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Strategies & Market Trends : VOLTAIRE'S PORCH-MODERATED

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To: Jim Willie CB who wrote (46063)	1/9/2002 1:20:36 PM
From: stockman_scott	Read Replies (1) of 65232

Oil sector stocks slide on rising supply --11:59am - By Tomi Kilgore Among the few sectors seeing losses was oil and oil service, weighed by unexpected increases in supply data. Late Tuesday, the American Petroleum Institute said distillate inventories rose 5.68 million barrels during the week ended Jan. 4 versus expectations of a decline. Gasoline inventories rose by 798,000 barrels, within the range of expectations, but crude supplies increased 115,000 barrels versus some estimates of a slight decline. The API report helped knock February crude futures down 57 cents to $20.68. The Phlx Oil Services Index ($OSX) is losing 1.7 percent. Among its components, Schlumberger (SLB) is sliding 82 cents to $52.30. A.G. Edwards lowered 2001 and 2002 earnings estimates for the company to reflect the impact of lower U.S. drilling activity. The CBOE Oil Index ($OIX) is faring a little better, down just 0.1 percent. Deutsche Banc Alex. Brown upgraded integrated oil companies Royal Dutch (RD) and British Petroleum (BP) to "market perform" citing "reasonable" valuations. Bellwether ExxonMobil (XOM) was left at "market perform," and is trading up 4 cents at $39.74.

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