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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: Post_Patrol who wrote (72730)9/8/2000 3:11:25 PM
From: diana g  Read Replies (1) of 95453
 
"...it appears that crude oil prices are on track to continue their rise for several months. ..."

This in a report from George of Noesis fame....
(((enBoldenment of George's comment on future crude prices from me --d)))

EIA data released yesterday shows the industry pushed inputs to crude stills
higher to a total of 15.8 million barrels per day (MMBD). The increase went
toward higher production of heating oil. Inventories in the Northeast
continue to rise at a normal rate for this time of year.

Overall, crude oil imports were higher at 9.67 MMBD, but most of the
increase was due to a bi-weekly receipt in California. Continued higher
import rates to the US West Coast are changing the US import picture --
tipping dependence even more toward OPEC.

Check out this week's Crack Spread graphs! While East coast refiners are
barely turning a profit, refiners on the US West Coast may be turning in
obscene profits for the fourth quarter.

Finally, will crude oil prices drop after the OPEC meeting? There may be a
short term correction due to normal response to news by speculators in the
futures market. However, all factors taken together, it appears that crude
oil prices are on track to continue their rise for several months. Check out
the Members' Home Page TODAY for a new, short forecast and prediction of
economic impacts within the next year. --George
oil-gasoline.com
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