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

To: William Nelson who wrote (23675)	6/9/1998 11:23:00 AM
From: upanddown	Read Replies (1) \| Respond to of 95453

I feel like there's got to be some reason why people are taking delivery at this price, even though storage is already overflowing. Unclear yet if buyers are willing to take delivery. Last month, the June contract collapsed on the last day of trading as buyers were unwilling to take delivery. That was approx May 18 - 19. I've been trying to find out when the July contracts expire without success. Big mystery but I am assuming around the same time of the month. That may be a bottom for the sector with the OPEC meeting soon after. John

To: William Nelson who wrote (23675)	6/9/1998 12:49:00 PM
From: Tulvio Durand	Read Replies (1) \| Respond to of 95453

...why people are taking delivery at this price, even though storage is already overflowing... I am perplexed as well. How is it possible to take delivery when storage is not available? Obviously there must be some unused storage facilities still available. But when these are gone, deliveries can no longer be accommodated. While I abhor the consequences on oil stocks, I hope for it to happen soon so we can get the worst behind us quickly and thus be able to look forward to a more favorable oil situation. Tulvio