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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: Chuzzlewit who wrote (16691)3/26/1998 12:47:00 PM
From: 007  Read Replies (2) of 95453
 
Latest bearbait from Noesis:

<Here's a quick run down based on the most recent EIA data released March 25, 1998:

Crude oil inventories shot up to 328.1 Million Barrels -- oil companies taking advantage of the low prices of crude. This is the highest level in the U.S. inventories for years. Since serious competition for imported crude will not occur until these inventories are worked off.
The additional crude oil pushes out to September the time oil prices will firm up.
If oil companies have already purchased even more crude oil at
low prices, and if they have capacity to store it, we may see
inventories continue to build through May, which would carry the
refineries well into the fall. The lack of serious demand in the U.S.
for imported crude oil will continue to have a damping effect on crude
oil prices, even as producers begin to slow down production.

Refinery utilizatization increased overall, from 93.8% to 94.2%
utilization, but West Coast refineries cut back on production, perhaps
because they have too much distillate and residual oil in inventory.

On a different note, several readers asked about "George." A short biographical statement can be found now on the "Questions" page at oil-gasoline.com

Have a nice day! See you back at the site on Monday
for the full weekly report. --- George>
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