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

To: Terry D who wrote (49841)	8/25/1999 11:42:00 AM
From: JoeDi1213	Respond to of 95453

Low in Oct crude is 2084. What happen is the folks that did the sept/oct roll bought the Oct in the $22 range and sold sept around 21.80. They have been choking on the Oct long for several days. These were funds small specs and consumers. The locals and producers were the sellers. Bought sept (close short) and short oct in the 22 area. We have needed a correction like this for sometime, could drift down in the 19 area which would be OK because it will help OPEC in Sept to keep a lid on production and it still a good enough price to encourage exploration