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Pastimes : The Naked Truth - Big Kahuna a Myth
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To: marginmike who wrote (85704)2/24/2001 3:41:51 AM
From: patron_anejo_por_favor  Read Replies (2) of 86076
 
Mike, oil services and exploration is among the most cyclical of industries. Although inflation may boost oil and energy prices in general, demand will be sharply curtailed by a secular downturn/recession. Moreover, seasonal factors are also at play as the winter is slowly coming to an end, reducing demand for NG sharply as well as for heating oil. Although oil prices will likely stay above OPEC's prescribed $22 price minimum (especially if they proceed with further production cutbacks), the reduction in demand accompanying the recession will affect the entire industry. Eventually better times will come to the oil patch, but I wouldn't be too heavily long these stocks (other than "special situations") at this point.

Regards,

Patron
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