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Gold/Mining/Energy : Harken Energy Corporation (HEC)
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To: MIKLEDS who wrote (4319)3/21/1999 3:28:00 PM
From: Zeev Hed  Read Replies (1) of 5504
 
Mikleds, it is rare that I disagree with Sinai, but the artificial reduction in supply is not going to change the existing excess capacity in the world. The deflation in commodities prices is due to excess capacity in the system, and the fact that that 40% of the world economies have stopped growing or are actually contracting, preventing absorption of that excess capacity. Once oil reaches the $15 to $16 level, it will be an irresistible incentive to start and reopen the spigots. I have seen snippets here and there alleging that there are between 300 to 500 millions barrels of crude in storage not counted, and this crude will rapidly find its way to the market resuming pressure on prices. Will OPEC cut again? Will Saudi Arabia pump at less than 50% of its capacity?

Zeev
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