Strictly: Drilling and oil-field services Message Board

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : Strictly: Drilling and oil-field services

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

To: marc chatman who wrote (28396)	8/26/1998 2:23:00 PM
From: Mike from La.	Read Replies (3) of 95453

I think some of you may be missing the big picture. It seems that some folks on TV are using the Gulf auction as a huge negative. According to that article I posted, it's not so. If Saudi, Venz, and Mexico called off their meeting, it's because they don't think further cuts are needed. API shows a large drop. The Saudi cut of an additional 18% kicks in in September. The amount of oil production from shut-ins is not quantified, but is likely to be at least 1-2 mbd. The Government is lining up to buy over $400 mil of oil for the reserve. Nigerian oil production is questionable. According to an unbiased report I saw, tanker traffic is down 50% from the normal this time of year. Deepwater drilling goes on. I believe all these are factual and reliable. So what does this tell us about the price of crude over the next few months, and years? Short term variations that are out of sync with the long term trends will be corrected, sooner or later. Mike from La.

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next