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

To: Crimson Ghost who wrote (30953)	10/20/1998 7:46:00 PM
From: Redman	Read Replies (1) \| Respond to of 95453

All in all the API numbers were not bad. The obviously good news in the release is the draw on Heating oil, indicating more demand. That is going to be the big factor along with crude here on out. green

To: Crimson Ghost who wrote (30953)	10/20/1998 7:56:00 PM
From: upanddown	Respond to of 95453

Its the oil price, George. At the beginning of the month, no one expected a revisit of 13 bucks in three weeks. That said, I agree with you that the OSX is holding up quite well in the face of this price collapse. A couple of months ago, a price decline of this magnitude would have absolutely decimated this sector so maybe something fundamental has changed. Hmmm...I may be reading too many Slider posts..I'am seeing silver linings in every dark cloud.<ggg> Doesn't look like the API numbers are going to provide much help... maybe a little stability. Oil actually rallied nicely from its lows today. According to this message, some of the decline this week may have been related to options expiration though I find that hard to understand when the forward months and Brent also decline sharply. Nigerian situation settling down could have also been a factor. Dec contract now the current month. From CBS Marketwatch... Crude-oil futures edged up as the market consolidated after Monday's technical meltdown At the New York Mercantile Exchange, November crude oil rose eight cents to go off the board at $13.43 a barrel, recovering after hitting a new contract low of $13.07. Sellers covered positions when it became clear November wouldn't fall below key support at $13. December crude oil dipped one penny to $13.52 a barrel. Traders digested the confirmation that crude oil production feeding Nigerian Agip Oil's Brass River terminal was back up to its full capacity of 125,000 barrels a day. (WSJ) --------------------CRUDE OIL-LIGHT SWEET--------------------- NYM - 1,000 bbl_dollars per bbl. CONTRACT OPEN HIGH LOW SETTLE CHANGE HIGH LOW Nov 98 13.30 13.52 13.07 13.43 +.08 20.66 13.07 Dec 98 13.51 13.70 13.28 13.52 -.01 20.79 13.28 John