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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 (26265)	7/23/1998 12:31:00 PM
From: TulipMania	Respond to of 95453

(COMTEX) B: MIDSESSION N.Y. ENERGIES: DRIFT LOWER AFTER TESTING RESIS B: MIDSESSION N.Y. ENERGIES: DRIFT LOWER AFTER TESTING RESISTANCE New York-July 23-FWN--CRUDE OIL AND PRODUCT FUTURES ARE making new lows here at midsession amid renewed bearish sentiment. After failing to take out overhead resistance this morning, the markets have been drifting to the downside. Traders have little interest in trying to support the market, but selling interest has waned some following the bounce away from support on Wednesday. Sources admit the markets looked like they wanted to rally Wednesday, strictly from an oversold situation. But there were some thinking that something else may have been going on behind the buying interest. Today's retreat has reinforced negative sentiment. "We're headed south," commented one broker. He said the problem remains excess supplies and a deficiency of demand. "Where is demand going to come from?" he said. He noted that Federal Reserve Chairman Alan Greenspan this week emphasized there are no clear signs the crisis in Asia is about to end. "The situation in Asia is not improving itself," he added. He said his main job is trying to keep clients away from the long side of the markets, no matter whether they think there is long-term value at current levels. "I want customers when this thing is over," he added. The late morning drift in prices to the downside was triggered following news reports the United States was lifting its opposition to the Iraqi pricing formula for the oil-for-aid program. However, one broker said that news should not have been a surprise to anyone, given the signs the U.S. policy at the United Nations regarding Iraq has been softening in recent months. Still, the news was a signal for the bears that they do not have to worry ab CBT, KCBT ACTUAL FINAL VOLUMES FOR JULY 22 FINAL FUTURES VOL./OPEN INTEREST FOR WEDNESDAY, JULY 22, 1998

To: marc chatman who wrote (26265)	7/23/1998 2:48:00 PM
From: PuddleGlum	Read Replies (2) \| Respond to of 95453

Marc- Is anyone here buying? -- I didn't think so. I sold cc's on NE yesterday, but bought a few shares of VRC for my IRA this morning. Also, check this out from Houston Exploration: biz.yahoo.com ''Given the recent retreat in drilling costs and our substantial inventory of drilling opportunities, we are in the process of evaluating whether to accelerate our drilling program.'' I heard recently that much of the GOM gas wells putter out after just a few years of operation... which means that someone has to drill for more real soon. pg