Index for each calendar month shall be the difference between (i) the 
mean of the daily first line quotations for WTI/(MONTH) under the heading 
"U.S. $/Bbl" in the Crude Price Assessments section of Platt's Oilgram Price 
Report for those issues published for such month, minus (ii) the average of 
the mean of the daily quotations for Basrah Lt under the heading "U.S. $/Bbl" 
in the Crude Price assessments section of Platt's Oilgram Price Report for 
those issues published for the applicable calendar month.
The Index for each calendar month shall be the difference between (i) the 
mean of the daily first line quotations for WTI/(MONTH) under the heading 
"U.S. $/Bbl" in the Crude Price Assessments section of Platt's Oilgram Price 
Report for those issues published for such month, minus (ii) the average of 
the mean of the daily quotations for Poseidon under the heading "U.S. $/Bbl" 
in the Crude Price assessments section of Platt's Oilgram Price Report for 
those issues published for the applicable calendar month.