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: The Perfect Hedge who wrote (7697)	1/12/1998 3:21:00 PM
From: Lucretius	Read Replies (2) of 95453

From my VP of exploration at a major oil co.: "Crude has not bottomed. I see 16 (NYMEX) by the end of the week. 15.5 should be the bottom w/ the price averaging 17 to 18 for '98. We have budgeted for 17" So, too late to sell, but a little downside left. Ave price being between 17 and 18 for '98 will do our drillers just fine. They will explode to the upside as product prices normalize. In conclusion, you can believe an opthamologist who thinks he's an oil analyst and look for $12 oil, or you can go w/ a guy that's in the business and actually rents these rigs. I know who I'm going w/, but then again I'm just a peasant and not as fancy as some of you trader types. (gg) -Lucretius

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