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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: Broken_Clock who wrote (52308)10/4/1999 1:15:00 AM
From: Douglas V. Fant  Read Replies (1) of 95453
 
Papaya King, PXD looks good going forward if you believe David Garcia, an analyst at Everen Securities. He noted in an article in today's Oil & Gas section of the Midland Reporter "Production Not Responding to Price". David notes in the article that there is a natural gas supply deficit of 2.3bcf/daily in North America. There is legitimate demand for 60bcf/day of gas usage but only 57.7 bcf produced. Garcia says that the market will adjust to the supply deficit by creating a price level that will get higher and higher, causing many marginal gas users to drop out. "The process is well underway, and while there will be voltility on a month-to-month basis, the price deck is being raised."
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