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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 (23448)	6/4/1998 5:27:00 PM
From: marc chatman	Read Replies (1) \| Respond to of 95453

Bob Walberg of briefing.com on CNBC said he likes the entire sector. He mentioned CDG, SII, TDW, specifically.

To: marc chatman who wrote (23448)	6/4/1998 10:54:00 PM
From: Czechsinthemail	Read Replies (1) \| Respond to of 95453

6/4/98 Crude-Oil, Petroleum-Product Futures Rise Amid Output-Cut Accord NEW YORK -(Dow Jones)- Crude-oil and petroleum-product futures settled higher Thursday on the New York Mercantile Exchange, helped by news of another pact to try to trim oil production. However, crude oil finished well below its highs of the session as the agreed-upon reduction of 450,000 barrels per day fell short of the market's expectations. July crude oil added 31 cents to settle at $15.12 a barrel, well off its intraday high of $15.57 or the highest level for a nearby crude contract in about a month. August crude oil rose 26 cents to settle at $15.69 a barrel. Among products: July unleaded gasoline tacked on 0.14 cent to end at 49.89 cents a gallon. July heating oil added 0.78 cent to close at 39.50 cents a gallon. July natural gas fell 8.6 cents to settle at $2.020 per million BTUs. The meeting among oil ministers of the so called "Riyadh Pact" - Saudi Arabia, Venezuela, and non-OPEC Mexico - had kept bears nervous. The ministers met Thursday in Amsterdam and issued a joint statement that the three nations agreed to reduce their oil production by 450,000 barrels a day. Expectations in the market had been for an agreement to cut another 500,000-550,000 barrels a day to support prices. Under the latest agreement, Saudi Arabia would cut production by 225,000 barrels a day, Venezuela would trim output by 125,000 barrels a day and Mexico would cut 100,000 barrels a day. The cuts would take effect July 1. The oil ministers said the reductions are needed to create "acceptable (oil price) levels for the health of the world economy." The three ministers said they would consult with other oil exporters, "both OPEC and non-OPEC, ahead of the upcoming meetings" of the oil ministers at the Gulf Co-Operation council meeting on June 16 and the OPEC ministerial meeting on June 24. "These cuts should yield more cuts, maybe on the order of 750,000 barrels a day. In that case, we could be looking at a floor of $15, instead of the one we have now at $14," said Nizam Sharief, director of energy research at Hornsby & Co., a Houston-based energy trading firm. O'Grady said July crude fell outside of that range recently as it appeared unlikely that there would be a delay in the roll-over of Iraq's oil-for-food sale. The United Nations, which oversees the oil sale, last week approved Iraq's aid-distribution plan, the last significant obstacle to the roll-over. "And now OPEC seems ready to act to offset Iraqi exports. That should put us back in the old range," he said. Traders had expected political wrangling over the aid plan to delay exports after the current phase of the sale ended Tuesday. Any delay in the next expanded phase of the sale would have taken around 1.7 million barrels a day of Iraqi exports from the world market. "Three weeks of that would have substantially tightened up the market and I think, until recently, the market was counting on that to support prices," said an analyst.