Strictly: Drilling and oil-field services Message Board

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Gold/Mining/Energy : Strictly: Drilling and oil-field services

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To: upanddown who wrote (46491)	6/16/1999 6:57:00 AM
From: Crimson Ghost	Read Replies (3) of 95453

I am truly amazed that crude has risen further despite the bad API numbers. Very bullish indeed! Lappuupy reports that Lehman is expecting a sharp correction in OSX. Looks doubtful to me until we have rallied considerably more. Lehman Brothers initiated coverage of 19 oil service stocks (including SLB, HAL, and BHI) with Neutral ratings. The analyst thinks that the current price of oil is unsustainable and will fall back to around $16-$17 per barrel. In addition, he thinks that all of the recent major oil company mergers will hurt the demand for drilling services (a newly combined company spends less than the two old companies). He thinks that oil service stocks have run up too quickly (& are over-priced) and he is waiting for a correction before becoming more positive on these stocks. I would be interested in people's thoughts regarding this analysis – please post any comments on oil service message board

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