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 (8621)	1/17/1998 3:48:00 PM
From: Lucretius	Read Replies (2) of 95453

Confirmation of OPEC emergency meeting helps end oil's skid NEW YORK (AP) -- Oil prices ended their slide Friday, as an OPEC official confirmed that the group of oil exporting nations will hold an emergency meeting this month to discuss falling crude prices. Light, sweet crude oil for delivery in February rose 17 cents to $16.51 on the New York Mercantile Exchange, wiping out the previous session's 11-cent decline. The February gasoline contract rose 0.60 cent to 50.99 cents a gallon, nearly erasing Thursday's 0.66-cent fall. Declining oil prices have prompted OPEC officials to plan a meeting to consider strategies to stem the decline. OPEC officials plan to meet in Vienna beginning Jan. 26, Nigerian Oil Minister Dan Etete said. Oil prices fell last week after the U.N. said it was considering doubling to 4 million barrels the amount of oil that Iraq will be permitted to sell every six month to raise money for food and medicine programs for its people. February heating oil rose 0.52 cent to 46.76 cents a gallon. Natural gas prices also moved higher, with contracts for delivery in February settling up 8.2 cents at $2.176 per thousand cubic feet. In London, North Sea Brent crude oil for delivery in March settled at $15.47 per barrel, up 26 cents. --I'd like to see them come out and say: "We prefer oil at $22 so we're cutting production by half." If you can dream it......... Sentiment for the drillers looks to be changing w/ a strong article in Barron's as well as positives for crude. The uncertainty about what OPEC will do for those that are short crude and drillers should at least keep our drillers at current levels or sightly lower, but I don't see them hitting new lows w/ the possibility of oil rising back to old levels w/ a simple vote on the 26th and causing the bloodbath of all time for anyone short the drillers. [I think I'd actually like to see that (Shorts blowing their lunch all over their screens) just for fun. Wouldn't you?] (gg) Have a good weekend, folks. -Lucretius

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