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Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: Tulvio Durand who wrote (10344)	2/2/1998 12:03:00 PM
From: SJS	Read Replies (1) \| Respond to of 95453

From the "no kidding" dept: 11:30 ET Dow +147, Nasdaq +29, S&P +17.86: Market psychology continues to improve as Asian markets and currencies rebound... Broad-based gains paced by large-cap stocks... Oil drilling sector, this year's biggest loser thus far, the only notable laggard today... Signs of compliance from Iraq and a U.N. recommendation that Iraq be allowed to more than double its oil exports contributing to decline in oil prices... DJTA +38.57.

To: Tulvio Durand who wrote (10344)	2/2/1998 12:21:00 PM
From: Czechsinthemail	Read Replies (2) \| Respond to of 95453

By offering these discounts, Iraq has raised the total amount of oil it exports through its secret routes to about 200,000 barrels a day, bringing in revenue of more than $700 million in the past year, the executives said. That is less than 6 percent of the $12.7 billion Iraq would earn if it were still exporting 2.5 million barrels a day, as it did before the gulf war. Tulvio, Far from shipping all the oil they can produce, this article suggests Iraq is only selling a small fraction of the amount they might otherwise ship. On the other hand, even with rumors of the larger UN allocations, crude prices seem to have found a floor price. While there may be some continued weakness among the drillers around any weakness in oil prices, the upside once crude prices stablize seems much greater. The offshore drillers remain one of the best value areas in the market. Baird