Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : Games Trader -- Ignore unavailable to you. Want to Upgrade?

To: John Paquet who wrote (1201)	9/16/1999 3:00:00 AM
From: hsg	Respond to of 1239

Paquet it in. couldn't resist...

To: John Paquet who wrote (1201)	9/16/1999 6:01:00 PM
From: goldsnow	Respond to of 1239

New York, Sept. 16 (Bloomberg) -- Crude oil rose almost 2 percent to a 2 1/2-year high on expectations that producers meeting next week in Vienna will stick to their plan to limit output until the end of March. Prices have doubled this year after the Organization of Petroleum Exporting Countries reduced world supply by about 6 percent starting in April. Saudi Arabia and Iran, the group's two biggest producers, have said OPEC has no plans to end the output cuts, which were intended to erode a global surplus. ``The market is clearly taking OPEC at its word,' said Tim Evans, an analyst at Pegasus Econometric Group in New York. The cuts are ``going to make supplies tighter and tighter.' Crude oil for October delivery rose as 38 cents, or 1.6 percent, to $24.51 a barrel on the New York Mercantile Exchange, the highest price since January 1997. Prices have gained in eight of the past nine sessions. New York trading ended early because of the approach of Hurricane Floyd. In London, November Brent crude oil rose as much as 46 cents, or 2 percent, to $23.24 a barrel, on the International Petroleum Exchange. The output cuts are draining U.S. inventories, which are watched by traders worldwide because the U.S. is the world's top consumer and maintains the most complete set of energy statistics. Last week, crude oil in storage fell 1.3 million barrels, or 0.4 percent, to 309.55 million barrels, according to the American Petroleum Institute. Supplies are at their lowest level since January 1998. Company Earnings The surge in crude prices is now shaping expectations for company earnings. FDX Corp., the largest express-delivery company, said rising fuel prices hurt first-quarter earnings and may prevent it from meeting this year's profit forecasts. The stock tumbled as much as 14 percent, its biggest drop in almost 12 years. Eastman Chemical Co., the biggest maker of plastics used in soda bottles, said third-quarter profit will be significantly below estimates because of rising costs for petroleum-based raw materials. Prices for oil and natural-gas derivatives, such as ethane used in plastics, paints and other products, jumped more than 50 percent during the quarter, the company said. The surge in oil prices was most visible at pump, where average U.S. retail gasoline is at a three-year high of $1.25 a gallon, according to a U.S. Department of Energy survey of 800 filling stations. Gasoline prices have gained in nine of the past 11 weeks, the DOE said. Diesel fuel prices have risen 14 straight weeks to the highest level since April 25, 1997, the DOE survey showed. Average highway prices for diesel gained 1.1 cents in the past week to $1.209 a gallon. Gasoline futures for October delivery fell 0.28 cent to 68.77 a gallon on the Nymex while heating oil for October delivery was little changed at 61.08 cents a gallon, up 0.02 cent. -------------------------------------------------------------------------------- ¸ Copyright 1999, Bloomberg L.P. All Rights Reserved.

To: John Paquet who wrote (1201)	9/28/1999 10:48:00 AM
From: goldsnow	Respond to of 1239

warning-CTQ will be above 1.50 before the year-end

To: John Paquet who wrote (1201)	9/29/1999 4:28:00 PM
From: goldsnow	Respond to of 1239

Oil Hits Fresh 32-Month Highs Click on our sponsors! Updated 4:33 PM ET September 27, 1999 LONDON (Reuters) - World oil markets held firm Monday after powering to fresh 32-month highs on technicals and news that Iraq would surpass its $5.26 billion oil sales limit in early October. London Brent futures for November closed 17 cents higher on the day at $24.07 a barrel after steaming ahead to a high of $24.18 after the release of U.N. figures showing that Friday, Iraqi oil exports were $695 million short of hitting their six-month limit. Using the four-week averages of price and exports, Iraq will exceed the sales target allowed by the UN by October 8. Iraqi oil exports under the current six-month phase of the "oil-for-food" program, which ends November 20, reached 2.63 million barrels per day in the week to September 24. The upward move in London, which was not mirrored in New York, was helped by a rally late last week when OPEC voted to leave export restrictions in place. Analysts said OPEC's decision to maintain 4.3 million barrels a day of supply curbs until April looked likely to push prices higher again as inventories were depleted in coming weeks. "The outcome of the meeting almost assures the world of a serious stockdraw over the next 90 days," said independent U.S. oil consultant Philip Verleger in a note to clients. Dealers Monday said they remained wary of political pressure in the United States to release oil from the national strategic petroleum reserve. The U.S. Department of Energy said Friday there was no need to consider a sale from the reserve because commercial heating oil stocks were sufficient. A U.S. senator, Charles Schumer of New York, had called for a release of oil to counter OPEC export curbs calling them nothing less than "economic warfare." "Ultimately any sale from the reserve will be politically motivated and for that reason we would not rule out pressure for such a sale increasing over the coming months," said Lawrence Eagles of oil brokers GNI. The risk of a big price reversal led by speculative hedge funds was reduced Friday when U.S. statistics showed a decline from the record purchase positions held by speculators. The Commodities and Futures Trading Commission said speculators' net long positions in U.S. light crude futures had fallen nine percent to 71,500 contracts in the two weeks to September 21. Prices in dollars per barrel: Sept 27 Sept 24 (close) (close) IPE Nov Brent 24.07 23.91 NYMEX Nov light crude 24.61 24.80