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

To: Post_Patrol who wrote (62159)	3/15/2000 8:33:00 AM
From: BigBull	Read Replies (2) \| Respond to of 95453

Good, I'm glad. Time for those refiners to get crackin', cause we sure need the gas. Now we'll see if the theory that holds "if oil prices go down then E&P's go up" is true. I'll be surprised if the theory holds true, but in this wacky market, it's possible. Do oil prices in the mid to high twenties really hurt this industry? It will be interesting to see how Mexico reacts to a quick 3 to 4 dollar shaving. Maybe they won't be to eager to flood the market. C'mon futures traders, slash that crude price - slash it!

To: Post_Patrol who wrote (62159)	3/15/2000 8:41:00 AM
From: Post_Patrol	Respond to of 95453

Crude weakens on latest signals from OPEC TSE Oil and Gas Stocks Finished Mixed By KERM YERMAN In London, oil prices fell further from recent highs on Tuesday as main producers signaled they would turn a blind eye to cheating above current quotas when they increase supply in April. World benchmark Brent in London closed 55 cents lower at $28.34 a barrel, more than $3.50 down from last week's nine-year peaks. U.S. prices also tumbled, falling 33 cents to $31.69. Fresh falls came after sources from oil cartel OPEC said leading producers want any extra supply produced from April unofficially to come on top of current leakage, estimated now at between 1.2 and 1.4 million barrels per day. "OPEC has to arrive at a solution that takes into account the realities of the market. It doesn't matter whether the leakage is officially legitimized, or not, as long as it is accepted de facto," said one Iranian official. This position -- which should allow OPEC to release more net supply than previously expected -- is believed to have the support of other major OPEC Gulf producers including Kuwait and Saudi Arabia. In New York, crude oil futures on the New York Mercantile Exchange (NYMEX) continued to weaken and steady selling kept the pressure on heating oil and gasoline futures Tuesday, traders said. The market's decline was prompted early by news from OPEC sources who said earlier that major producers from the cartel appear agreeable to increasing output on top of current leakage. NYMEX crude for April delivery settled at $31.69, down 33 cents, wiping out Monday's 26-cent gain. It slid as low as $31.20, off 82 cents. In the morning, it traded as high as $31.95. The break below $31.50 triggered a further slide to the day's low and that sets the stage for the retest shortly of the $30.55 low last week, analysts said. After the market closed, a Saudi source told Reuters that oil producers are moving towards increasing output from April 1 to meet heavy refiner demand and will not hesitate to satisfy market needs. But the exact amount of the increase would be decided when OPEC ministers meet on March 27 in Vienna, the source said. April gasoline ended at 96.77 cents, 2.34 cents on the day, after slipping to a session low of 95.85 cents, down 3.26 cents. It peaked in the morning at 99.00 cents. Gasoline's next stop on the downside is seen at 95.00 cents, one trader said. Analysts said continued long liquidation on gasoline pressured gasoline. But some couldn't put a finger on exactly what caused gasoline's fall. "It's hard to say at this point