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To: Greg Butcher who wrote (25302)	7/8/1998 10:58:00 AM
From: diana g	Read Replies (2) \| Respond to of 95453

Earlybird Report Date: Wed, 08 Jul 1998 07:28:31 -0700 From: George <gclemen@calweb.com> Organization: NOESIS To: UPDATE NOESIS <update@oil-gasoline.com> EIA data released today shows that U.S. refineries slowed down refining rates during the week ending July 3. Crude oil inputs dropped in all 5 regions. Gasoline production dropped and imports of gasoline dropped to below 500 thousand gallons per day, all a clear indication that by the July 4 weekend, the U.S. had too much gasoline on hand. Crude oil inventories decreased from 341 to 340.4 million barrels, primarily due to a 3 million bpd drop in imports of crude oil. This drop is probably just a matter of delivery timing, and not necessarily an indication of a trend down.

To: Greg Butcher who wrote (25302)	7/8/1998 8:46:00 PM
From: Tom L. French	Respond to of 95453

Greg Hi! I've been hanging out here (with under water DO) for a while. Take a look at the weekly chart for GLM... it is very weak and trending lower. And the odds are it will break lower yet before turning up, I think. I'd certainly wait for a good up day on good (above average) volume, followed by another confirming day with the same action, before buying. As for me I'm just trying to hold on and resist the temptation to sell and take my lossin DO, because actually the best odds of making back lost money are right here, when things turn back up. This sector has very strong earnings power! DO, analysts predict, will have EPS up 56% this quarter, 48% the next, and 48% for the year. GLM, actually doesn't look so good (check Yahoo research page): 27% this quarter, 10% next, and 17% for the year. ...AND, WOW look at RIG: increase in EPS of 138% this quarter, 94% next quarter, and 108% this year!!! And the stock has held up much better too. hmmmm...... Tomlf