Iraq is gonna be 'fix on failure'

greenspun.com : LUSENET : TimeBomb 2000 (Y2000) : One Thread

I just read a Reuters story that indicated Iraq's oil sector game plan was to fix on failure cause they didn't have the redediation funds. They've recently ramped it up to close to 2.9 mm barrels/day- about half goes thru Turkey to European marekts and half goes 'Persian' Gulf and west.

Some Gazprom (Russsia's nat gas co.) guy also came out and said of their 29,000 computers, they should have 70% remediated by the end of the year. But this projection cited 'end of October' type 'compliance' or replacements on most of their puters. Gazprom, and their oil industry, are prob about as credible as Russia's IMF contentions.

I can see why the Brent is outperforming our crude and European cos are stockpiling.

If you want an oil sector play where the horse isn't outa the barn yet - buy the heat cracks (Buy NYMEX Dec heating oil, sell some month 2000 crude). As I've seen Gordo say and I agree with, this heating oil is still gonna pop. Buy it outright on dips or spread it off against the crude or the gasoline. Several of these spreads are at historical lows.

Gold's also giving u an opportunity to get in. Dont be like the nervous guy on the ETrade commercial, make your move and get set for a wild ride. YeeHaww

-- Downstreamer (downstream@bigfoot.com), September 29, 1999

Answers

Whether their fix-on-failure works largely depends on whether Clinton continues his bomb-on-failure policy............

-- Craig (craig@ccinet.ab.ca), September 29, 1999.

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