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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 (26918)	8/3/1998 1:50:00 PM
From: Gameboy	Read Replies (1) \| Respond to of 95453

Marc, we've only seen the futures price drop today. The 'real' fob port of lading price of oil commanded by the oil producers has risen about 16 cents/barrel per week so far in July. That's what the producers put in the bank. Futures prices can gyrate any direction one day, do a 180 and move even further the next day. Ultimately, they respond to the 'real' price of oil but on a day to day basis the relationship may be hard to recognize. Once again I've been picking up a few 'near' 52 week lows (its hard to get the absolute lowest price). Restraint is the watchword. What's going on with the price of oil? Time will tell. This may prove to be a very interesting week. I think either the price of oil will prove to be rising, in which case we will get a substantial correction of the futures price or the price of oil will have stalled in which case OPEC may have a nice surprise for us. Best of luck, Steve