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

To: BigBull who wrote (47535)	7/8/1999 7:47:00 AM
From: JHR	Read Replies (1) \| Respond to of 95453

Cant believe these CNBC clowns. SLB quoted up in early trading and they claim no new news to account for it. Do they live in closets?

To: BigBull who wrote (47535)	7/8/1999 7:49:00 AM
From: JHR	Read Replies (2) \| Respond to of 95453

Big bull, those API numbers must have got you so excited that you slept at the keyboard last night from looking at the time of your posts.

To: BigBull who wrote (47535)	7/8/1999 7:55:00 AM
From: diana g	Read Replies (1) \| Respond to of 95453

Oil Prices Soar; U.S. Demand Accelerates [better + better --d] dailynews.yahoo.com LONDON (Reuters) - Steamy world oil markets soared to a 19-month high Thursday after weekly data signaled accelerating petroleum demand in the United States, the world's biggest oil consumer. London futures for benchmark Brent blend crude climbed in early trade to a new peak of $18.61, up 46 cents. Dealers attributed the gains to Wednesday's inventory statistics from the American Petroleum Institute showing a large draw in U.S. gasoline stocks in the week to July 2 and a fall lower crude stocks. ''U.S. oil demand is apparently growing much faster than expected,'' said Peter Gignoux head of the London energy desk at Salomon Smith Barney. ''It's another week in which the inventory statistics have shown a stockdraw and taken prices to new highs.'' The data implied U.S. summer gasoline demand had risen to 9.25 million barrels in the week from 8.8 million of implied demand in the previous week. U.S. crude stocks fell for the third consecutive week and, at 328 million barrels, now show a 13 million barrel deficit versus the high levels of the same time last year. Oil prices have jumped $2.50 in just over two weeks, the latest leg in a rally which has carried Brent up from sub-$10 lows in February. Prices have moved quickly into the $18-$20 a barrel range targeted by OPEC exporters who in March this year agreed stringent supply limits. Dealers said the bullish mood on oil markets was underpinned by OPEC's determined effort to erase surplus petroleum stockpiles. Recent surveys have estimated OPEC adherence with the output curbs at just short of 90 percent. Algeria's OPEC President Youssef Yousfi Wednesday said the cartel would not consider easing the limits until they are due to expire at the end of March next year. He ruled out any increase in OPEC oil output quotas before March 2000 saying there was a consensus in the cartel to stick by export limits despite rising prices. But analysts have said they expect surplus stockpiles to be erased by the end of September, leaving the market exposed to higher prices during the peak northern hemisphere winter demand season. ''By avoiding a significant second quarter build this year OPEC has done a great deal to meet its objective of eliminating excess inventories on world markets,'' said Washington consultancy Petroleum Finance. ''If the third quarter draw is as large as expected, the inventory surplus will be eliminated before demand peaks in the fourth quarter.''

To: BigBull who wrote (47535)	7/8/1999 8:08:00 AM
From: Crimson Ghost	Read Replies (1) \| Respond to of 95453

Big Bull: I agree that this combination of high oil prices, low dayrates and depressed OS outlays will not last long. That is why those waitng for a big drop in the OSX before buying are likely to be disappointed. OSX will not see the 60s again unless crude takes a big hit. Even the low 70s may be a stretch in this environment.

To: BigBull who wrote (47535)	7/8/1999 8:49:00 AM
From: Ken Robbins	Respond to of 95453

Ocean Energy agrees with you that this is the time for exploration! "activity increases from one well to 14 wells in the next six months" biz.yahoo.com

To: BigBull who wrote (47535)	7/8/1999 9:17:00 AM
From: SliderOnTheBlack	Read Replies (1) \| Respond to of 95453

BAMMMMMMM ! - the "Bull's'' got it ! << My plan is to trade micro E&P's short term for some sweet 25 to 40% trading pops and plow the profits into DRILLLLLLLL ers. JMVVHO>> ....exactamundo ole' Bovine one (VBG) ! .... the driller & service stock's time will come - but, not quite yet... do not underestimate the effect of the coming earnings releases... or, the ''technical'' profit taking on the immenient Crude breakout - rally. ... Doug et al -- ie: the increasing budgets/cap ex spending and stepped up drilling activity... for example - OEI's press release - imho; you buy OEI now ! and the drillers - later... OEI is going to ramp up cash flow, production and earnings immediately - the drillers still need lots & lots of rigs to go back to work, before - dayrates budge... this is great news NOW for OEI stock - and will be great news for the drillers - but much later... - the cap ex increase is acknowledged, but the E&P's are still the way to ''INITIALLY" play that rise imho. good luck all.