Strictly: Drilling and oil-field services Message Board

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Gold/Mining/Energy : Strictly: Drilling and oil-field services

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To: Thean who wrote (6681)	1/6/1998 2:01:00 AM
From: XOsDaWAY2GO	Read Replies (1) of 95453

Thought this would be interesting. Empire 7 has been in and out of the O&G board for quite a while... Subject: cot report Date: Mon, Jan 5, 1998 18:27 EST From: Empire7 Message-id: <19980105232701.SAA06526@ladder02.news.aol.com> commitment of traders report just came out. wow !!!!!!! it shows funds short 62.6 million barrels(62,600 contracts) i have never seen such a large position, that i can recall, either long or short. this is about 15% of open interest. whats it mean ? it means that we are running out of sellers and could be "ripe" for a short covering rally. this is simply incredible ! i am not bullish, but this says to me that if the shorts go for the door starting tomorrow we could rally an easy $1.50-2.00 bbl before we turn back lower. like i said, i am not bullish, but you have be be concerned if you are short along with the rest of the free world !! guess you could say those $12 comments are coming from a guy talking his position ! good luck

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