Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

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

To: The Ox who wrote (82073)	12/19/2000 10:58:58 AM
From: excardog	Respond to of 95453

December 19, 10:54 am Eastern Time U.S. refiners plan unsual, hefty Jan. maintenance NEW YORK, Dec 19 (Reuters) - U.S. refiners are planning to carry out spring maintenance as early as January due to poor profit margins, slicing off as much as three percent of national production at a time of high demand, companies and industry sources said Tuesday. Roughly 500,000 barrels of daily (bpd) production, mostly for gasoline, will be brought down as units in roughly a dozen refineries are repaired after running at full pace over the summer and fall, industry sources estimated. Among the refiners who have announced maintenance plans in January are the independents Amerada Hess (NYSE:AHC - news), Valero Energy Corp (NYSE:VLO - news), Crown Central Petroleum (AMEX:CNPa - news), and Ultramar Diamond Shamrock (UDS) (NYSE:UDS - news). Majors BP (quote from Yahoo! UK & Ireland: BP.L)and Chevron Corp (NYSE:CHV - news), and leading U.S. independent refiner Tosco Corp (NYSE:TOS - news), are also said to be planning early 2001 maintenance, but company officials declined comment. The maintenance trend, unusual in January when demand for heating fuels is high, comes after several refining companies like Valero, Sinclair Corp, and UDS delayed regular autumn maintenance due to strong profit margins for heating oil at the time. Margins have since weakened as pre-winter panic buying for heating oil abated and a pipeline and shipping bottleneck backed barrels into the Gulf Coast, a region which accounts for roughly half of the nation's output. ``That makes it easier for refiners to do the maintenance sooner, before the margins improve again,'' said one Texas products trader. ``We're already seeing crude oil prices slip and winter is just beginning.'' Refining margins in the U.S. last week averaged $4.76 a barrel, exactly two dollars less than the average in October, said Paul Ting, analyst for Salomon Smith Barney. Most of the maintenance will take place on the Gulf Coast where margins have crumbled to $2.78 a barrel from $4.79 in October, according to Ting's data. The following table shows planned refinery maintenance: Company Refinery Unit Capacity Timing Valero Texas City CDU 88K Jan 2001 Valero Paulsboro,NJ Reformer 24K Jan 2001 Valero Paulsboro,NJ Hydrotreater 63K Jan 2001 Citgo Lk Charles,La FCC 117K late Jan 2001 Hess St. Croix,USVI FCC 110K Jan 2001 Crown Tyler,Tx FCC 16K Feb/Mar 2001 UDS Ardmore,Ok NA 68K Q1 2001 UDS McKee,Ok NA 155K Q1 2001 UDS Three Rivers,Tx NA 95K Q1 2001 Tosco Belle Chasse,La NA 242K Jan 28 2001* BP Texas City,Tx NA 460K** Jan 2001* Chevron Pascagoula,La NA 295K** Jan 2001* Items with a '' next to them are unconfirmed by the company. Items with a '*' denote that capacity is for the refinery, not the capacity of units to undergo repair

To: The Ox who wrote (82073)	12/19/2000 11:04:10 AM
From: ItsAllCyclical	Read Replies (1) \| Respond to of 95453

FED - Let's face it a nuetral bias is already priced in and if many people are expecting a cut then it may be partially priced in as well. I would be surprised if 2600 area holds on the Nasdaq. Looks like Don Hays will be proved right in his timing. Another new low on the Nasdaq and a break of 2500 will start the capitulation phase imho. 207.61.23.98 Still holding 35% gold here. We will break Nasdaq 2500, if not now then within 3 months (next earnings which will be even worse). I gotta believe that shortages of heating oil and natural gas combined with a weakening US stock market will cause a panic - even if it's only short lived. I still think that Gold is a pretty good way to play any energy crisis. Added a few lagging OSX stocks now that it's showing clearer direction. Waiting for a pullback before adding more since this type of short term run has very rarely proven sustainable. TAM and LSS are still pretty cheap in the pipemakers. MVK has run too fast for me to add it here. Sooner or later people will wake up to the reality that the Fed can't save them. Our economy is driven by consumer spending and somewhat by IT corporate spending. Consumer spending strongly correlates with the stock market, and IT spending will be hampered by high debt, high energy bills, and a slowing US and global economy.