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: Roebear who wrote (38709)	3/2/1999 7:41:00 PM
From: SliderOnTheBlack	Read Replies (1) of 95453

API - SURPRISE ! minus 5.903 Million drawdown ! We are close the the ''magic'' 320 Million boe figure. We are only now 300,000 boe over storage levels this time last year - remember that tanker off of Oregon held 300,000 boe by the way... The ''TREND" has changed - and we have zero effect yet from the International Production decline due to the historic Cap Ex Budget cuts... but that will shortly be showing.... The cure for low oil prices is low oil prices - and we are getting healed ! If OPEC announces new cuts and we get drawdowns sub 320 Million boe - To the Moon - Alice ! ******************************************************************************* Energy News Tue, 2 Mar 1999, 7:31pm EST API Says U.S. Crude Supply Fell Unexpectedly by 5.9 Mln Bbls to 326.8 Mln Washington, March 2 (Bloomberg Energy) -- U.S. crude oil inventories declined by 5.903 million barrels to 326.8 million barrels in the week ended Feb. 26, the American Petroleum Institute said in its latest weekly report. The latest API figures show U.S. crude oil inventories are 0.03 million barrels up compared with the same period a year ago. U.S. gasoline inventories declined by 0.745 million barrels to 230.1 million barrels week on week, .... ******************************************************************************** PS - the Street expected quite the contrary --- In a Reuters poll, traders and analysts forecast an increase of 2.0 million barrels in U.S. crude stocks for the week ended Feb. 26 after refinery run cuts stemming from poor margins and outages due to a rash of fires.

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