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To: The Ox who wrote (23667)	6/8/1998 10:36:00 PM
From: Czechsinthemail	Read Replies (1) \| Respond to of 95453

6/8/98 Crude-Oil, Products End Broadly Lower On Nymex Amid OPEC Uncertainty NEW YORK -(Dow Jones)- Crude-oil and petroleum-products futures finished broadly lower Monday on the New York Mercantile Exchange, as traders remained disappointed OPEC countries offered no additional production cuts. July crude oil dropped 52 cents to settle at $14.55 a barrel. August crude oil fell 43 cents to end at $15.28 a barrel. Among products: July unleaded gasoline closed down 1.31 cents at 48.25 cents a gallon. July heating oil dipped 0.23 cent to settle at 39.10 cents a gallon. July natural gas lost 5.1 cents to finish at $1.976 per million BTUs. As OPEC members decided whether to sign on to Thursday's agreement between Saudi Arabia, Venezuela and Mexico to reduce production, Iraq began exporting oil under the fourth phase of the Iraq/United Nations oil-for-food sale. Oil ministers from Saudi Arabia, Venezuela and non-OPEC Mexico agreed to cut oil production by 450,000 barrels, and are now lobbying other OPEC producers to cut production by another 250,000 to barrels a day. Kuwait and the United Arab Emirates were expected to announce another 150,000 barrels a day in cuts, according to Venezuela's oil minister Erwin Arrieta Friday. But neither country has confirmed his statement. The silence from OPEC as the Iraqi-oil laden tankers sailed from the Turkish port of Ceyhan was a loud signal to bears. "The weak response by other OPEC members to Thursday's agreement caused some concern," said Tim Evans, senior energy analyst with Pegasus Econometric Group, a New York trading firm. "The March (production-cut) agreement between the three ministers yielded a more immediate response from producers." Earlier, word of the death of Nigerian leader Gen. Sani Abacha because of cardiac arrest forced some bears out of the market. "It creates some uncertainty in a major oil producing nation. That's always supportive," said Evans. "But it's short term, as long as there is a smooth transfer of power." In April, Nigeria, an OPEC member, produced around 2.130 million barrels a day of oil, according to OPEC's monthly oil market report in May. Large oil firms including Royal/Dutch Shell and Mobil Corp. operate in the country, which has witnessed violence between ethnic tribes and friction between oil firms and local communities.

To: The Ox who wrote (23667)	6/9/1998 3:23:00 AM
From: William Nelson	Read Replies (2) \| Respond to of 95453

Sounds like the "moment of maximum pessimism" may be at hand... I feel like there's got to be some reason why people are taking delivery at this price, even though storage is already overflowing...they must be thinking they're going to score big unloading it all later for more. Otherwise oil would already be at 12, not creeping that way. Is this a reasonable point of view? Hope this is right. I'm sick of trading--just want to hold and wait for the next oil service feeding frenzy. I would prefer not to lose 50% in the meantime though.