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

To: profile_14 who wrote (33302)	7/3/2004 2:06:51 PM
From: quehubo	Read Replies (1) \| Respond to of 206098

Saboteurs Halve Iraqi Oil Exports By Alistair Lyon BAGHDAD (Reuters) - Guerrillas set a southern oil pipeline ablaze on Saturday, halving Iraq (news - web sites)'s vital crude exports, in the first major sabotage attack since an Iraqi interim government took over from the U.S.-led occupation. An oil official said one of two pipelines feeding Iraq's Gulf terminals was on fire in the Faw Peninsula and a shipping agent said this had cut exports to 960,000 barrels per day. Oil exports, Iraq's main economic artery, had recovered to about two million bpd after being choked off completely by last month's attacks on both southern pipelines. I could do a better job anticipating seasonal influences on trading patterns. But weather, unless a sustained or extreme event occurs, is only a very near term driver for stocks that I follow. I am much more concerned with the status of the global economy and our ability to meet energy demand for both oil and nat gas here in the USA. It was only a few months ago that demand was very much underestimated and a supply response was much overstated. So I think the oil issue is hyper bullish and no one hardly is giving much thought yet how a maxed out OPEC will get us through the Winter. Most analysts seasonal thought was that NG prices would tank and drilling activity would decline in the second half. BoA Wicklund was the most notable calling for the end of the drilling cycle. But here we are with good indications that most all land rigs are spoken for for the rest of the year. I dont see a down cycle to the land rig activity. I see future activity increasing, leveling out, maybe some seasonal weakness with minor reductions in activity and then another rise in activity. The next few years it appears that both E&P's and service companies/drillers will be working as fast as they can to get prospects lined up and permitted and crews to the jobs. Right now the bottleneck to future supply is reported to be manpower and equipment.