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

To: RGinPG who wrote (17422)	4/1/1998 8:54:00 AM
From: Lucretius	Read Replies (1) \| Respond to of 95453

NYMEX crude up .14 (While I'm thinking about it....Thean: it's NYMEX... NOT: NYNEX--that's been driving me nuts for a while now(ggg) Wednesday April 1, 7:34 am Eastern Time FOCUS-Oil market steady as OPEC pact sinks in LONDON, April 1 (Reuters) - Oil markets were steady on Wednesday as traders took another look at an OPEC deal to cut production after disbelievers triggered two days of harsh price falls. Traders marked values more than a dollar lower on Monday and Tuesday, even as the cartel of the world's leading oil producers met in Vienna to agree a landmark production restraint accord designed to support sagging oil prices. The price slide halted on Wednesday and the value of international benchmark Brent blend was up 10 cents at $14.36 a barrel at 1228 GMT. ''The next couple of days are critical,'' said an oil futures broker. ''If the market could stabilise at these levels then it could force some short-covering and push prices higher.'' An emergency Organisation of the Petroleum Exporting Countries meeting that ended in the early hours of Tuesday approved a 1.245 million barrels per day (bpd) cartel contribution to a two percent cut in global output. Other cuts will come from non-OPEC Norway, Mexico, Egypt, Oman and Yemen, which have pledged to trim 270,000 bpd for a total of 1.5 million bpd in overall promised reductions. The object was to rescue oil from a calamitous 40 percent price slide that took Brent down to a nine-year low of $11.90 a barrel. The cuts achieved their goal in the days after they were agreed at a meeting 12 days ago in Riyadh between Saudi Arabia, Venezuela and Mexico, boosting levels by some $3. But scepticism that 1.5 million bpd worth of cuts would be sufficient to stabilise a market drowning in unwanted oil and doubt over future OPEC member committment to restraint took the shine off the accord. ''The 1.5 million bpd is very much a minimum, but it will limit how far prices can fall and that was OPEC's goal when the deal was first touted,'' said Leslie Nicholas of brokers GNI in his daily report. Venezuelan Oil Minister Erwin Arrieta, one of the architects of the Riyadh pact, said in London on Wednesday that he still hoped for a cut of 1.5 million bpd from OPEC members. He told reporters that he expected non-OPEC's contribution to rise to 500,000 bpd for a total cut of 2.0 million bpd. He added that he hoped Russia and Malaysia would join other non-OPEC members to curb output. But the London oil futures market barely reacted to the news with May Brent gaining only two cents after Arietta spoke. After their meeting OPEC ministers pleaded for patience, arguing that prices would rise once production restraint bit into crude shipping schedules. ''The market should judge the OPEC decision in two months,'' said Saudi Arabian oil minister Ali al-Naimi, arguing that a new spirit of pragmatism prevailed within the cartel, which pumps 40 percent of global oil supplies. Warm winter weather, growing Iraqi oil exports and a mistimed OPEC move in November to hike output by 10 percent were responsible for the slide from last year's average Brent price of $19.32 a barrel. Only OPEC production levels have now changed, analysts point out, and extra U.N.-mandated Iraqi oil sales pencilled in for this year should also limit the upside to prices. Prices in dollars per barrel: April 1 March 31 (1228 GMT) (close) IPE May Brent 14.36 14.26 NYMEX May light crude 15.73 15.72 --------------------------------------------------------------------------------

To: RGinPG who wrote (17422)	4/1/1998 9:22:00 AM
From: ViperChick Secret Agent 006.9	Respond to of 95453

ROFLMAO you may find it difficult...but check the price action lately of these stocks money to be made BOTH ways!!!! not only from shorting...but selling into strength and rebuying lower.... if your technicals say sell....in an esoteric way you did short when you sold...because you will buy back in later.....not a true short.... but if you can do that..you shouldnt have a problem shorting...knowing how these stocks move back and forth and will continue to do so