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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: The Ox who wrote (80795)12/5/2000 6:03:56 PM
From: Second_Titan  Read Replies (2) of 95453
 
Looks like the EIA may have called the failure to build distillate stocks correctly as an early build in tertiary stocks that are not measured.

With the steady below normal cold weather it is just a matter of time before tertiary stocks refilling increases.

Also IMO it is good to fall into OPEC's trading range before they meet next month. If we can stay here or a little lower they will have good reason to announce a cutback.

As long as worldwide rig activity stays where its at or gets better, OPEC shows ability to control oil to ~$25 and no major new incremental gas supply finally materializes, we should be set for a return to OSX nirvana. Sustaining the present rig activity or better for 3-4 months w/o major recession concerns should do the trick.
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