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Gold/Mining/Energy : Global Santa Fe (GSF) (formerly Global Marine)
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To: LUPO who wrote (680)3/31/1998 12:16:00 PM
From: Chuzzlewit  Read Replies (1) of 2282
 
Lupo, GLM is down probably because OPEC didn't cut quotas by enough to satisfy the pundits. OPEC and non-OPEC producers agreed to cut production by about 1.5MM bbl per day. Industry analysts felt that a cut of 2.0 MM bbls was required to bring the price of oil back up. For some odd reason unbeknownst to me the stocks of the oil service sector and drillers seem to track the price of oil fairly closely despite the fact that there is no obvious connection between the price of crude and the demand for drill rigs.

Regards,

Paul
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