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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: Tony D. who wrote (9853)1/27/1998 1:45:00 PM
From: Thean  Read Replies (7) of 95453
 
The IRAQI situation is definitely drawing the attention of the oil pit traders. Clinton called Blair for 15 minutes to talk about IRAQ. UK is the only European country willing to partner with the US in any attack however.

It's sickening to see the drillers not able to move at all despite great oil price and S&P. No one is biting at this point. Most funds are out of the drillers. If OPEC can work something out, then we may have a basis for a shift in crude fundamentals. The Iraqi thing, when it's all over, will just be a flash in the pan as far as oil prices go - a temporary blip up. Anyone knows where is the CONSENSUS level for crude to break its downtrend? Many in Asia anticipate hard time to continue for the next two years, per my personal info. So Asia will always be a psychological factor in the energy consumption equation. With the way things appear to be heading at the OPEC meeting, only minimal impact will it provide, if at all. We are not out of the trouble yet. If the drillers are not moving when crude and S&P are up, what do you think will happen when they come down? Another 30%? Conceivable to me. Sorry for painting such a negative picture but that is exactly how I feel presently.
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