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

To: Tomas who wrote (58665)	1/18/2000 4:47:00 PM
From: Tomas	Respond to of 95453

Canadian Oil Stocks Soar on OPEC Cuts, Freezing Winter Weather - Bloomberg By Keith Campbell Toronto, Jan. 18, 15:44 (Bloomberg) -- The Toronto Stock Exchange's index of oil and gas stocks surged, marking its biggest two-day advance ever, boosted by OPEC production cuts and the first cold snap this winter. The TSE's index of 48 oil exploration and services companies, including Petro-Canada and Talisman Energy Inc., jumped 174.16, or 2.7 percent, to 6545.54, its fifth straight gain and it highest since Sept. 20. In the last two days alone, the index jumped 8.2 percent. Demand for heating oil is being driven by the coldest temperatures in the northeastern U.S. since 1997, which are expected to last another week. Meanwhile, the Organization of Petroleum Exporting Countries agreed Friday to prolong output cuts that caused the price of crude to double in 1999. ``The cold weather has renewed people's belief that more of the same could be in store over the winter,' said Peter Schendel, a fund manager at Strathy Investment Management in Toronto, which manages C$300 million ($207 million) in assets. Between OPEC's cuts and the cold, ``it's a combination of the two,' he said. Petro-Canada advanced C$0.80 to C$24.80, Alberta Energy Co. Ltd. gained C$1.30 to C$49.05, and Talisman rose C$1.20 to C$44.20. Five of the ten most-heavily traded stocks in Toronto were oil producers. The oil and gas index has gained 12 percent this year, compared with an advance of 2 percent by the benchmark TSE 300 Composite Index, making it the second-best performing of any TSE industry group. Canadian stocks are also surpassing their U.S. counterparts. The Standard & Poor's Oil Exploration and Production index has gained 3 percent in 2000. The price of crude oil was recently trading $0.36 higher at $26.01, up 8 percent since the start of the year. A year ago, crude was trading at $12.57, as recessions in emerging markets crimped demand. Investors will get a clearer look at how improving oil prices are boosting profit when companies begin to release earnings later this week. ``They're going to be great numbers,' Schendel added. ``People will focus more on the sector. There's been a complete lack of interest in the sector until very recently.' Among other gainers, Cypress Energy Inc. rose C$0.20 to C$6.60, Startech Energy Inc. rose C$0.65 to C$8.30, and Anderson Exploration Ltd. surged C$0.65 to C$19.45. Ranger Oil Ltd. gained C$0.50 to C$6.15.

To: Tomas who wrote (58665)	1/18/2000 5:03:00 PM
From: ItsAllCyclical	Respond to of 95453

Media/Analyst ignorance Tomas, from the article you just posted... >> ``The tide is turning from a negative industry environment to one where you're starting to get some signs of hope,' said Kurt Hallead, a Merrill Lynch Global Securities analyst. << Signs of hope? LOL. I guess when oil prices hit $35 they'll be bullish, and bearish when oil prices pull back to $25. The CNBC host (whoever the main host is, I forget), was talking about GLM's earnings this morning. They said they couldn't understand how GLM could just barely make a profit with $28 oil. These guys just don't get it. The ignorance of this sector is amazing.