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To: Evolution who wrote (49962)	8/27/1999 12:09:00 PM
From: dfloydr	Respond to of 95453

Re Brent pricing: Remember too: OPEC announced some particularly severe cuts in shipments to Europe, Russia has cut back exports to Europe, and Norway is cutting back as one of the NoPEC players ... all of which may also be behind the German decision to put some of their strategic reserve on the market. In otherwords, the Germans may be using their strategic reserve somewhat strategically.

To: Evolution who wrote (49962)	8/27/1999 12:22:00 PM
From: CommanderCricket	Read Replies (2) \| Respond to of 95453

Let's complicate this even more. 50% plus of NA oil usage is imported from Middle East, Mexico and Venuzula (sp)'. Is Middle Eastern Crude priced per WTI or just "sweet crude". The transport costs from the Middle East must be greater than from the North Atlantic for the NA market. Anyway, I believe that the narrowing spread is relative to the tightening oil market in Europe. The arguements that the Germans are selling their reserves to prevent supply problems may be correct. BTW: I have built my portfolio with the exception of TCMS, to be somewhat independent of OPEC. Concentrated on NA E&P companies with the majority of their production devoted to NG. Regards,