Subject: backwardation hedge strategy
i have completed an evaluation of a " backwardation " hedge strategy requested
by wendy king . the stratregy is intended to hedge oil inventories and is
based of trading nymex futures and options .
wendy has suggested she wants to review this with jeff shankman . i would
like to review my conclusions with you before i send it to wendy and will ask
shirley to set up a meeting .
a writeup is attached .
bob