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

To: dfloydr who wrote (50075)	8/30/1999 2:11:00 PM
From: SliderOnTheBlack	Read Replies (1) \| Respond to of 95453

< shorts who were betting that OPEC was falling apart are getting squeezed!> Yeah Baby ! --- Ohhhhh Binkey.... ...and Cheyrl-Straus-dorfman-Einhorn on CNBC now touting how Gasoline prices are ramping off of the surprising continued strong demand - well after the traditional end of the summer driving season & the refinery problems of late.... ...wasn't she just talking down crude & gas last week ? Wasn't the collapse of demand for gasoline going to start a bear run on crude oil ? Wasn't OPEC going to cheat & fall apart ? Lets add to her name; Cheyrl Straus-'dorfman-as the wind blows' -Einhorn .... these traders have played her & Barrons like an ultra-cheap violin of late.... talk about the queen of about-faces.... cbs.marketwatch.com Oil hits $22 a barrel on shutdowns Plus: Sugar futures sweeten while coffee turns bitter By Myra P. Saefong, CBS MarketWatch Last Update: 1:38 PM ET Aug 30, 1999Agriculture Outlook New! Futures News NEW YORK (CBS.MW) -- Crude oil futures hit $22 a barrel for the first time in a week Monday, supported by the shutdown of oil processing units at two U.S. refineries and as three major oil-producers agreed to stick with OPEC's oil production cuts. On the New York Mercantile Exchange, October crude rose as much as 73 cents to $22 a barrel and September unleaded gasoline rose 1.94 cents to 68.05 cents a gallon. September heating oil rose 1.41 cent to 57.40 cents a gallon. A processing unit at a refinery in Chalmette, La., owned by Mobil (MOB: news, msgs) and Venezuela's state oil company, will likely be shutdown for about a week after the refinery was forced to close it down to make emergency repairs last week. A crude processing unit at Sunoco's (SUN: news, msgs) Toledo, Ohio refinery, also was reportedly closed following a fire over the weekend. In other news, oil ministers from the three major oil-producing countries reaffirmed that they would uphold the Organization of Petroleum Exporting Countries' cuts in oil production for its full-year term. The pledged reduction in output was implemented back in April of 1999 to help increase crude oil prices which were suffering from an oversupply of stocks. "The move was somewhat anticipated, but still has a friendly ring to it," a daily report from Alaron.com said in regard to the meeting between Venezuela, Saudi Arabia and Mexico in Caracas on Saturday. Venezuela's oil minister also proposed an oil-price band that would essentially place a certain price-range on crude prices. If prices were to fall above or below the range, oil-producers would increase or reduce oil production, respectively. NG V9 NYME LastChg.2930+8% Chg.Vol.+0.27%53,790Day Lo.Day Hi.28602955OpenPrev.28802922 As of Aug 30/99 1:58 pm ET Last Trade Aug 30/99 1:57 pm ET 30 MIN. DELAY In other energy highlights, October natural gas moved higher on its first day of trading as a front month contract. On the New York Mercantile Exchange, October natural gas rose 1.3 cents to $2.935 per million British thermal units. The September contract's close below the $3 level "could be perceived as disappointing," said Michael Barbis of Warburg Dillon Read in a research note. However, "we note that this is the fourth highest expiration ever and the highest during the non-winter months," he said. The recent strength was likely induced by hurricane concerns, but the pricing is "primarily indicative of the tightness of the current gas market," he added.