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

To: Frank Pembleton who wrote (28136)	2/14/2003 9:24:01 AM
From: Frank Pembleton	Read Replies (1) \| Respond to of 36161

Gas goes above $2 a gallon By James R. Healey and Barbara Hansen, USA TODAY Gasoline is above $2 a gallon in at least 15 urban areas, diesel fuel hit a record $1.715 Thursday, and crude oil for March delivery was at a 28-month high of $36.36 as short supplies and war fears continued to push petroleum prices skyward. usatoday.com

To: Frank Pembleton who wrote (28136)	2/14/2003 10:47:51 AM
From: isopatch	Read Replies (2) \| Respond to of 36161

Now a strike by Nigerian white collar oil workers?! <UPDATE - Nigerian oil export strike starts Saturday-union Friday February 14, 9:53 am ET By Dino Mahtani LAGOS, Feb 14 (Reuters) - Nigeria's white-collar oil union said it had decided to launch an indefinite pay strike from Saturday that would target oil terminals in the world's seventh largest exporter. The strike will involve employees of the state Department of Petroleum Resources (DPR), who supervise loadings of oil at export terminals, but its impact could be muted by oil companies using replacement staff to maintain operations. Kenneth Narebor, secretary general of Nigeria's PENGASSAN union, told Reuters on Friday that the grouping had not been convinced by government promises to settle pay arrears and had failed to reach a deal. "We had no other option than to go ahead tomorrow. Our members at the Department of Petroleum Resources have been asked to go back to their locations and mobilise," said Narebor. Oil companies in previous strikes have used senior staff to maintain operations at the terminals. The strike ratchets further pressure on global crude oil markets already tense at the prospect of a war against major exporter Iraq. Nigeria exports nearly two million barrels per day (bpd) of oil with a third or more heading to the United States, which is still recovering from the loss of Venezuelan supply due to a prolonged strike. Narebor could not give a precise time for the start of the strike, which follows the expiry at midnight on Thursday of a 14-day ultimatum, and PENGASSAN has declined to say how long the action would last. Narebor added that "we can always retrace our position if there are positive indications" from the government. PENGASSAN officials said the union received a letter from the government on Friday proposing a meeting on February 25, but that this would be far too late. "There is no sign to show that things can change, especially if you take into account the government's proposed date of February 25," said Bayo Olowoshile, the Deputy Secretary General of PENGASSAN. DPR staff monitor oil loadings at terminals operated by the country's biggest producer Royal Dutch/Shell (Amsterdam:RD.AS - News; London:SHEL.L - News), U.S. majors Exxon Mobil (NYSE:XOM - News) and ChevronTexaco (NYSE:CVX - News) and Italy's Agip (Milan:ENI.MI - News). An oil strike in Nigeria would hit the world market at a particularly sensitive time and at a season of the year when demand is typically high. International benchmark Brent crude oil rose 19 cents to $32.65 a barrel on Friday, close to a two-year high.> Glad I kept core positions in energy. Replaced weak performer PQUE with strong performing, small cap, Wyoming, coal seam gasser DBLE, 2-3 weeks ago. Strong run in DBLE, the past few weeks has my portfolio close to another new record high. Not bad with 70% cash:o) You don't need to use margin to make money in this business, people. Isopatch