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: Brent Hogenson who wrote (44472)	5/11/1999 11:23:00 AM
From: Think4Yourself	Read Replies (2) of 95453

The weekly API numbers should support stocks through the summer. That is the primary reason I didn't cash out. The drawdowns are going to start showing up soon (probably tonight). I foresee a predictable pattern appearing that will be caused by the traders. If it does, I will be doing the exact opposite of what the traders are doing. I have read that there is a lot of excess african oil, and that Iraq wants to pump even more oil (up to their limit). This should keep reserves from dropping too fast, and will hopefully prevent OPEC cheating. Shell just announced they are cutting European refinery output by ANOTHER 10% due to low heating oil margins. To me this seems to be a GOOD thing. This will temper the oil drawdown while drawing down products (increasing product prices/profits) at the same time. BWDIK?

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