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Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: BigBull who wrote (46613)	6/18/1999 8:35:00 AM
From: ChanceIs	Respond to of 95453

Patterson & Drillers make Bloomberg headlines. "The rise of drilling stocks stems from the premise that the oil industry will invest more in drilling wells, especially natural gas wells, analysts said. Demand for gas is growing among both residential and industrial customers, said Joseph Agular, an analyst for Johnson Rice in New Orleans. ''There's going to be some ups and downs,'' Agular said of drilling stocks. ''The general trend is probably going to be up over the next couple of years though.'' Exploration companies such as Apache Corp., Anadarko Petroleum Corp. and Evergreen Resources Inc. are likely to start spending money soon on gas drilling in North America, Freedman said. Those companies have raised money by selling stock in recent months." bloomberg.com Is is nothing that the board hasn't known for months. It is good to finally see it in the news service. I hope that it isn't a sell signal, I was hoping to ride PTEN back to $30.

To: BigBull who wrote (46613)	6/18/1999 8:38:00 AM
From: BigBull	Read Replies (2) \| Respond to of 95453

Asian crude supplies tight. Good, let OPEC ship it's crude over there, Lord knows, we've got enough! <g> Energy News Fri, 18 Jun 1999, 8:27am EDT Asian Crude Rises Amid Sparse Supplies, Higher Futures Prices Singapore, June 18 (Bloomberg Energy) -- Crude oil prices in Asia rose today amid sparse supplies of Malaysian and Indonesian grades, and lower crude futures prices. In the spot market, Asian benchmark Tapis rose 30 cents to $17.65 a barrel, while Indonesian Minas was up 20 cents at $17.40 a barrel. Persian Gulf benchmark Dubai Fateh rose 40 cents to $16.13 a barrel. July Tapis swaps were valued at $17.35 a barrel, compared with $17.05 a barrel yesterday. August Tapis swaps were pegged at the same price as July. July supplies of Malaysian and Indonesian grades remained limited. Traders said there were no July Malaysian crude supplies left on the market and only about 800,000 barrels of July-loading Indonesian Minas. In addition, demand for regional grades rose because many refineries in Japan and Korea resumed production after several weeks of scheduled maintenance, traders said. A Singapore-based Japanese trader said crude oil demand from Japanese refiners and end-users rose because of increased requirements for air conditioning and motor gasoline during summer. Market participants said they expected most refineries to announce their August crude requirements in the coming days. Indonesia's Pertamina tender to buy August light sweet crude supplies closed today. Traders said results will likely be known on Monday. August Brent crude oil futures on the Singapore International Monetary Exchange settled 38 cents higher at $16.88 a barrel. Still, Asian crude prices were prevented from rising further amid competition from cheaper Persian Gulf and West African grades, which, according to brokers, were moving into Asia in abundant quantities. A Singapore-based trader said two cargoes of Oman were sold into China at premiums of 4 cents and 6 cents above the official selling price. Traders also said there were unconfirmed reports Chinese buyers purchased one or more cargoes of West African grades. -------------------------------------------------------------------------------- © Copyright 1999, Bloomberg L.P. All Rights Reserved.