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

To: Tomas who wrote (63605)	3/31/2000 6:35:00 PM
From: Tomas	Respond to of 95453

Bump in oil forecasts boosts sector - Financial Post, March 31 Claudia Cattaneo and Thomas Hirschmann Canadian oil and gas stocks rallied for the second consecutive day yesterday as investment dealers aggressively bumped up oil price forecasts in response to this week's OPEC deal to stabilize prices around $25 (US) a barrel. Peters & Co. now expects oil prices to average $25 (US) a barrel this year, up from its outlook of $20. "We are not the lone rangers. There are a number of [dealers] that are predicting prices between $24 to $26 (US) as a result of the agreement by members of the Organization of Petroleum Exporting Countries. We were waiting to see if [the output increase] was really small or really big. And it turns out to be on the small side," said analyst Wilf Gobert. Salman Partners increased its 2000 crude forecast to $24 (US) a barrel from $19. FirstEnergy Capital Corp. is raising its estimate to $24.50 (US) for 2000 from $21.50 a barrel and to $21 (US) from $19.50 in 2001. Despite the recent spike in crude prices, dealers had kept crude assumptions conservative because of uncertainty over whether OPEC would turn on the taps to address tight global supplies. nationalpost.com