Scimitar Hydrocarbons, SIY:ASE Message Board

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Gold/Mining/Energy : Scimitar Hydrocarbons, SIY:ASE

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To: Yarek Szolomicki who wrote (765)	3/7/2000 6:10:00 PM
From: Bert Zed	of 864

OPEC Destroys Dow Futures Crude oil prices spiked higher in their largest move since the Organization of Petroleum Exporting Countries (OPEC) agreed to cut production 7%, one year ago. The potentially inflationary spike in energies helped whack Dow futures which came under pressure early from a large drop in DJIA component Procter & Gamble (PG). Energy Analyst Phil Flynn of Alaron Trading commented that "within OPEC there are growing signs of dissension and a strike in Nigeria is causing fear that we may lose some oil flow in a market that is already trying to squeeze each drop. The continuing big question is just how tight are supplies and the API tonight will give us further insight. Will the SUV drivers decide to give up their fat cars for lent when this fat Tuesday stocks report is released because we?re headed for $2.00 per gallon?" The US government did little to assuage fears. Energy Secretary Richardson said on the "Today" show Tuesday that he expects volatile prices even beyond OPEC's March 27 meeting regarding production limits. Richardson also said he "hopes" gasoline prices will not reach $2 a gallon by summer, a comment supporting the move higher. Flynn also pointed out that the Energy Information Administration - EIA - said "even if OPEC raises production, gasoline prices are headed sharply higher." The market is also watching the results of a meeting between Iranian Oil Minister Bijan Namdar-Zanganeh and his counterpart from Saudi Arabia. Iran, OPEC's second largest producer does not want to cut production--it is already producing at near-capacity and has the most to gain by maintaining quotas?and may be influential in convincing OPEC members to leave production at current levels. The market is also awaiting data from the American Petroleum Institute's report on US stockpiles. "No one wants to be caught short in this market ahead of the API," one broker said. Technically, crude and unleaded gasoline have been in very strong uptends (ADX Readings of 37 and 55, respectively) and have been dominating the Momentum-5 List. April crude (CLK0) rallied 6%, ending up 1.95 at 34.13. Unleaded gas (HUK0) finished .0366 higher at 1.0191, heating oil (HOK0) climbed .0293 while natural gas (NGK0) fell .051 to 2.799.

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