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

To: Stormin Norman who wrote (94340)	11/1/2001 10:58:24 PM
From: The Ox	Respond to of 95453

Stormin, I remember reading a recent post of yours which stated that you were strictly small time. At the time I thought you were referring to your investments.... NYMEX Crude Dips, Bears Edgy While Eyeing OPEC Moves NEW YORK, Nov 1 (Reuters) - NYMEX crude oil futures dipped to fresh session lows midday Thursday as the market moved below support levels and traders watched for further OPEC news on its its plans to boost slumping prices. At 12:58 p.m. EST (1758 GMT) NYMEX December crude traded down 50 cents at $20.68 a barrel. Prices have see-sawed since the early going and have climbed to as high as $21.45. In London, IPE December Brent crude futures shifted to negative territory, trading 47 cents down at $19.90 a barrel. "There has been so much talk about OPEC's plans to cut output...but until it happens, we may be just moving within the current range here," said a NYMEX floor trader. OPEC Secretary General Ali Rodriguez said on Thursday that OPEC was likely to cut a million barrels per day (bpd) from its production ceiling, even after improved compliance with current curbs. The 10 OPEC members with quotas, excluding sanctions-bound Iraq, pumped 850,000 bpd above OPEC's 23.2 million ceiling in October, according to preliminary estimates by consultants monitoring exports. OPEC efforts to get non-OPEC producers' support for OPEC's plan to cut output at its Nov. 14 ministers meeting have so far been unsuccessful and traders continue to warily watch the economy and demand. U.S. consumer spending fell at its fastest pace in more than 14 years in September as shell-shocked Americans clamped their wallets closed in the wake of the Sept. 11 attacks, the government said on Thursday in a report issued by the U.S. Department of Commerce. The manufacturing sector. meanwhile, sank deeper into recession in October as last month's attacks thwarted efforts by the nation's factories to climb out of a 15-month slump, an industry report said. NYMEX December heating oil, on its first day as prompt contract, extended losses and was down 1.24 cents at 59.80 cents a gallon. NYMEX December gasoline, now also the prompt spot, was off 0.71 cent at 55.40 cents a gallon. "There's a lack of interest on products at the moment as there really has been no change in fundamentals, with the petroleum supplies mostly up," said the NYMEX floor trader. OPEC President Chakib Khelil said on Wednesday that any cuts would be implemented from January 1. OPEC wants to defend a range of $22 to $28 per barrel for its export basket, which stood at $19.14 on Tuesday, on its 27th straight trading day below the band's low threshold. The Bush administration is ready to add more oil to the U.S.' Strategic Petroleum Reserve at the rate of about 100,000 bpd, Texas Republican Rep. Joe Barton said on Wednesday. Some New York traders believe the expected OPEC cut is already factored in the market, with the general economic slump and its effect on demand emerging as a key uncertainty and a key factor in which direction prices take from current lows.

To: Stormin Norman who wrote (94340)	11/2/2001 4:52:25 AM
From: chowder	1 Recommendation Read Replies (3) \| Respond to of 95453

Why don't you stick your head up your ass and go back where you came from.