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Gold/Mining/Energy : Canadian Oil & Gas Companies

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To: Doug who wrote (4413)	1/6/1998 5:57:00 PM
From: Kerm Yerman	Read Replies (1) of 24927

Doug - All / Blood on Bay Street The slide in Canadian energy stock prices accelerated on Tuesday as weakening commodity prices prompted investors to lop more than four percent from the sector's already depressed value. Oil companies dominated the Toronto Stock Exchange's actives list, with almost all oil stocks losing ground as world oil prices fell to more than two-year lows. NYMEX West Texas Intermediate crude oil traded at US$16.88 a barrel on Tuesday, down from more than US$26 this time last year, on fears of mounting oversupply on world markets. "(Investors are) taking them all down. There's no discrimination," said analyst Robert Hinckley, who follows Canadian oils for Merrill Lynch & Co in New York. CIBC Wood Gundy analyst Peter Linder said he believed the malaise would last three to six months, as low oil and gas prices caused a cut in capital spending, higher debt-cash flow ratios, and writedowns in the value of reserves. "It's worth noting that this is not just a commodity price correction. This is the start of a sector correction," Linder said.

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