	texaco filing adds uncertainty in oil market u s oil traders said texaco inc s filing for protection under the chapter bankruptcy code is adding uncertainty to an already skittish oil market but opinions are divided on the impact to the market the filing is holding up wet barrel trading today said one trader everyone is talking about it assessing their company s situations in relation to texaco he added some traders said companies that deal with texaco are concerned about whether they will receive payment or supplies under the bankruptcy filing however others were less worried the first paid will be the trading community and those connected with texaco in the shipping industry one new york trader said if texaco doesn t get  supplies it can t run its refineries so its other assets would not be worth anything he added texaco filed for protection under chapter of the u s bankruptcy code yesterday after failing to reach a settlement with pennzoil on an billion dlrs court award for illegally interferring with pennzoil s proposed purchase of getty oil co however others were less worried the first paid will be the trading community and those connected with texaco in the shipping industry one new york trader said if texaco doesn t get  supplies it can t run its refineries so its other assets would not be worth anything he added texaco filed for protection under chapter of the u s bankruptcy code yesterday after failing to reach a settlement with pennzoil on an billion dlrs court award for illegally interferring with pennzoil s proposed purchase of getty oil co there is some reluctance to trade with texaco but no great change said another trader adding that traders are tending toward prudence in their dealings with the company traders are assessing whether to require cash prepayment or letters of credit or to continue to trade as usual with texaco on an open line basis he said another trader however described today s activity as business as usual adding that traders feel more secure because no liens can be put on texaco s assets while it is in bankruptcy traders said there was no apparent effect of the texaco filing on  futures trading although they said the exchange might lower texaco s position limit and require higher margins for texaco s trades new york mercantile exchange president rosemary mcfadden declined to comment on texaco s futures trading saying that is is proprietary information mcfadden did say however that as a matter of procedure it is possible the exchange can lower allowable position limits or increase margin requirements for companies that are in financial trouble reuter 
