Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

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

To: SliderOnTheBlack who wrote (30925)	10/20/1998 11:56:00 AM
From: Gameboy	Respond to of 95453

Slider, my opinion is that the October fall in oil prices is just a reaction to the weather related rise during September. At $13.50 the market has over-reacted on the downside and I would guess that the 'norm' for oil would be about $14 Brent or $15 American by the end of October, with a continuing rise at about $1/barrel per month. Of course, OPEC wanted $17 Brent by the end of October or they threatened further cuts. OPEC has held fast on it's production cuts so far; witness the August import figures for the US: biz.yahoo.com Saudi Arabia August 42,189 July 48,814 Venezuela August 40,967 July 43,868 Mexico August 35,297 July 42,531 Canada August 38,691 July 41,475 Nigeria August 22,503 July 27,001 Angola August 13,073 July 17,077 Colombia August 11,060 July 7,092 Kuwait August 7,460 July 13,493 Iraq August 20,275 July 8,587 Norway August 8,064 July 9,629 Imports from all of the OPEC countries were down significantly and without Colombia and Iraq to fill the OPEC void, we might well have been looking at $17 Brent at the end of September. Best of luck, Steve