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

To: Tommaso who wrote (51406)	9/19/1999 2:52:00 PM
From: BigBull	Read Replies (2) \| Respond to of 95453

Two open questions to the thread: 1. What is the average age of the offshore drilling fleet? 2. What is the rate at which offshore oil rigs will have to be replaced in order to meet growing world wide oil demand? Answer those questions and you've solved the FGI dilemma. To my mind they are really the only thing that counts.

To: Tommaso who wrote (51406)	9/19/1999 3:22:00 PM
From: upanddown	Read Replies (1) \| Respond to of 95453

Anyone read Cheryl Strauss Einhorn this week in Barron's? Even by her low standards, this column was really dumb. Starts out with the usual filler material about OPEC compliance possibly going down, non-OPEC production maybe increasing, prices drifting lower, blah, blah, blah...the usual stuff to fill the white space. She then starts quoting some "energy analyst" from a nothing company. Miller disagrees. He thinks inventory needs will be met not from on-land refiners, but rather from unreported stocks -- those stores kept by oil producers themselves. "API is getting only part of the picture," he says. If producers release their own stores, official inventories could actually rise. "I think producers will need to apply some of those stocks," he predicts. Instead of the usual 55 days of supplies, Miller thinks the industry has over 76 days of stocks, or 300 million barrels of additional storage, held by producers. Cheryl never challenges any of this nonsense. Producers???? I assume Miller means domestic producers. They have 300 million barrels hidden somewhere? 50 days of average daily domestic production are hidden and not being reported to the DOE in direct violation of federal regulations mandating accurate reporting of stocks? This is printed like it is fact without a ounce of proof being provided by this anal-yst. Really low-quality "Journalism". John