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: Think4Yourself who wrote (70971)	8/15/2000 8:46:25 PM
From: Roebear	Read Replies (2) of 95453

JQP, IMHO, it will depend on the DOE numbers giving credence (or not) to the API's. But that is short term stuff anyway. The Big Deal is OPEC's basket. We definitely don't want oil to stay over the basket price and bring more Saudi production. The basket is the thing that will keep Oil Boom Y2K going. OTOH, the market is now in a different mood. During the early move up all we heard was "OPEC will cheat, they'll cheat, I tell you!" Now we hear the opposite, "Gee, wonder if they really have any extra oil to pump!" Further we have, "Missing Barrels" in a new context and CONCERN about oil inventories (two articles on that in our local paper)! Big difference in markethink. Neither has or had to be true, it was the sentiment that made the market. Sentiment only changes when its fantasy contacts hard reality in a painful fashion. Then a new fantasy is born. At least I like these new ones better, ggg! Best of luck, Roebear

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