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

To: Ronald J. Clark who wrote (66369)	5/17/2000 2:46:00 PM
From: Think4Yourself	Read Replies (1) \| Respond to of 95453

Your note on 1997 levels is correct but no comparison can reasonably be made. The primary reason is that the Maritimes Northeast pipeline was still under construction (I used to run on the construction roads in 97 and 98 outside Portland). The Northeast has been rapidly converting from heating oil to NG in the past few years, requiring higher levels to be in storage. Additionally, all of the new NG power generation coming online makes comparing even to 98 suspect. More usage will require higher storage levels. Storage levels are currently going the wrong way, towards "Just In Time" delivery :o) One other issue regarding storage levels in 98 is the $10 oil prices. Commercial dual fuel customers were probably using all oil in 97 and 98, whereas now they are probably using all NG.