p & l explanation for 7 / 31 total loss of $ 20 million on prelim will be reduced to $ 13 on the final . mike s . reduced the nw delivered basis by $ 1 / mwh when it should have been increased by $ 1 / mwh against a basis position of roughly 3 million mwh accounted for the change of $ 6 million . in addition , our nob curve ( which is a basis off of cob ) had been mismarked ( too low ) by between $ 25 / mwh to $ 50 / mwh . mike doesn ' t know how it got marked so low . we are short nob , so he wasn ' t trying to hide money . we are using a new curve file and position manager , so there ' s a chance that the application isn ' t working right , but it ' s more likely that mike screwed something up . net effect of this is roughly $ 5 million hit ( offsetting illgotten gains of the same amount before ) . this brings us down to a one - day change of roughly $ 8 million associated with the back of the curve moving up .
with gas coming off today , the backs have moved down some . let me know if you have any questions .
p & l explanation for 7 / 31
total loss of $ 20 million on prelim will be reduced to $ 13 on the final . mike s . reduced the nw delivered basis by $ 1 / mwh when it should have been increased by $ 1 / mwh against a basis position of roughly 3 million mwh accounted for the change of $ 6 million . in addition , our nob curve ( which is a basis off of cob ) had been mismarked ( too low ) by between $ 25 / mwh to $ 50 / mwh . mike doesn ' t know how it got marked so low . we are short nob , so he wasn ' t trying to hide money . we are using a new curve file and position manager , so there ' s a chance that the application isn ' t working right , but it ' s more likely that mike screwed something up . net effect of this is roughly $ 5 million hit ( offsetting illgotten gains of the same amount before ) . this brings us down to a one - day change of roughly $ 8 million associated with the back of the curve moving up .
with gas coming off today , the backs have moved down some . let me know if you have any questions .