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

To: Richard D who wrote (26158)	7/22/1998 8:45:00 AM
From: Wallace Rivers	Respond to of 95453

**OT** Re: "It's kind of insane for oil to languish while Greenspan worries about inflation." I think by and large Al has done a great job. Now, I think his paranoia about inflation has gone too far. He and the governors fret far too much about a single issue, that being wage inflation. Also mentioned less is their fear of asset inflation (i.e. the stock market). I don't know about others, but I have not participated to the huge degree the major averages would suggest. My stomach and brain can't tolerate investing in stocks such as YHOO, EGGS - obviously to my pocketbook's detriment over the last year. Meanwhile, what is perhaps the most widely used commodity, oil, is in the tank (no pun intended), the CRB is tame, and the yield curve is as flat as a pancake (sometimes presages recession). I just don't see where a 25 basis point drop in short rates would create harm. Well, I'll get off my soapbox, and good luck to all!

To: Richard D who wrote (26158)	7/22/1998 12:19:00 PM
From: Gameboy	Read Replies (3) \| Respond to of 95453

Reading the US Oil Supply Numbers Just now looking at the oil supply numbers from EIA, eia.doe.gov I noticed that although crude oil supplies rose 5.6 million barrels for week ending 07/17/98 from the week ending 07/10/98 they are still down 4 million barrels from the week ending 06/26/98. If oil is headed down to $8/barrel as predicted by Noesis, why are US refineries loading up on oil at much higher prices? Inputs to refineries has swelled to over 15,600,000 barrels/day the past couple of weeks (up by over 600,000 barrels/day from a year ago). Most of this imported oil was probably loaded on tankers prior to July 1st. The next few weeks should prove interesting and as we head into August more scheduled cutbacks will kick in. Personally, I love being right here in the oil sector, right now, and I love my low PER stocks. I feel as cozy as Brer Rabbit in the briar patch. Best of luck, Steve