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Politics : High Tolerance Plasticity -- Ignore unavailable to you. Want to Upgrade?

To: energyplay who wrote (2125)	3/21/2001 1:21:57 PM
From: upanddown	Respond to of 23153

I find it interesting that WTI keeps bouncing off $26 since that probably means the OPEC basket price with the usual $4 discount is bouncing off $22, the low end of the OPEC price band. If the OPEC price drops below $22 for a couple of weeks, they are supposed to automatically cut 500 MBD. It looks like the market is expecting OPEC to follow through if prices stay sub-$22 for a while so the market keeps taking a bullish bounce at the lower band. I think it is reasonable to expect OPEC to follow through. Their recent aggressive moves to cut supply are in sharp contrast to 97-98 when they were paralyzed in the face of slackening demand. Once burned, twice shy. Anyone have a source for daily OPEC basket price? John