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To: stevedhu who wrote (48982)	8/6/1999 3:24:00 PM
From: A. Geiche	Read Replies (2) \| Respond to of 95453

Good post on FGI: messages.yahoo.com

To: stevedhu who wrote (48982)	8/6/1999 3:39:00 PM
From: BigBull	Respond to of 95453

stevedhu, ME TOO. That was one hellacious recovery because oil dropped to the high 20.30's intraday. Maybe the DOE predicting 20 dollar oil for the rest of the year had something to do with it! Sharpen up, baby, sharpen up. Boom '99! <g> Bloomberg Energy Fri, 06 Aug 1999, 3:30pm EDT 8/6 14:01 DOE Increases Crude Oil Price Forecast $2-$3 a Barrel for Rest of 1999 By Mark Pittman DOE Increases Crude Oil Price Forecast for Remainder of 1999 New York, Aug. 6 (Bloomberg) -- Crude oil futures in New York will probably stay above $20 a barrel for the rest of the year, as producers keep their pledges to cut output by 7 percent, the U.S. Department of Energy said. The DOE said it expected crude oil prices to average $20.50 and $21 a barrel for the rest of the year, up from its July forecast of $18. The estimate was raised because the Organization of Petroleum Exporting Countries is doing better than expected in achieving promised output reductions, the DOE's Energy Information Administration said. ''Previously, we had expected compliance with OPEC-agreed cuts to peak in May or June 1999 before falling as higher prices triggered more production,'' the EIA said in its Short-Term Energy Outlook. ''Although we still expect this to occur, we have delayed the timing and are now forecasting that OPEC compliance will be relatively strong throughout the summer, before declining much more gradually than we had earlier forecasted.'' Crude oil for September delivery recently was down 6 cents at $20.50 a barrel on the New York Mercantile Exchange. Prices have risen 70 percent this year after OPEC and a group of independent producers, including Mexico and Norway, pledged to reduce world output by more than 5 million barrels a day OPEC members made 95 percent of their promised cuts in July, according to Bloomberg estimates. -------------------------------------------------------------------------------- © Copyright 1999, Bloomberg L.P. All Rights Reserved.