CANADIAN OILPATCH / HOT STOCKS
Wednesday October 16, 1999
Oil stocks follow crude prices higher
ÿTOP TWENTY LISTING, STAMPEDER EXPLORATION LTD. (SDX/TSE), up 55› to $6.35, on volume of 4.9 million shares. CANADIAN OCCIDENTAL PETROLEUM LTD. (cxy/tse), up 30› to $24, on volume of 1.1 million shares.BERKLEY PETROLEUM CORP. (bkp/tse), up $1.20 to $28.20, on volume of 272,650 shares.
ÿWorld oil markets traded near six-year highs yesterday, continuing a long bull run that has pushed prices up by as much as 40% in the past four months.
ÿThe Toronto Stock Exchange oil and gas subindex soared 55.7 points after the November crude oil contract rose Monday to US$25.62 a barrel on the New York Mercantile Exchange.
ÿApart from during the Gulf War, crude oil has not been as high since 1979.
ÿAnalysts said renewed fighting in Iraq between rival Kurdish factions has reminded markets that crude supplies are short, relative to expectations based on the United Nations food-for-oil exchange, a possibility that is remote in the near future.
ÿTraders said that activity in Stampeder's stock also resulted from arbitrageurs settling accounts after its $512-million takeover of rival Morgan Hydrocarbons. |
