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To: Steve Fancy who wrote (2469)	9/27/2000 10:20:56 PM
From: zbyslaw owczarczyk	Read Replies (1) \| Respond to of 3891

Crude Oil Falls as Saudi Arabia Says Ready to Pump More Oil By Stephen Wisenthal Singapore, Sept. 28 (Bloomberg) -- Crude oil fell as Saudi Arabia, the world's largest oil producer and exporter, said it's ready to pump more if necessary to stem a rise in oil prices, which is threatening world economic growth. Members of the Organization of Petroleum Exporting Countries, meeting in Caracas to celebrate the cartel's 40th anniversary, aim to keep the price of a mix of crude oils it monitors within a range of $22 a barrel to $28 a barrel. It was $29.15 on Sept. 26. ``We are worried today about the increase in oil prices that could have a negative impact of the prospects for world economic growth,'' Saudi Crown Prince Abdullah bin Abdulaziz Al Saud said at the OPEC summit. ``The kingdom of Saudi Arabia is ready to supply whatever amount necessary to stabilize the world market.'' Crude oil for November delivery fell as much as 32 cents, or 1 percent, to $31.14 a barrel in after-hours electronic trading on the New York Mercantile Exchange. During floor trading, it fell 4 cents to $31.46. Prices still are up 28 percent from a year ago and reached a 10-year high of $37.80 last week. OPEC is ``talking the market down,'' said Daniel Pickering, an analyst at Simmons & Co., a Houston-based investment bank specializing in energy. ``The consensus among OPEC would be that crude prices in the mid-30's for West Texas Intermediate (benchmark New York crude) are dangerously close to slowing growth in demand.'' The Saudi pledge in Caracas echoed earlier comments by Nigerian President Olusegun Obasanjo, who said OPEC is ``mindful of the fact that if oil prices go too high, it damages the economy of the world -- it damages both developing countries in general, and all non oil-producing countries. Temporary Price Rise Oil prices next year could drop to the lower end of OPEC's desired price range of $22-$28 a barrel as supplies increase, Nicholas Stern, the World Bank's top economist said. ``The oil price rise is a very temporary phenomenon,'' Stern said. ``I would guess that sometime next year you are going to see world oil prices'' in OPEC's target range. ``I wouldn't be at all surprised if it's in the lower part of that range.'' High oil prices, which can slow growth in oil-importing nations, may cut into the 4.2 percent economic expansion that the International Monetary Fund forecast for next year, said Michael Mussa, the IMF's research chief. Oil prices have fallen over the past week as U.S. President Bill Clinton said the government would provide 30 million barrels from its Strategic Petroleum Reserve to boost low inventories. U.S. crude oil supplies fell to a 24-year low in August. ``I don't see why OPEC should react very awkwardly to this plan,'' said Nigeria's Obasanjo. ``It's not a lot of oil, and hopefully, it will help to stabilize the market. I don't think the oil from the reserve or the oil from OPEC will depress the market. If it does, we can withdraw OPEC oil.'' OPEC will on Oct. 1 boost its production quota by 800,000 barrels a day, its third increase this year as it works to lower oil prices. At current prices, ``the economic incentive to add capacity both at OPEC and non-OPEC (producers) is very high,'' said Simmons' Pickering.

To: Steve Fancy who wrote (2469)	9/27/2000 10:25:56 PM
From: zbyslaw owczarczyk	Read Replies (1) \| Respond to of 3891

Steve, one of the reason why tech stocks were down today is that P.Sagawa is supposed to come tomorrow with negative comments on many stocks like JDSU,NT. Of course he will be very positive on his favorite stock LU and NOK, both highly regarded by P.Sagawa, who missed totally NT and has still negative bias to it. However, his track record is no more then average, and I do not think he will be taken to seriously. Well, may be for a day. Zbyslaw

To: Steve Fancy who wrote (2469)	9/27/2000 10:44:04 PM
From: zbyslaw owczarczyk	Respond to of 3891

re: Steelhead (Skamania) There are few rivers and larger creeks here which have Skamania Steelhead. This one will approach shoreline as soon as early September( tolerate well 60 F, first spawning after hitting 8-9 lb, 14-18 lb not uncommon here in Ontario). They are starting to run now, after good rain. Spawning however will happen in Spring. They will stay inside river, or sometimes will go back to Lake Ontario and come back after another good rain. The place I fish do not have King run, but only Skamania Steelhead and Brown Trout. I have enough Kings during summer boat fishing. The are much stronger in summer, then now, shorthly before spawning. Northwest( BC, Oregon ) for example, has summer and winter run of Steelhead. Zbyslaw