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To: NickSE who wrote (76518)	11/21/1999 7:25:00 PM
From: flatsville	Read Replies (1) of 86076

Nick--FWIW greenspun.com Get set for oil market FIREWORKS. Iraq rejects terms for further oil sales. ----------- Oil prices are gonna be up through the roof tonight on NYMEX Access and in the regular trading session tomorrow. Because the UN Sec Council was unable to come to terms with the French and the Russians on putting a lid on the rollover of the 6 month Iraqi oil for food deal, a stop gap two week Iraqi oil sale deal was approved on Friday. On Sat Iraq rejected this deal and said they're gonna stop loading tankers as soon as those currently in port are done. (Could someone link in the appropriate stories. Por favor.) So a big Bravo for our resident oilmeister - Gordo Gecko. His contentions that Hussein is taking big Brent positions and then is gonna capitalize on all this y2k mess by throwing a monkey wrench into the UN oil for food deal just took on increased credibility. This is the first time in three years the Iraqi oil export program is gonna be seriously suspended. Hussein knows a monkey wrench in oil markets right now will extend to a big disruption of our stock markets and western economies. Considering how tight oil markets are, rachet y2k related chaos up another few knotches. Things are gonna get real interesting. If we lose Iraq's 3 million barrels a day we'll be up through $30 by the end of the week. Sell the SUV and get the ol' bike out. Got length (oil market)? Got shorts (stock market)? -- Downstreamer (downstream@bigfoot.com), November 21, 1999 news.excite.com This could get interesting sooner rather than later, eh?

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