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

To: BigBull who wrote (57015)	12/16/1999 8:58:00 AM
From: oilbabe	Read Replies (1) \| Respond to of 95453

London, Dec. 16 (Bloomberg) -- The following commodity markets are active today: Crude oil for January settlement (COA ) was little changed at $25.41 a barrel on the International Petroleum Exchange, after falling in opening trading as much as 6 cents to $25.37. Oil remains close to its highest level in nine years, as colder weather during the Northern Hemisphere keeps demand above supply. A drop in U.S. inventories to their lowest level in almost three years pushed crude oil up 1.6 percent yesterday. (News: NI OIL) Coffee for March delivery (CFA ) was at $1,287 a metric ton on the London International Financial Futures and Options Exchange, after rising as much as $42, or 3.35 percent, to $1,295 a metric ton on forecasts of dry weather returning to Brazil, which may damage the world's biggest crop. Drought in September and October led some producers to slash estimates for next harvest by as much as half. Rainfall this month led forecasters to declare the drought over, but little rain is expected in the country's coffee-growing regions before the weekend. (News: NI COFFEE) Gold for immediate delivery (GOLDS ) dropped as much as $2.58, or 0.9 percent, to $279.98 an ounce on concern producers will step up sales before increased supply from central banks pushes prices lower next year. Switzerland's upper house of parliament is expected to vote Wednesday to approve a plan to begin selling the nation's 2,600 metric tons of gold reserves next year, traders said. (News: NI GLD) Copper for three-month delivery (LMCADS03 ) rose as much as $25, or 1.4 percent, to $1,820 on the London Metal Exchange after reports signaled rising economic growth in Europe, Asia and the U.S., raising expectations for greater demand. Consumption is strong in the U.S., the world's top copper buyer, where manufacturing output rose for the 12th straight month in November, Federal Reserve said last night. (News: NI COPPER) Natural gas for January delivery (FNA ) rose as much as 0.43 pence, or 3.4 percent, to 13 pence (21 cents) a therm, its highest in more than six weeks, on the International Petroleum Exchange, as colder weather arrived to the U.K. and winter demand for heating fuel accelerated.

To: BigBull who wrote (57015)	12/16/1999 9:03:00 AM
From: Tomas	Read Replies (1) \| Respond to of 95453

The resource rally starts here - Catch-up to commodities Financial Post, December 16 Thomas Hirschmann Amid the din of technology stock euphoria, resource analysts have been trying hard this week to put out the word that their sectors are poised to take off. The most bullish calls are for oil and gas stocks, but metals and forestry have also been singled out as groups set to jump -- as they did yesterday. The fundamental reason for the positive outlook is the lag stocks have been experiencing, even as commodity prices rise. "Resource stocks should experience a reverse reality check and catch up to commodity prices," George Vasic, an analyst at Bunting Warburg Dillon Read Inc., wrote in a report. Resource stocks had been tracking the rise in commodity prices until a "reality check" in early September. But Mr. Vasic believes global economic growth will be revised upward, and renewed confidence should spur resource stocks on. For oil and gas stocks, the upswing could be 40% to 60%, says a report by Salomon Smith Barney. It says the average share price of the large-cap producers has fallen 30% since the September peak. "Fundamentals are strong and multiples of forward estimates have not been this low in six years." However, Salomon warned the rally may not begin for another couple of months and hinges on an end to the warm weather and to tech stocks' hot run. Salomon highlighted three Canadian companies, giving Canadian Occidental Petroleum (CXY/TSE) a 12-month target of $35 a share, Gulf Canada Resources Ltd. (GOU/TSE) one of $7.50 and Talisman Energy Inc. (TLM/TSE) one of $62.50. Randy Ollenberger, an analyst at Merrill Lynch & Co., said in a bulletin that gas firms are inexpensive based on a consensus price-to-cash flow multiple of roughly 3.5 times for seniors and 2.7 for juniors -- well below the respective historic medians of 5.4 and 4.4. canoe.com