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

To: Fun-da-Mental#1 who wrote (58624)	1/17/2000 6:07:00 PM
From: Tomas	Respond to of 95453

Canadian oil and gas stocks surge on strong oil prices CALGARY, Jan 17 (Reuters) - Canadian oil and gas stocks, which had languished recently amid excitement over high-tech shares, caught fire on Monday on the strength of crude oil prices, which soared to nine-year highs last week. The Toronto Stock Exchange's oil and gas subindex, which includes a range of producer, integrated oil, and oil-field service companies, jumped a heady 324.56 points, or more than 5 per cent, to close at 6371.38, its highest level since November, in the midst of a recent stock-price malaise. "Every analyst and their dog has been saying that the oils are undervalued. It looks like people are saying, 'Gee, maybe we better jump in if oil is over 28 bucks,'" said Jeff Fiell, analyst with Canaccord Capital Corp. in Calgary. ... ... Despite strong prices for oil and gas, shares of Canadian energy companies have been stagnant since last autumn as fund managers turned their attention to surging high-technology and telecommunications stocks. Fiell said he expected the TSE oil and gas subindex to rise 30-35 per cent this year, based on strong commodity prices as well as growth in oil and gas production and cash flow. Canadian oil companies were slated to hit the street with a parade of strong profits in fourth-quarter results starting later this week. canoe.ca