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Gold/Mining/Energy : Lundin Oil (LOILY, LOILB Sweden)
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To: Tomas who wrote (306)9/17/1997 5:13:00 PM
From: Buzz Mills   of 2742
 
Tomas,

Thanks for the good news. Oil prices have moved up despite the Iraq oil deal being approved by the U.N. I was a little worried as the price was threatening to break below $19/barrel and with the rearrangement of the Iraq quotas, some analysts were again predicting a glut of oil on the market. But then there was a news article yesterday that said oil would go up $0.50 because of a shortage and it did just that. The article follows:

Crude Prices to Rise 50 Cents a Barrel in 3rd Qtr, Analysts Say

Crude oil prices will rise as production problems in the North Sea and in Australia squeeze supplies while demand likely will reach record levels, said London's Centre For Global Energy Studies in London. Though the United Nations agreed to let Iraq sell oil it couldn't pump before the Sept. 5 deadline by extending the deadline by another 30 days, supplies are likely to be so tight that the extra 30 million barrels of Iraqi oil will be absorbed into the market. (TNI OIL EUROPE)

U.S. Natural Gas Prices Poised to Fall Next Year, Expert Says

Natural gas prices in the U.S. could fall next year after two pipeline links to Canada are completed, an expert said. Pipeline projects that would allow about 1 billion cubic feet a day in gas to flow from Canada's Alberta province to Chicago will open at some point in late 1998, said Paul Ziff, an energy consultant. U.S. gas prices are relatively high now because of expectations of a cold winter. Though U.S. demand is strong, prices could decline next year as producers compete for market share in the Midwest, Ziff said. (TNI GAS CANDA)
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