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 (250)	12/30/1996 4:30:00 PM
From: Buzz Mills	of 1017

CWEI closed @ 17 7/16, -5/16, Bid 17 1/8 X Ask 17 1/2..Vol 17.6K Slow day of trading on CWEI, some profit-taking. Spot Prices Oil remains over $26, up 0.15 (CWEI rcvd $21.19 in Q3) Gas remains over $3, down 0.30 (CWEI rcvd $2.62 in Q3) >>>In the news, another U.N.-Iraq oil-for-food contract has been approved, the United Nations said. A total of 21 contracts have been approved, allowing Iraq to export 43.68 million barrels of oil in the first 90 days of the sale, and 26.37 million barrels in the second 90 days. Iraq is allowed to export up to $1 billion of oil and oil products every 90 days for an initial 180 days. An Iraqi official reiterated the country's stance that it will seek to export more than $1 billion worth of oil in the second 90 days of the sale. However, several countries including the U.S. have said the U.N. Security Council shouldn't entertain Iraqi requests to raise the ceiling for oil exports until after the first six months of the oil sale.<<<< This oil has already been accounted for by the market and is a very small amount compared to world usage of more than 71M barrels a day.

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