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

To: Harlan Moore who wrote (26896)8/2/1998 11:27:00 PM
From: Gameboy  Read Replies (1) | Respond to of 95453
 
Harlan, I think that Greg may have nailed the date - March 23rd. It was a pretty good hoax, obviously Brent was within a dime of where it stood this past Friday. I'm surprised that Yahoo! has left it on their Oil News now for over 15 hours.

I believe we will see the price of oil rising at an accelerating rate. In July, the total contract price of oil rose at a rate of about 16 cents/week. As the pre-July 1st purchased oil is finally offloaded from tankers and as the non-OPEC supply continues to shrink from the continuing loss of marginal stripper wells and the continuing loss of offshore rigs, the weekly rise in the price of oil should hop a level or two.

Nothing moves in a straight line, though, and so far tonight it looks like oil is down 6 cents. Of course, a spike of $1.90/barrel would be nice.

Best of luck,

Steve



To: Harlan Moore who wrote (26896)8/3/1998 5:05:00 AM
From: Crimson Ghost  Read Replies (1) | Respond to of 95453
 
As one who has closely followed the industry for some time, my take is that most of the damage has been done, but the bottom is not here yet. With the overall stock market poised to drop sharply over the next few months, oil service will not buck the trend unless oil prices rise sharply. Failing that, the OSX could drop another 10-20% by October. Look for earnings estimates to be cut in the weeks ahead.


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