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

To: Think4Yourself who wrote (47622)	7/8/1999 11:25:00 PM
From: Rob Shilling	Read Replies (1) \| Respond to of 95453

I think OPEC knows exactly what it is doing. IMHO OPEC is going to plan to continue the cuts until March in order to erase a "glut" of oil that the IEA and EIA have calculated. When it becomes obvious that the "glut" was not as big as predicted, OPEC will enjoy the higher prices caused by fears that there will soon be a shortage of oil. Then, it is my guess that at the last minute OPEC will increase production to avoid a bubble in the oil market. From that point in time it will be obvious how much oil there really is in the world and OPEC will manage the price with series of small cuts and increases There is debate as to what caused 1998's low oil prices (over supply, negative press by the IEA etc, or perhaps OPEC pretending to have discord). But the result has been huge damage to non-OPEC oil production and a shift of big oil to places like the middile east and Venezuela. That is a big plus for OPEC long term. OPEC will eventually be in the driver seat permanently when it comes to oil prices. When you look at the big 2 mbpd cuts by OPEC that will obviously outlast any excess inventory out there, there seems to be logic behind these cuts. Effectively, OPEC will be able to first expose the actual amount of oil that is really out there, and second, to bring focus onto how accurate (or inaccurate) the IEA and EIA really are. Once OPEC moves to keep a shortage from happening it will be common knowledge that the day to day surplus or shortage of oil in the world will be only a small number (a few million barrels). This is a great alternate outcome for OPEC. Otherwise, there could have been conceivably only a actually small surplus of oil around for years and OPEC would be selling oil for artificially low prices for years because "the spin" is that there is a glut.

To: Think4Yourself who wrote (47622)	7/8/1999 11:34:00 PM
From: CommanderCricket	Read Replies (1) \| Respond to of 95453

K (Ken?/Karen?) I did one a while back that got me thinking.... Yearly World Oil Consumption (roughly) 75 million bbl a day 525 million bbl a week 27.3 BILLION BBL's a year Now I ask, when was the last "Elephant" or multi-billion bbl field discovered? Anyone know? The last US field was north slope, Alaska (back in the late 60's, I think). Offshore Nova Scotia (Hibernia) may count as an Elephant also. Time to stop playing around and get some reports finished.. Cricket

To: Think4Yourself who wrote (47622)	7/9/1999 12:56:00 AM
From: Fredman	Respond to of 95453

maybe they couldn't find where the missing Oil is/was because their computers were not Y1998K compliant ? (sic) Whatever the reason, i still don't understand why the 'smaller' privateer oil drillers were the ones to drop the most - and rise the most. Reason i say/ask that is, some of these have GREAT Financials - little debt - lots of cash or assetts on hand. I speak of MRL ESV NE in particular, and a handful of others small ones that have some back remarkably - CDIS ATW NBR WFT BJS to name a few. don't forget UTI - up 162% since March 1. If you are a money manager, then you have to stick to the tried and true Oils, so they go with SLB (24%), HAL (50%), CAM (59%), DO (33%), GLM (89%) and RIG (20%). The Oils in my portfolio are up an average of 71%. Not bad. Most of us on this thread that have been here awhile are not one bit surprised, we just didn't know when or how big the rebound would be, but we knew it would come, if we had patience to wait.

To: Think4Yourself who wrote (47622)	7/9/1999 7:46:00 AM
From: Think4Yourself	Respond to of 95453

Next heat wave should be "interesting". Will the utility companies pay the big bucks for emergency power, or will they pay the bigger price of very bad publicity and lawsuits? Also, I have been reading that the national power grid was at maximum capacity for much of the time (first come, first cooled). Good news for the budding fuel cell business, GREAT news for Natural Gas. Utility sued over blackout; hospital reports damage to tissue banks Associated Press NEW YORK (AP) -- The power failure that left thousands of upper Manhattan residents without electricity may have destroyed important research at hospitals and labs affiliated with Columbia University. Power problems continued to plague New York Presbyterian Hospital on Thursday. The pathology chairman at Columbia said lapses in refrigeration may have harmed research tissues. "Brain banks have been gathering tissue for over 15 years, but we don't know for sure how much was lost," said Dr. Michael Shelansky. Other affected banks included DNA, breast cancer, and tumor research tissue. "Once they thaw out, they're useless," he said. Consolidated Edison has estimated that 200,000 residents were affected when the utility cut power to the area Tuesday night. One woman who lost power during this week's heat wave sued the utility Thursday, saying it should have been prepared to meet the heavy demand. Adeline Tegnazian contends negligence by Con Ed forced her and other customers to brave life without electricity as temperatures pushed past the century mark Tuesday. The suit seeks class-action status. The three days of record-breaking heat that began on Sunday arched power lines, shuttered subway stops and contributed to 19 deaths citywide. Tegnazian's suit claims Con Ed should have been aware that hot weather might cause power problems because of similar blackouts in 1965 and 1977. Con Ed spokeswoman Joy Faber said she had not seen the lawsuit and could not comment. The utility has said it will reimburse residential customers for food spoiled during the outage.