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