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Strategies & Market Trends : Strictly: Drilling II -- Ignore unavailable to you. Want to Upgrade?

To: russwinter who wrote (4156)	11/18/2001 8:16:29 PM
From: Frank Pembleton	Respond to of 36161

Russ, -- temporary short term heroin fix -- agreed, looking at last weeks NG storage numbers -*- 3107 BCF (94% capacity) with a build of 7 BCF as opposed to a 6 BCF draw from last years stats , throw in some cheap oil, warm weather and a slowing economy and voila... reduced capex from the majors. Last week during the oilpatch meltdown, Pan Canadian (a stock I hold) announced a dividend -- it only pushed the stock down harder -- all this did was confirm to the street, that it made more sense to give the money back to the investor than it did investing it in the name of growth. Bear signal or what? Poof!!! 2% drop just on that press release. On the oil side of things, OPEC has agreed to cut 1.5 MBbbls/d if non-OPEC countries agree to cut another .5 MBbbls/d. Yeah, right... This kind instability will certainly clear the decks of any investors looking for a positive trend. As you previously pointed out ... the U.S. has created (with the help of the Russians) a window of opportunity to load up the remaining 155 MBbbls of free space in the SPR. BTW, It's looking more and more like the Middle East has lost the ability to control their own destiny. Hmmm, the President drives a F-250 -- gotta like it. :) That photo reminds me a lot of Bush SR when he was photographed on a fishing boat during Desert Storm. Definitely top notch politics from the White House. Regards Frank P.