fw : december crude let ' s discuss how you recommend to proceed .
bill
- - - - - original message - - - - -
from : fuller , robert
sent : tuesday , november 20 , 2001 3 : 20 pm
to : moran , tom ; shankman , jeffrey a . ; bradford , william s .
subject : december crude
tomorrow is the final day to schedule december barrels , and we are currently short 1 , 220 , 000 barrels . we have exhausted all measures of buying crude including : settling sales financially , buying from companies where we have short positions , and selling physical puts . as a group , we have reduced our short physical position from over 10 million barrels to 1 . 2 under extremely difficult credit terms . we believe we cannot cover the remaining 1 . 2 without prepaying a counterparty . this requires a cash infusion of approximately $ 22 , 631 , 000 ( 1 , 220 x $ 18 . 55 / barrel ) .
every effort will be made within the next 24 hours to reduce this position , but the outlook is not bright . please let me know as soon as possible what can be made available to us .
sincerely ,
rob fuller
fw : december crude
let ' s discuss how you recommend to proceed .
bill
- - - - - original message - - - - -
from : fuller , robert
sent : tuesday , november 20 , 2001 3 : 20 pm
to : moran , tom ; shankman , jeffrey a . ; bradford , william s .
subject : december crude
tomorrow is the final day to schedule december barrels , and we are currently short 1 , 220 , 000 barrels . we have exhausted all measures of buying crude including : settling sales financially , buying from companies where we have short positions , and selling physical puts . as a group , we have reduced our short physical position from over 10 million barrels to 1 . 2 under extremely difficult credit terms . we believe we cannot cover the remaining 1 . 2 without prepaying a counterparty . this requires a cash infusion of approximately $ 22 , 631 , 000 ( 1 , 220 x $ 18 . 55 / barrel ) .
every effort will be made within the next 24 hours to reduce this position , but the outlook is not bright . please let me know as soon as possible what can be made available to us .
sincerely ,
rob fuller