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

To: marc chatman who wrote (16050)	3/23/1998 8:44:00 AM
From: SJS	Respond to of 95453

Gooooooooooood Morning Thread!! A fine day it is in Boston!! more briefings: OIL STOCKS. The oil sector is expected to be the focus of market players this morning following the agreement reached over the weekend between Saudi Arabia, Mexico, and Venezuela to lower output in order to prop oil prices. Along with their decision to reduce output by 600,000 barrels per day, these three oil exporters are seeking output reductions from other oil producers that are expected to lower output by about 1.1 million barrels per day. These three oil exporters are seeking to reduce oil output by as much as 2 million barrels per day. Already, Schroder & Co. is predicting that West Texas Intermediate oil prices will rise by $1.50 to $2.50 per barrel to $17 a barrel once the new production deal takes effect. Hence, after oil prices plunged to price levels not seen in more than ten years, OPEC seems to be getting their act together, giving a lift of spirits to the oil sector and oil stocks which have suffered significantly in the past six months. In addition, several oil and gas issues were mentioned in the latest Barron's issue which could attract investor interest. According to Tom Petrie of Petrie Parkman, he feels that the recent dip in energy stocks is a good buying opportunity. Among the issues mentioned in the weekly magazine were Anadarko Petroleum (APC 65 5/16), Barrett Resources (BRR 32 7/8), Cross Timbers (XTO 18 1/8), Forest Oil (FST 15 1/2) and gas pipeline concern (KN Energy KNE 55 1/4). Thus, expects these issues along with the sector in general, particularly the oil drillers and services group to have an up day following the agreement reached over the weekend. The new production quotas will go into effect on April 1.

To: marc chatman who wrote (16050)	3/23/1998 8:45:00 AM
From: jad	Respond to of 95453

More from Briefing: OIL STOCKS. The oil sector is expected to be the focus of market players this morning following the agreement reached over the weekend between Saudi Arabia, Mexico, and Venezuela to lower output in order to prop oil prices. Along with their decision to reduce output by 600,000 barrels per day, these three oil exporters are seeking output reductions from other oil producers that are expected to lower output by about 1.1 million barrels per day. These three oil exporters are seeking to reduce oil output by as much as 2 million barrels per day. Already, Schroder & Co. is predicting that West Texas Intermediate oil prices will rise by $1.50 to $2.50 per barrel to $17 a barrel once the new production deal takes effect. Hence, after oil prices plunged to price levels not seen in more than ten years, OPEC seems to be getting their act together, giving a lift of spirits to the oil sector and oil stocks which have suffered significantly in the past six months. In addition, several oil and gas issues were mentioned in the latest Barron's issue which could attract investor interest. According to Tom Petrie of Petrie Parkman, he feels that the recent dip in energy stocks is a good buying opportunity. Among the issues mentioned in the weekly magazine were Anadarko Petroleum (APC 65 5/16), Barrett Resources (BRR 32 7/8), Cross Timbers (XTO 18 1/8), Forest Oil (FST 15 1/2) and gas pipeline concern (KN Energy KNE 55 1/4). Thus, expects these issues along with the sector in general, particularly the oil drillers and services group to have an up day following the agreement reached over the weekend. The new production quotas will go into effect on April 1.