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

To: RGinPG who wrote (16560)	3/25/1998 9:19:00 PM
From: Lucretius	Respond to of 95453

That is correct as far as I know, the 18 to 8 ratio is what I was talking about. Just because you have a few deepwater rigs doesn't make you a deepwater focus. Last I remember, her jackups were all the mat variety and very shallow. Perhaps GLM is moving in that direction but they aren't known as a deepwater driller. In fact NE just recently is being considered a newbie deepwater driller by the street. I've never seen GLM called "deepwater." GLM experts please set me straight if this is incorrect. Take a look at a gas chart! Wednesday March 25, 7:16 pm Eastern Time NYMEX Hub natgas still up late with firmer cash NEW YORK, March 25 (Reuters) - NYMEX Hub natgas futures remained higher midday Wednesday in moderate activity, with reports of firmer physical prices still driving the complex despite concerns about milder weather later this week. At 1430 EST, April was still up four cents at $2.37 per million British thermal units after trading today between $2.36 and $2.40. May was 3.8 cents higher at $2.405. Most other months were up by 0.3 to 4.6 cents. ''The market looks constructive. Cash was up today, and with Union Pacific still having problems with (coal) deliveries, I don't think this market is going to quit,'' said one East Coast trader, adding there was a good chance April would break through its recent $2.43 high before expiration Friday. But others remained concerned about the milder weather expected later this week and forecasts by some for a cooler-than-normal spring in the South. Forecasts later this week still call for a warming trend for most of the nation, with temperatures in the Midwest expected to climb to as much as 20 degrees F above normal and in the East to 16 degrees above. Gulf Coast and Texas temperatures also are expected to stay mostly above normal into early next week. A Reuters poll showed most expected a weekly AGA stock draw of 65-75 bcf when the report is released later today. For the same week last year, stocks declined 54 bcf, meaning a draw today in the expected range would trim the year-on-year surplus to about 200 bcf. Chart traders said April seemed overbought above $2.40 and may be vulnerable to a pre-expiry, profit-taking pullback. They pegged interim April support at $2.29-2.30 and then in the $2.26 area, the 50 percent retracement of the recent leg up. Additional buying could surface at $2.20, but major support was still pegged at the recent low and double bottom at $2.105. More buying was expected at $2.06 and $2.00. April resistance remained at $2.43, with better selling likely at the contract high of $2.46. In the cash Wednesday, Gulf Coast swing quotes firmed almost a nickel to about the $2.30 level. Midcon pipes were up a few cents to the low-$2.20s. Chicago city gate gas was a nickel higher in the mid-to-high $2.30s, while New York gained more than five cents to the mid-to-high $2.50s. NYMEX said an estimated 44,721 Hub contracts traded at 1400 EST. NYMEX April natgas futures expire Friday, March 27.