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Venezuela is having a really tough time. Their economy has contracted 7%
this year and the Bolivar is still under pressure. I have attached a weekly
chart covering the last 3 years.
The previous government did little on Y2K remediation, and my recollection
is that early this year, they were reportedly 100% non-compliant. They were
described as the poster-boy of Latin American unpreparedness. To top it all
off, they now have to contend with the floods and constitutional changes.
----- Original Message -----
From: Kent Rollins <kentr@xxxxxxxxxxxxxx>
To: <metastock@xxxxxxxxxxxxx>
Sent: December 28, 1999 19:35
Subject: Re: Y2K and Crude Oil
Does Venezuela still have currency troubles?
Kent
-----Original Message-----
From: Glen Wallace <gcwallace@xxxxxxxx>
To: MetaStock listserver <metastock@xxxxxxxxxxxxx>
Date: Wednesday, December 29, 1999 1:28 PM
Subject: Y2K and Crude Oil
Although I'm not a Y2K doomsayer, I was doing some research on possible
Y2K effects on a long term crude oil position I am holding through the
rollover.
As expected, most information is conflicting or vague, but there's some
consistency in speculation of possible Venezuelan production disruptions
that might not be fully factored into the market. There's a chance of a
volatile, fast market next week and stops might not give adequate
protection. I am certainly not recommending taking a position, but if
you're short crude oil you might want to get to the sidelines for the
weekend. In any case, stay on your toes.
Good luck.
Attachment Converted: "f:\eudora\attach\Bolivar.gif"
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