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

To: Czechsinthemail who wrote (19719)	4/20/1998 4:20:00 PM
From: upanddown	Respond to of 95453

Negative crude oil price outlook from Noesis thru Spring 1999 oil-gasoline.com Crude Oil -- U.S. refiners added 5.4 million barrels of crude oil to inventories, which increased from 331.2 to 336.6 million barrels. With the high level of crude oil stocks, U.S. refiners will not be in a position of having to compete for crude oil any time soon which means there will be little reason for the price of crude oil to increase. Crude oil prices should remain low, between $14 to $17 for Brent and WTI, through spring 1999. If world production cuts do not tighten the crude oil supply this summer, prices could dip back down to $12 or lower. By mid-1999, production will be lower regardless of planned cuts, because those fields planned for production that would have been profitable at $18 to $20 will not be produced or will be shut in. As supplies tighten up, the price of crude oil will go up again.