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Subject: Oil Market Panic Date: 01/21/2000 Author: Paul Milne

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OPEC-Inspired Panic Propels Oil Higher By Richard Mably NEW YORK (Reuters) - In near panic scenes on the New York Mercantile Exchange, reminiscent of the 1990-1991 Gulf crisis, crude jumped another 60 cents to $28.57 a barrel for March delivery. February crude had peaked at $29.95 before expiry on Thursday. ``We haven't seen trade and volatility on the oil market like this in non wartime conditions for 15 years,'' said Peter Gignoux of Salomon Smith Barney. Energy economists say that will drag inventories below commercial minimum operating levels. The International Energy Agency in Paris on Thursday warned that commercial inventories of crude and petroleum products now at 10-year lows would suffer another 2.5 million barrel a day shortfall during the first quarter ================== Gee Whiz. What happened to all that oil that was allegedly 'stockpiled' in anticipation of Y2K problems? Looks like that was another lie. Now there are panic conditions in the Oil market. Like I said, Y2K or no Y2K, it is going to go down hard. It is not just happening here but all over the world. "About 59 of Ukraine's 110 thermal power plant blocks are continuing to generate electricity, while the rest are stopped due to a lack of fuel, the ministry said. Three of Ukraine's 14 nuclear reactors also are not working; two of them have no fuel left. " The Ukraine defaulted on their Bond payment this morning and have zero money in order to pay for fuel....just about 100% of it that they receive from Gazprom. Their economy is wrecked and they curtail power to their citizens for many hours each day. Nah, no problems here. Paul Milne

-- LMAO's ass just fell off (@ .), January 22, 2000

Answers

Damn. I feel bad about the Ukraine. It's VERY cold there.

-- Mara (MaraWayne@aol.com), January 22, 2000.

This makes me so mad I just want to puke. On second thought think I'll just grab that dog breath boss of mine by the inside of his nose, drag him outside and chain him to the bed of my pickup. When I get that critter home I'll have all the firewood I need.

Chop faster boy. Salt for your labor, boom! Ain't life great.

-- Earl Pitts (EarlPitts@lizzardranch.com), January 22, 2000.


You gotta love this forum.

It must be the only place where the cyber brain farts of Paul Milne are still posted as "evidence".

And people really ask why we hang around here?

BWHAHAHAHAHAHAHA

-- LMAO (too@funny.here), January 22, 2000.


LMAO...... A-typical reponse, ( ? ) care to re-submit ?...... else your word is sh~t

-- kevin (innxxs@yahoo.com), January 22, 2000.

Better yet ( LMAO ) give us a clue........that you have a clue! Look in that crystal ball of yours and tell us what this next week holds. Will this oil issue be resolved? If not will this affect life as we know it hmmmmmmm? Go out on a limb would ya.....? I've got the saw ready. See it's real easy to sit and lurk then come out and later to state what's evident.....! can you....

-- kevin (innxxs@yahoo.com), January 22, 2000.


LMAO is too busy playing with his "kangaroos" to notice what's happening in the real world.

What a loser.

And gives Aussies a bad name.

-- Andy (2000EOD@prodigy.net), January 22, 2000.


G'day, Andy!

Throw another snake on the barbie? Or maybe that's a relative?

An' 'ave another pint on me, mate. Seems to keep ya off the streets, at least!

-- LMAO (too@funny.here), January 22, 2000.


Bleedin' convicts.

Do they have an RSPCA in Oz for the abused roos...

-- Andy (2000EOD@prodigy.net), January 22, 2000.


Yikes.

Any predictions on the Ukraine birth rate in say 9, 9 1/2 months? Best way to keep warm, heh.

-- Hokie (Hokie_@hotmail.com), January 22, 2000.


PA Engineer -

Thanks - I used to work in Kingdom myself, worst and best 3 years of my life, if you know what I mean :o)

Couple of points...

1. Two i's in Shiite :o) ROTFLMAO!!!

2. This is the latest skinny from Dog Gone on another thread [PagingDog Gone...]

[snip]

The ports in Saudi Arabia are having severe technology problems. The one at Yanbu is basically toast. The one at Jeddah is "almost" fully operational. That's the good news. The bad news is that telephones are not working well at all. Maybe 30% efficiency on wireline and 50% on cellular. At this point the situation is deteriorating. Bin- Laden operatives are trying to cause trouble by stirring up passions. The foreign workers are staging a work slowdown to seek improved conditions (the Saudis don't like to do the manual work themselves). The phones are causing further complications in the whole export process.

Overall, things do NOT look good, and may deteriorate next month to the point where being a Westerner there might be a bad thing.

The local press is echoing the US line that there are no problems at all.

[end snip]

This tends to support Harry Schultze's inside information I posted yesterday...

-- Andy (2000EOD@prodigy.net), January 23, 2000.



Let's put another variable into the equation. Folks are paying attention to diesel to key into oil problems. But what about bunker oil?

That subject came up tonight in conversation about oil-fired, fossil electric generating stations. Such facilities are very common in the coastal areas. Long Island and Boston come to mind first. But I've seen power plants with those huge fuel tanks near Philly, Miami and Wilmington as well.

With the recent cold weather in the northeastern US, I imagine stocks are depleting rather quickly if bunker oil is having the same problems as diesel. It occurs to me that if diesel unavailability hurts rail traffic hauling coal for power generation, lack of bunker oil for power generation is a second blow to the grid caused by petroleum industry troubles.

Not to mention problems the shipping industry would have if a bunker oil shortage was to hit. No bunker oil, ocean-going vessels don't sail, even if they're oil tankers carrying gasoline or diesel.

Dominoes. Everywhere, dominoes starting to fall.

WW

-- Wildweasel (vtmldm@epix.net), January 23, 2000.


LMAO said:

It must be the only place where the cyber brain farts of Paul Milne are still posted as "evidence".

The first part of his post was written by Reuters, moron. The quote in the second part was by the Ukraine News Service.

Still LYAO?

-- LMAO at LMAO (@ .), January 23, 2000.


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