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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 (28396)	8/26/1998 2:11:00 PM
From: pz	Read Replies (1) \| Respond to of 95453

Marc, I'll be daring and call the bottom right here. I'm about to the end of my pain threshold, so this must be it...ggg. Paul

To: marc chatman who wrote (28396)	8/26/1998 2:23:00 PM
From: Mike from La.	Read Replies (3) \| Respond to of 95453

I think some of you may be missing the big picture. It seems that some folks on TV are using the Gulf auction as a huge negative. According to that article I posted, it's not so. If Saudi, Venz, and Mexico called off their meeting, it's because they don't think further cuts are needed. API shows a large drop. The Saudi cut of an additional 18% kicks in in September. The amount of oil production from shut-ins is not quantified, but is likely to be at least 1-2 mbd. The Government is lining up to buy over $400 mil of oil for the reserve. Nigerian oil production is questionable. According to an unbiased report I saw, tanker traffic is down 50% from the normal this time of year. Deepwater drilling goes on. I believe all these are factual and reliable. So what does this tell us about the price of crude over the next few months, and years? Short term variations that are out of sync with the long term trends will be corrected, sooner or later. Mike from La.