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: Teddy who wrote (30598)	10/10/1998 9:46:00 PM
From: Gameboy	Read Replies (1) of 95453

Teddy, I think the question is, from an investment point of view - what is the offshore rig count going to be like 6 months from now? The rig count is low now because oil prices are coming off a low of $12 in the third quarter. Oil has already risen substantially. Where will it go from here? This morning I posted an observation that the EIA world supply & demand data for the 4th quarter indicated a draw of 1.5 mb/d but since it failed to take into account the full extent of OPEC cutback compliance (by 1.8 mb/d) and overlooked the non-OPEC decreased production due to lower crude prices, the draw for the 4th qtr would be more like 4 mb/d. That's four million barrels per day. Thirty days is 120 million barrels. What's missing here? Is the 4th qtr draw really going to be around 4 mb/d? Does the phrase 'oil glut hoax' seem applicable? Best of luck, Steve

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