Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

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

To: pz who wrote (15273)	3/18/1998 11:04:00 AM
From: Czechsinthemail	Respond to of 95453

from Dow Jones: Crude Oil, Products Climb On Rumored Imminent Oil Producers Meeting NEW YORK -(Dow Jones)- Crude oil and petroleum-products were moderately higher Tuesday morning on the New York Mercantile Exchange, amid rumors that a meeting between OPEC and non-OPEC oil producers was imminent. Bullish oil inventory reports from the American Petroleum Institute and the U.S. Department of Energy also prompted some short covering. There were reports that there would be a meeting in Riyadh this weekend between OPEC and non-OPEC oil producers to discuss cutting production to bring about a recovery in historically low crude oil prices. The reports were later denied by a Gulf source, but there are still conflicting reports circulating through the market. "There is confusion over this issue, and that should generate some short covering" as bears trim positions in case the reports, which are bullish, turn out to be true, said Victor Yu, an energy analyst with Refco Inc. Shortly before 10 a.m. EST, April crude oil was up 26 cents at $13.47 a barrel. May crude oil was up 27 cents at $13.77 a barrel. Among oil products, April unleaded gasoline was up 0.91 cent at 45.80. April heating oil was up 0.52 cent at 39.00 cents a gallon. April natural gas was up 0.1 cent at $2.156 per million BTUs. Wednesday's early recovery continues a rebound near the close of Tuesday's trading when April crude dropped to a new, nine-year low of $12.80 a barrel at midafternoon. The president of Venezuela's oil monopoly Petroleos de Venezuela SA (PdVSA) sparked a recovery in crude oil values Tuesday when he said Caracas would agree to "initiatives" being discussed that would pull between 1.5 million-2.5 million barrels of both OPEC and non-OPEC production from the world market. Venezuela, OPEC's most notorious overproducer, has maintained that it wouldn't agree to any OPEC measures to cut production unless non-OPEC producers agreed to cut their production. In bullish inventory data, the API report, released Tuesday evening, showed crude oil stocks dropping 1.331 million barrels during the week ended March 13. The DOE report, which was released early Wednesday morning, showed a larger draw of 2.1 million barrels. Many analysts had expected crude oil stocks to climb. If crude pushes above resistance at $13.75, analysts expect upward momentum to increase. In products, the API showed a 1.052-million-barrel draw in U.S. gasoline stocks, and the DOE showed a more bullish 3.8-million-barrel draw. Distillate stocks, which include heating oil, rose by 2.187 million barrels, according to the API, but the DOE showed just the opposite - a 2.1-million-barrels draw. "The market will pay more attention to the gasoline and crude oil data than worrying about trying to rectify the distillate data," said a trader.

To: pz who wrote (15273)	3/18/1998 11:06:00 AM
From: Thean	Read Replies (3) \| Respond to of 95453

pz, so far crude oil cooperated and the CNBC's value show is bringing in some value investors. The first 1 1/2 hour of trading is up and we get what we hoped for - a bounce. From now on till close we will have to look for the GOM lease-sale results and crude. This is as good a place to place stops. If we have a follow through, the stops will not be triggered. If $13.75 is the resistence of NYNEX April crude, we are getting close, DANG! Heh, my quotes just showing heavy upside pressure. Great. All stops set. Teddy, what does your radio say about the lease-sale? You live in NO right? LT - light volume in OPMRF. The ultimate support is at $11. The earning will be out on 3/31, still about 2 weeks to go. The profit taking and base building is still in full swing.