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

To: excardog who wrote (86542)	2/7/2001 11:26:34 AM
From: howto	Read Replies (2) \| Respond to of 95453

Thanks for explanation on EOG, hoping they will show strong earnings and will pop a few points.

To: excardog who wrote (86542)	2/7/2001 11:37:27 AM
From: upanddown	Read Replies (1) \| Respond to of 95453

Wondering about near-term direction of oil prices. The NYMEX price is staying stubbornly above $30 while, according to the DOE this morning, world prices are much lower. Crude stocks in this country are not that far off historical levels. The OPEC weighted price seems to be close to $24, below the midpoint of the $22-28 price band. My guess is that WTI is being fueled mostly by speculation rather than actual transaction prices. Why such a big gap? US DOE Weekly Oil Data: Petroleum Prices for Week Ended Feb 2 Feb. 7-MAR-- For week ended Feb 2, in dlrs per barrel. Source: US Department of Energy Price Chg Price Chg weighted world avg 25.18 -0.02 Saudi Arab light 34 23.48 -0.10 weighted US avg 25.23 -0.67 Saudi Arab medium 31 22.88 -0.10 UK brent 38 28.67 2.21 Saudi Arab heavy 27 21.98 -0.10 Norway Ekofisk 27.45 0.10 Abu Dhabi Murban 39 25.25 -0.10 Canada Blend 30 42.93 -0.21 Dubai Fateh 32 23.90 -0.10 Canada L/Minster 28.02 0.45 Qatar Dukhan 40 24.59 -0.10 Mexican light 33 24.67 -1.84 Iranian light 34 23.38 -0.10 Mexican heavy 22 18.64 -1.58 Iranian heavy 31 22.88 -0.10 Colombia 26.03 -2.02 Iraq Kirkuk 36 25.82 -0.93 Ecuador Oriente 30 23.87 -2.00 Kuwait Blend 31 22.68 -0.10 Angola 26.90 0.00 Neutral Zone Khafji 28 23.48 -0.10 Cameroon 26.90 0.00 Algeria Saharan 44 28.00 0.00 Egypt Suez Blend 23.50 -0.15 Nigeria bonny light 37 27.20 0.00 Gabon Mandji 0.00 0.00 Nigeria forcados 31 27.15 0.00 Oman 34 23.55 -0.10 Libya es sider 37 27.80 0.00 Australia Gipps 42 26.15 0.15 Indonesia minas 34 24.15 -0.40 Malaysia Tapis 44 28.15 0.00 Venezuela tia juano 24.77 -1.85 Brunei Seria 37 0.00 0.00 Venezuela bachaquero24 0.00 0.00 USSR export blend 26.95 1.93 Venezuela bachaquero17 0.00 0.00 China Daqing 24.00 -0.40 Gabon mandji 30 0.00 0.00 Total non-Opec avg 26.21 0.32 Total OPEC average 24.33 -0.30 Note: Prices are official sales prices or estimated contract terms, excluding spot prices as of Tuesday. Averages are weighted by volume of trade.