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

To: energyplay who wrote (34303)	8/10/2004 6:26:21 PM
From: Ed Ajootian	Read Replies (2) \| Respond to of 206326

As highlighted by the RJ stat of the week posted by Tomas earlier today, its quite amazing that the 2Q surveys are showing so little production given that we have had 950+ rigs going since something like October. There are not many more rigs left to be used, NBR and PTEN have apparently formed a little cartel among themselves and are withholding getting their remaining rigs from the market until rig day rates go up. Not exactly the most ethical way to do business I would think, but I guess they're not breaking any law. These kinda shenanigans will serve to mitigate any pullback in natty prices and also reduce the time it exists. Having said the above however I totally agree that many E&P's have been bid up a little too rich, and especially for any of those in a tax free account I can't blame you for dumping.