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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: SliderOnTheBlack who wrote (35900)1/27/1999 9:39:00 AM
From: Crimson Ghost  Read Replies (1) of 95453
 
Slider:

Excellent analysis of the dynamics of crude pricing today. I agree that it is only a matter of time until crude returns to the mid-teens.

HOWEVER, if crude does not start to rebound soon, new lows in OSX are virtually guaranteed. Oil does not have to full further for this to happen; hovering around $12 for another month or two with no expectation of OPEC cuts will do the trick as oil companies continue cancelling drilling contracts and slashing capex.

We are at a critical point here. If players perceive that US is serious about pushing the Saudis (and Kuwait) to cut production we may soon see an explosive rally. But more of the same means considerable further erosion in most OS stocks.
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