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

To: Gottfried who wrote (32624)	12/8/1998 6:31:00 PM
From: pz	Read Replies (1) \| Respond to of 95453

API #'s copied from Yahoo By CLIFF EDWARDS AP Business Writer Energy prices collapsed anew Tuesday on the New York Mercantile Exchange as forecasts for mild weather and continued indecision from world oil producers conspired to keep prices near 12-year lows. On other markets, pork and soybean futures also fell sharply, helping push the Bridge Commodity Research Bureau's index of 17 commodities down to a 21-year low. Natural gas futures prices gave back their sharp gains from a day earlier - and more - after the National Weather Service predicted temperatures in the nation's largest heating regions next week will once again rise above normal. Natural gas prices have been hurt by mild North American weather that has allowed storage levels to rise close to capacity as consumers ignore their thermostats for the time being. Prices have yet to recover from last year's mild winter across the Western Hemisphere that sharply reduced natural gas demand. Crude and its byproducts retreated after a roller-coaster session of price swings, as market participants digested conflicting reports out of a meeting of the six-nation Gulf Cooperation Council, whose membership controls much of the world's oil reserves. Futures prices in London and New York jumped early on comments from Crown Prices Abdullah bin Abdulaziz of Saudi Arabia, who called for action to erase an oil glut and boost sagging prices. They were further supported from news reports quoting unnamed sources from the council as saying further production cuts had been approved. Members of the Organization of the Petroleum Exporting Countries, which counts four council members in its ranks, this year cut daily production by 2.6 million barrels, a figure analysts say is too low, given the weak demand from Asia and elsewhere. Futures prices began to fall, however, after the secretary-general of the council, Jamil al-Hojeilan, denied any plans for a cut in an interview with a regional television network, the Middle East Broadcasting Corp. Natural gas for January delivery fell 18.8 cents to $1.913 for each 1,000 cubic feet; January crude fell 17 cents to $11.30 a barrel; January heating oil fell .22 cent to 32.52 cents a gallon; January unleaded gasoline fell .08 cent to 34.71 cents a gallon. In London, North Sea Brent Blend crude settled at $10.11 per barrel, down 15 cents. Lean hog futures continued their freefall on the Chicago Mercantile Exchange as meatpackers slowed buying in the face of ample supplies. The weekly survey by the American Petroleum Institute, released after trading Tuesday, offered mixed news, however. U.S. crude oil supplies last week fell 2.868 million barrels to 335.374 million barrels. Gasoline stocks rose 1.892 million barrels to 207.601 million barrels. Refineries were operating at a 93.1 percent level of capacity, unchanged from last week.

To: Gottfried who wrote (32624)	12/8/1998 6:44:00 PM
From: Gary Burton	Read Replies (1) \| Respond to of 95453

Gottfried--I'm looking to pick up one or more of FLC 7.50ish, RON 20ish, WFT 14.50ish, SDC 10.50ish,RIG 22ish, GLBL below 5 again,etc. Last move down on oil on the way, likely printing anywhere between 9.25-10.25. Hope to be substantially invested before Xmas. Decline in stocks should not end before gorilla SLB prints below 40. OSX index needs 1 and perhaps 2 more lower lows, likely all within the big picture confines of a triple bottom. We shall see.