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

To: Teddy who wrote (30598)	10/10/1998 9:01:00 PM
From: Garlic Breath	Read Replies (1) \| Respond to of 95453

Here's a similar story... biz.yahoo.com Friday October 9, 7:42 pm Eastern Time Weekly Rig Count Dips by Four HOUSTON (AP) -- The number of oil and gas rigs operating nationwide fell by four to 750 this week, Baker Hughes Inc. (NYSE:BHI - news) reported Friday. There were 974 rigs operating in the United States during the same week last year. Of the rigs running this week, 524 were exploring for natural gas and 226 for oil. Houston-based Baker Hughes has kept track of the count since 1940. The tally peaked at 4,500 in December of 1981 during the oil boom. It dropped to a record low of 596 in the summer of 1993, exceeding the previous low of 663 in 1986. The rig count represents the number of rigs actively exploring for oil and natural gas. Of the major oil- and gas-producing states, California lost four rigs, Louisiana three and Wyoming two. New Mexico fell by one. Texas gained five rigs, and Oklahoma added two. Alaska was unchanged. P.S. We may have some more downward pressure but I don't think 30% JMHO

To: Teddy who wrote (30598)	10/10/1998 9:46:00 PM
From: Gameboy	Read Replies (1) \| Respond to of 95453

Teddy, I think the question is, from an investment point of view - what is the offshore rig count going to be like 6 months from now? The rig count is low now because oil prices are coming off a low of $12 in the third quarter. Oil has already risen substantially. Where will it go from here? This morning I posted an observation that the EIA world supply & demand data for the 4th quarter indicated a draw of 1.5 mb/d but since it failed to take into account the full extent of OPEC cutback compliance (by 1.8 mb/d) and overlooked the non-OPEC decreased production due to lower crude prices, the draw for the 4th qtr would be more like 4 mb/d. That's four million barrels per day. Thirty days is 120 million barrels. What's missing here? Is the 4th qtr draw really going to be around 4 mb/d? Does the phrase 'oil glut hoax' seem applicable? Best of luck, Steve

To: Teddy who wrote (30598)	10/11/1998 3:00:00 PM
From: Mike from La.	Respond to of 95453

Looks like mixed signals, doesn't make sense, the offshore rig utilization is dropping faster than onshore? The BHI count includes US offshore rigs, but not international. I'm not sure how to read this. -------------------------------------------------------------------------------- Related Quotes BHI 17 13/16 +9/16 delayed 20 mins - disclaimer Friday October 9, 7:42 pm Eastern Time Weekly Rig Count Dips by Four HOUSTON (AP) -- The number of oil and gas rigs operating nationwide fell by four to 750 this week, Baker Hughes Inc. (NYSE:BHI - news) reported Friday. There were 974 rigs operating in the United States during the same week last year. Of the rigs running this week, 524 were exploring for natural gas and 226 for oil. Houston-based Baker Hughes has kept track of the count since 1940. The tally peaked at 4,500 in December of 1981 during the oil boom. It dropped to a record low of 596 in the summer of 1993, exceeding the previous low of 663 in 1986. The rig count represents the number of rigs actively exploring for oil and natural gas. Of the major oil- and gas-producing states, California lost four rigs, Louisiana three and Wyoming two. New Mexico fell by one. Texas gained five rigs, and Oklahoma added two. Alaska was unchanged. -------------------------------------------------------------------------------- More Quotes and News: Baker Hughes Inc (NYSE:BHI - news) Related News Categories: oil/energy