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

To: Gameboy who wrote (30560)	10/10/1998 12:32:00 AM
From: SliderOnTheBlack	Respond to of 95453

Misleading Oil statistics... Maybe this is why the XTO CEO, Rainwater, Hicks - Muse etc. have placed those multi - $Hundred Million Dollar bets down.... we are in a Crude Oil Price ''Anomaly''... it aint gonna correct tomorrow - but it will; and it will correct big. Once again; using the most logical and relevant measure of ''excess supply'' - we have normal historic levels of ''days of use'' in storage. The traders have over-impacted Crude prices - not unlike the huge Dollar-Yen moves yesterday etc...

To: Gameboy who wrote (30560)	10/10/1998 4:10:00 AM
From: J. Fred Donham	Read Replies (1) \| Respond to of 95453

Let's see..... 1.6 million barrels at 42 gallons per barrel... that's 67 million gallons if you round off, 6 times what the Valdez spilled.... I don't think it was spilled anywhere, and have not heard of 6 super tankers gone missing... The IEA has just ignored their "slight oversight"... and the resulting pandemonium they caused. iea.org 8 October 1998 HIGHLIGHTS C Oil markets rallied in September, but the rally grew out of temporary factors. A sustainable recovery is unlikely until Asian economies begin to recover, although weather effects may result in some seasonal strength over the next few months. Prices for West Texas Intermediate and Brent increased in September by more than $2 per barrel, with WTI briefly surpassing the $16 mark and dated-Brent approaching $15. However, prices of Middle Eastern and Asian crudes came under downward pressure as Asian refiners cut purchases. Sweet/sour crude differentials widened as a result. C Further reductions in Asian demand have left the estimate of the region's demand in 1998 more than 1 mb/d lower than projected a year ago. Projections for Asian demand in 1999 are now 170 kb/d below the initial estimate made two months ago. Difficulties in Malaysia, Indonesia, the Philippines, Korea and Japan, have reduced expectations for those countries and created additional downside sensitivity for other countries in the region, particularly China and India. C Earlier building of onshore stocks moderated in the third quarter and oil at sea fell sharply. OPEC production cuts (98% of targeted levels in September), North Sea maintenance and various production problems thinned out supply, while strong US gasoline markets led western demand growth. Hurricanes in the Gulf of Mexico delayed imports and temporarily reduced production of offshore oil and gas. The third quarter pattern of a draw in crude stocks and a build in product stocks is expected to be reversed in the fourth quarter by cuts in refinery runs and maintenance. C Refining margins improved in Singapore, as the effect of cuts in regional refinery throughput started to take effect. Margins rose only slightly in the US and the Mediterranean and remained little changed in Northwest Europe. OECD crude throughputs increased moderately in August, to 39.7 mb/d. Increases in Japan, Korea and the US were partly offset by a decline in Europe and Australasia.