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

To: Douglas V. Fant who wrote (18399)	4/7/1998 11:58:00 PM
From: PashaBear	Respond to of 95453

What did it say? HD

To: Douglas V. Fant who wrote (18399)	4/8/1998
From: Douglas V. Fant	Respond to of 95453

Gang, Here's the API data... Apr 7 1998 9:40PM EDT U.S. Refinery Operating Capacity Up 0.2% at 94.3% U.S. Distillate Stocks Fall 506,000 Barrels U.S. Motor Gasoline Stocks Fall 1,956,000 Barrels U.S. Crude Stocks Fall 415,000 Barrels Last Week So it's not all "doom and gloom" out there. As an oil industry person I say, keep your eyes on the fundamentals, don't let the "noise" posted by Cramer in Streetsmart.Com fool you. Besides there are numerous reasons not to extend a rig's option- and usually the reason is that the first well drilled on a prospect condemns that prospect geologically-i.e., it's a dud. So you don't need a rig to drill more wells in that prospect. And in the GOM, you just don't up and move a rig from Block A to Block B- you need MMS permission,and USCG clearance.... So rather than paying a demurrage charge and holding a rig pending approval to drill in a new location, you release the rig.... "Crudely" Speakin', Doug F.