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: RGinPG who wrote (13112)	2/27/1998 5:21:00 PM
From: Czechsinthemail	Read Replies (1) of 95453

Not a bad day considering the potential negatives for the crude oil market. Neither Venezuela nor Saudi Arabia is willing to cutback production. Venezuela is 800,000 b/d over its quota, and says it is willing to support an emergency OPEC meeting -- just not willing to cut production. With the drilling stocks hanging in pretty well during the day, I think we may be shifting from fears about how low oil prices might go to a more forward-looking evaluation of the drilling companies as bargain stocks that should have very positive business fundamentals for years to come. If oil prices tank next weak, the drillers may follow crude prices down, but I was impressed that neither crude nor the drilling stocks collapsed. Have a great weekend, Baird

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