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Gold/Mining/Energy : Canadian Oil & Gas Companies

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To: Kerm Yerman who wrote (6410)	5/15/1999 12:28:00 PM
From: John Hunt	Read Replies (1) of 24892

Japan Stockpiles Oil For Y2K << Japan has taken other steps as well, such as stockpiling a half-year's supply of oil and printing up an extra $330 billion worth of yen banknotes to hand out in case of a run on banks, Kondo said. >> foxnews.com I would think that more countries than Japan are stockpiling, which should lead to continued oil price strength this year and probably much weaker prices next year. Probably true of most commodities as companies temporarily move from JIT (just in time) to CYA (cover your butt) inventory. *** Also *** Saudi June Supply Cuts Signal Price Resolve << Saudi Arabia's deep cut in sales of crude worldwide for June show the kingdom's determination to maintain strict export limits despite the recent rise in oil prices, Saudi crude customers said on Wednesday. State Saudi Aramco's swingeing 35 percent sales cut below standard contract volumes to major European customers targets the region where Saudi crude profit margins are at their lowest. Saudi Arabia confirmed its intent to stop the key Atlantic Basin market from lurching back into oversupply by cutting export volumes to the United States by 21 percent. >> api.org This should keep oil prices up. :-))

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