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Gold/Mining/Energy : Big Dog's Boom Boom Room -- Ignore unavailable to you. Want to Upgrade?

To: Tomas who wrote (13268)	9/24/2002 6:19:27 AM
From: Tomas	Read Replies (1) \| Respond to of 206334

Merrill Lynch's Smith Comments on Increased Oil Price Forecast By Angela Macdonald-Smith Sydney, Sept. 24 (Bloomberg) -- Stuart Smith, an energy analyst at Merrill Lynch & Co. in Sydney, comments on the broker's decision to increase its forecast for the 30-day trading range for crude oil to $30-$33 a barrel from $27-$30. ``We see that -- putting aside all the speculation about wars and things like that -- we see fundamentally a tight oil balance with inventories declining counter-seasonally coming into the northern hemisphere winter. ``We actually felt that OPEC needed to put more barrels into the system but clearly they're being very cautious about the timing of doing that and probably acting a little bit later because they don't want to have the effect that they've had in previous times when they've massaged the price down too far. ``The fundamentals definitely are very strong. We've been saying for a while that we felt the fundamental oil price was probably in the mid $20s without the war premium. Just looking at how much the oil price came off after Iraq made its initial statements we're starting to wonder whether it might actually even be that the oil premium's a bit less and that it's the mid-to high $20s as being the fundamental oil price.''