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

To: Snowshoe who wrote (27253)	8/6/1998 8:50:00 PM
From: Snowshoe	Respond to of 95453

Shell adds to gloom on major oil shares NEW YORK, Aug 6 (Reuters) - Royal Dutch/Shell Group (RD.AS) (quote from Yahoo! UK & Ireland: SHEL.L) led big oil shares sharply lower in the U.S. after it reported second quarter earnings at the bottom of analysts' expectations. Shell, the largest quoted major oil company, said on Tuesday that adjusted earnings fell to $1.542 billion from $1.863 billion a year ago. The Anglo-Dutch giant's Royal Dutch American Depositary Receipts (RD - news) fell 3-1/4 to 45-7/8 and its Shell Transport and Trading ADR's fell 1-15/16 to 35-3/8. The shares led the Standard & Poors Oil International Index down 22.81 points, 3.04 percent, to 727.18. The oil sector was among the biggest losers in percentage terms of all major S&P sectors. ''There seems to be no good news. Inventories in the United States continue to grow; there is no respite, or sign of inventories being reduced,'' said Eugene Nowak, analyst at ABN AMRO Inc. On Friday, Nowak cut his 1998 West Texas Intermediate blend crude oil price forecast to $15.50 for 1998 and to $17.25 for 1999. Yesterday, Salomon Smith Barney followed suit, cutting its 1998 oil price forecast to $15.45 and 1999 to $18.50. Nowak noted that the Organization of Petroleum Exporting Countries had so far failed to deliver on promised production cuts but said that the potential for another conflict with Iraq was brewing, which could support oil prices in the short term. Iraq has frozen United Nations weapons inspections. ''Market reaction to Iraq has been muted so far,'' said Nowak. By early afternoon, WTI for September delivery was trading at $13.53, off $0.15. biz.yahoo.com