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

To: Elroy Jetson who wrote (32513)	5/27/2004 10:23:04 PM
From: Larry S.	Respond to of 206184

- Crude-oil prices tumbled 3.1% yesterday on the New York Mercantile Exchange amid mounting signs that Saudi Arabia will soon pour more oil on to the market. Nymex crude futures set for July delivery fell for the third straight day, falling $1.26 to $39.44 a barrel, led by heavy losses in gasoline. Concerns about terrorist attacks on Middle East oil installations and tight U.S. gasoline supplies will keep prices firm, analysts said, but yesterday's losses appeared to indicate a definitive correction. "I believe the bull market is over," said Ed Silliere, a trader for Energy Merchant Corp., a New York energy-products supplier. "The Saudis' aggressive approach took the wind out of the sails of the market." Until yesterday, crude hadn't settled below $40 since May 10, when Saudi Arabia showed interest in raising the Organization of Petroleum Exporting Countries' production ceiling. Oil prices have fallen 5.6%, more than $2, since Monday, which sent Nymex crude to its highest recorded settlement at $41.72 a barrel. Gasoline futures have since fallen 5%. The selloff follows a pledge from Saudi Arabia to increase oil output in June to more than nine million barrels a day to temper soaring oil prices. Confirmation from Saudi Arabian Oil Co. President and Chief Executive Abdallah S. Jum'ah that the kingdom was considering an earlier-than-expected boost to capacity also helped slash the price of oil, traders said. good to know the bull market in oil is done. larry