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: James F. Hopkins who wrote (27363)	8/8/1998 4:30:00 PM
From: Paul Angell	Read Replies (3) of 95453

You are right about drillers not going anywhere until the oil price goes back. But considering the fact that the oil price has stayed low for a lot longer than anyone anticipated then we could be near a low and a good buying point. The recent uptick in oil could be nervousness about saddam and his stance towards the UN weapons inspectors. Drilling stock prices will rebound long before the oil price does. Here's why: The oil futures will spike back up as soon as the API crude reserve stockpile goes down. When this happens and looks sustainable then the oil companies will shelve their contingency plans to lay off rigs. Yes asia does need a recovery and an increase in oil demand but a cold winter in the US (ie. La Nina being the opposite of el Nino) could use up a lot of the supplies that is currently the problem. Predicting weather is not my game but here in Alaska we are 3deg colder than normal and had our first snow day before yesterday at 5,000ft. The weather people predicted a wet summer from el nino and they were right on target - now they are predicting a cold winter so I hope this drives up the price also.

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