Commodities - The Coming Bull Market Message Board

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Strategies & Market Trends : Commodities - The Coming Bull Market

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To: craig crawford who wrote (727)	8/22/2001 8:13:38 PM
From: craig crawford	Read Replies (1) of 1643

Natural gas at 16-month low Related shares retreat on latest supply bulge cbs.marketwatch.com{0AFCF500-78E1-4F6F-BBD8-132D381BE5AE}&siteid=NYT&dist=NYT By Myra P. Saefong, CBS.MarketWatch.com Last Update: 4:41 PM ET Aug. 22, 2001 NEW YORK (CBS.MW) -- Most oil-service related shares retreated from earlier highs Wednesday to close lower as a bigger-than-expected climb in natural gas supplies weighed on exploration and production companies. Natural gas futures dropped to a 16-month low. ................................................................................................................................. In the equities market, the stocks that have more weight toward oil refining, like those in the CBOE Oil Index held most of their gains, Dann said, but those with more perceived weight to natural gas, such as the exploration and production stocks that comprise the Philadelphia Oil Service Index retreated following the AGA data's release ............................................................................................................................... Rising seasonal demand for crude, combined with OPEC's September output cut of 1 million barrels per day, could "set the stage for a test of $30 oil by the end of the year," said Merrill Lynch analyst Steven Pfeifer said in a Wednesday research note. Petroleum inventories are now 4.3 percent below normal, he said. Gasoline found additional pressure from the upcoming end to the peak-demand driving season, Mokychic said, and anticipation of the arrival of Iraqi oil in the U.S. following a five-week halt that began in June.

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