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

To: JHalperin who wrote (54129)	11/5/1999 8:04:00 PM
From: sportsman	Respond to of 95453

MRL continues to be in the sweet spot(GOM) November 5, 1999 Offshore rig count patterns continue HOUSTON: The offshore rig count increased in the U.S. Gulf of Mexico and declined in Europe, continuing a pattern seen in recent months, according to Offshore Data Services' weekly mobile offshore rig count. In the U.S. Gulf of Mexico, two more rigs are working this week compared to one week ago. In addition, one new rig joined the Gulf drilling fleet. With 146 of the 191 rigs in the area now under contract, U.S. Gulf of Mexico rig fleet utilization is 76.4 percent. A one-rig decline in the number of rigs under contract in European waters was exacerbated by the delivery of a new rig into the region without a drilling contract in place. As a result, the European offshore rig fleet now numbers 107 rigs, only 73 of which are under contract. European offshore rig utilization is a dismal 68.2 percent. Worldwide, 471 of 633 mobile offshore drilling rigs are under contract, a net one-rig decline compared to last week. Worldwide offshore rig utilization is 74.4 percent. For additional information or to attribute quotes on text above: Tom Marsh, Drilling Editor

To: JHalperin who wrote (54129)	11/5/1999 11:35:00 PM
From: Crimson Ghost	Read Replies (2) \| Respond to of 95453

Joel: I don't think the NASDAQ rally has much to do with the OSX drop. Many others sectors are rallying along with the techs. The primary reason for the recent OSX weakness seems to be a reduction in consensus expectations of year 2000 capex by the majors from 15% a few months ago to half that figure currently.

To: JHalperin who wrote (54129)	11/6/1999 12:22:00 PM
From: IndioBlues	Read Replies (1) \| Respond to of 95453

Joel, I think the apparent sluggishness in cap ex spending increases is one, perhaps the primary, culprit in the sector undervalutation. I also think that the effect of Asian demand is: (a) not being priced into valuations; or (b) not developing as rapidly as some forecast.

To: JHalperin who wrote (54129)	11/6/1999 2:40:00 PM
From: William JH	Respond to of 95453

joel - Two things that stand out in my mind about investing in energy are: 1. Negative press. Higher gasoline and heating bills are despised, OPEC is unpopular, cheap energy is a birthright. (Those old enough might remember the "Windfall Profits Tax" put in by the Carter Administration). 2. Oil and natural gas are considered by many to be nothing more than inflation hedges, lumped in with gold. When inflation is tame, there is less interest in O&G. I see increasing demand for all types of energy, and am heavily invested in NG stocks.