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: SliderOnTheBlack who wrote (57626)	12/30/1999 3:02:00 PM
From: ItsAllCyclical	Read Replies (2) of 95453

Y2K and oil prices - Buy on the rumor, sell on the news? Or the lack thereof. I agree that supplies are down and demand is up, but the oil traders are a speculative bunch. I've also been told that OPEC compliance for this month is rumored to be 70%. Either way I'm wondering if we won't sell off a little post y2k in oil prices if we don't get any disruptions (be they mechanical or political). How much of current price reflects traders speculating on y2k issues? Personally, I don't think it's that big of an issue, but I wanted to raise the question to see what people thought. I believe any downturn would be relatively short lived due to overall fundamentals though. If there is a y2k premium reflected in oil prices NOW, I don't believe that premium is more than $3-4. It could be yet another explanation for the weakness in E&P's issues if traders are waiting for a big dip in oil prices before going long the E&P sector in a big way. We'll certainly have our answer in a few days. Staying the course for now.

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