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

To: Gary Burton who wrote (53451)	10/23/1999 4:15:00 PM
From: oilbabe	Respond to of 95453

Oil Exporters Talk of Continued Restraint in Production London, Oct. 23 (Bloomberg) -- After slashing output this year and watching the price of crude oil double, several of the world's top oil exporters now say they may extend self-imposed limits on production to keep prices high. Oil officials from Venezuela and Mexico, the world's fifth- and sixth-largest oil producers, and Kuwait, the 12th-largest, this week all indicated the Organization of Petroleum Exporting Countries would consider production limits after the current restrictions expire in March. Their comments could reflect concern that plentiful oil supplies aren't shrinking fast enough, analysts said. More likely, though, after crude prices dropped 17 percent from this year's high, exporters want to remind traders of OPEC's commitment to holding down supplies. ``If they were to signal an increase in output, the market is still sufficiently anxious about inventories that prices would again take a dive,' said Jurjen Lunshof, an analyst at Credit Lyonnais Securities. Just a month ago, OPEC said it would reduce daily oil output by 1.7 million barrels, or about 2.3 percent of world supplies, until April. Four non-OPEC nations, including Mexico and Norway, also promised to restrain output. OPEC hasn't fully met its goal, but it has made more than 90 percent of the planned cuts. Higher And Higher This week, oil officials from Venezuela and Kuwait, two of the 11-member OPEC, said the cutbacks may need to last longer. In addition, Mexico said it hoped OPEC would extend the agreement, even though Brent crude oil in London has risen close to $23 a barrel from a 12-year low of $9.55 in December. A Kuwaiti official on Wednesday said he expected the limits to be extended through to the end of June. April would be a bad month to boost production because rising temperatures in the Northern Hemisphere spring usually weaken demand for heating oil, the unidentified official said, according to Kuwait's official KUNA news agency. On Friday, Venezuelan Deputy Energy and Mines Minister Alvaro Silva Calderon said the group hadn't decided what its next policy would be, adding current quotas would be extended ``if need be.' OPEC's success in raising the price of oil this year comes after a series of failures in 1998, when agreements to curb output were ignored by some of the group's biggest producers. As supply overwhelmed demand and the price of oil fell, OPEC members saw their combined annual earnings decline. Producers have said they want to see global inventories reduced and the average oil price over a year increase to more than $18 a barrel before they consider raising output again. The average price of Brent crude oil over the past year is $15.56 a barrel. And while prices have risen, ample supplies remain. The International Energy Agency last month estimated that some 170 million more barrels of oil than normal sat in storage tanks worldwide, enough to meet more than two days of use. Saudi Oil Minister Ali Naimi said Wednesday OPEC's top producer has ``absolutely no plans' to raise oil output before the end of March because world inventories are still too high.

To: Gary Burton who wrote (53451)	10/23/1999 5:48:00 PM
From: Gameboy	Read Replies (1) \| Respond to of 95453

Diana-no disrespect-but fundamentals are virtually useless in trying to ascertain whether to buy, hold or sell Gary, I've read enough of your incessant BS, I might as well throw in my 2 cents worth, since everyone else seems to acquiesce to your tea leaf readings. If your TA analysis gave you even a 1% or 2% edge, you'd be rich beyond measure in short order - and, of course, there'd be absolutely no incentive for you to share your 'secret discovery' with anyone else. By posting your BS, though, you just might be able to influence the decisions of others, which obviously is your transparent motive. Astrological readings have become passe and walking the traffic median with a 'feed the hungry' bucket is probably seasonal, so I'm reluctant to criticize your chosen con - but five times in one day is getting a bit tiresome. And if you think the fact that 'the fundamentals' are public information makes all decisions by all investors the same, think again. Of course, I don't really think you believe that fundamentals are virtually useless in trying to ascertain whether to buy, hold or sell and I do think you're being a bad boy, Gary, to try to con others. I'm posting this opinion strictly for entertainment purposes.

To: Gary Burton who wrote (53451)	10/24/1999 5:56:00 AM
From: BigBull	Read Replies (3) \| Respond to of 95453

Monday and Tuesday WILL be interesting for the patch stocks. On Monday the following big oil companies will report: Arco, Mobil, Exxon, Texaco On Tuesday: Mobil. A chart of the XOI: moneycentral.msn.com The following items stick out: 1. This index has put in a solid bottom at the 200 dma. 2. On a solid MACD buy. 3. Key resistance at 510 was breached Friday making further upside to 535 possible. 4. This index is trading slightly above it's 50 dma. 5. The XOI and OSX correlate closely, for obvious reasons. moneycentral.msn.com If Monday and Tuesdays earnings drive the xoi up to 535 over the next week or so then IMO the OSX may follow and breach it's 50 dma as well. The OSX is very close to having put in a confirmed double bottom off the 200 dma. The MACD is flashing buy, with a minor bullish divergence. Almost every single OS stock I'm looking at are flashing MACD buys from DEEEPLY oversold levels. IMO the beginning of this week will tell the tale.