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Gold/Mining/Energy : Oil & Gas Price Economics
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To: Don Crespino who wrote (6)12/2/1998 6:07:00 PM
From: Ed Ajootian  Read Replies (1) of 350
 
RESEARCH ALERT - Lehman cuts '99 oil price outlook

NEW YORK, Dec 2 (Reuters) - Lehman Brothers said Wednesday it lowered its 1999 oil price forecast after last week's OPEC
meeting failed to result in additional production cuts.

-- In a note, Lehman said the result of the meeting was not surprising. However, given ''worse than expected sentiment in the
marketplace,'' it lowered its outlook on West Texas Intermediate oil to $14 per barrel from $16.

-- ''Accordingly, we reduce the EPS estimates of all the integrated oil companies within our research universe,'' Lehman said.

-- Kept year 2000 estimate at $16 a barrel on expectations of accelerating global oil demand and recent industrywide capital
spending cuts.

-- Kept natural gas price forecast at $2.25 per mmBtu for 1999, despite several negative factors, including warm weather, the
collapse in oil prices and an apparent inventory overhang.

-- Said a normal heating season would ''more than absorb'' the current inventory overhang.

-- Lehman analyst Paul Chambers downgraded the oil services sector, in light of the challenges to the oil market.
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Thanks for whatever you find. This stuff is hard to take emotionally but the more I see it the more prepared I get to bolt from the oil market.
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