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: dfloydr who wrote (31257)	10/29/1998 12:59:00 PM
From: gregor	Read Replies (2) of 95453

>>>>I think I'd be filling up my tanks with all the oil I could get at these prices. The carrying costs are relatively low and the prospects for inventory appreciation seem good.<<<< Floyd: The pipeline is only so big; much cheaper to store it in the ground. Too many on this thread expounding the strategy of shorting this sector after the nice two week rally. Be very wary of such advice. There are some very fundamental forces at work here. We have already worked off a nice double bottom and for anyone to say they can call this market on a weekly or semiweekly basis needs to rethink strategy IMO. The kicker is the hurricane in the southern gulf. It has already disrupted supplies in Mexico and could possibly move into the Gulf and strengthen, disrupting supplies here. A month ago I predicted, prices of crude would decline after that last storm moved out and crude prices have declined since. The anticipated rally however came about as the crude prices were falling so go figure !! My prediction is the OSX hits 75 within two weeks. We may get a correction after that back to 65 0r 70 but I see 75 before 65.....

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