Clayton Williams Energy (CWEI) OIL Message Board

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Gold/Mining/Energy : Clayton Williams Energy (CWEI) OIL

CWEI 131.90

0.0%

Apr 25 5:00 PM EST

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To: Buzz Mills who wrote (143)	12/11/1996 10:43:00 AM
From: Buzz Mills	of 1017

Large buys of 12K, 10K shares pulled CWEI up from a low of 14 7/8 X 15 1/8. Somebody recognized a good buy and picked CWEI up at a low price. CWEI now at 15 X 15 3/8. There appears to be very good support at this price. Oil prices are continuing to fall this morning. The Tuesday Oil Report was bearish: NEW YORK -Crude-oil and petroleum-products futures were modestly lower Wednesday on the New York Mercantile Exchange, as a result of bearish inventory data and negative sentiment stemming from the U.N.-Iraq oil-for-food sale. At about 9:45 a.m. EST, January crude oil was down 35 cents at $24.07 a barrel. January natural gas was down 0.5 cent at $3.391 per million BTUs. Regarding Iraq, a Turkish official said oil storage at the Turkish end of a twin pipeline carrying Iraqi crude began with the start of oil pumping from Kirkuk oil fields in northern Iraq. I still believe that as news of CWEI's earnings get out, CWEI will begin to move up independent of the rest of the oils; we aren't quite at that point but we should be very close. CWEI is now selling at 9X the estimated 1996 earnings. Buzz

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