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: Crimson Ghost who wrote (32883)	12/16/1998 4:51:00 PM
From: Broken_Clock	Read Replies (1) of 95453

>> Two days ago Royal Dutch told an analysts meeting that 1999 upstream capital spending could drop as much as 40% if crude does not rebound substantially. The OSX has discounted 20-25% cuts in capital outlays, but most assuredly not a 40% plunge. If oil prices were to again move towards single digit levels, now lows on the OSX would be a virtual certainty as that 40% number gained credibility.<< George, I missed the boat short term but I think after this latest wagging the dog scenario the osx will indeed head lower. Betcha a lot of shorts in the xau as well as the osx were whining today. Both inustries seem without hope, at least for awhile. However, OSX does appear to excellent for selling calls in this trading range.

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