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: Platter who wrote (34755)	1/11/1999 10:50:00 AM
From: wlheatmoon	Respond to of 95453

thanks mike

To: Platter who wrote (34755)	1/11/1999 11:00:00 AM
From: BigBull	Respond to of 95453

Force Majeure in Nigeria News -------------------------------------------------------------------------------- Top Energy News Gas News Oil News Weather News Electricity News All Energy News Refinery Outages Market Report -------------------------------------------------------------------------------- Energy News Mon, 11 Jan 1999, 10:54am EST N.Y. Crude Rises to 2-Month High as Nigerian Export Halt Cuts World Supply Crude Oil Rises as Nigerian Output Halt Cuts World Supply New York, Jan. 11 (Bloomberg) -- Crude oil rose 3 percent to a two-month high on expectations for leaner supplies, after Nigerian exports were shut down by local protesters demanding a greater share of oil revenue. Civil unrest shut down the Royal Dutch/Shell Group's Forcados oil terminal in Nigeria, which typically exports about 400,000 barrels a day, about half of Shell's Nigerian production. The disruption prompted Shell to declare ''force majeure,'' a contractual clause excusing it from meeting delivery obligations because of events beyond its control. The company expects to meet its commitments in two to three weeks. Nigeria produces about 2 million barrels a day, or 2.7 percent of world supplies. ''London supplies are tight, helped by all the delays out of Nigeria,'' said Victor Yu, an analyst at Refco Inc. in New York. February crude oil rose as much as 50 cents, or 3.8 percent, to $13.57 a barrel on the New York Mercantile Exchange, the highest price since Nov. 13. In London, February Brent crude oil rose as much as 47 cents, or 4 percent, to $12.20 a barrel, on the International Petroleum Exchange. The February Brent contract expires on Thursday. Fourcados tanker loadings stopped last month when members of the local community occupied Shell's facilities on Dec. 7. Protests and a leak in a pipeline are currently cutting production in Nigeria by 300,000 barrels a day, Shell said. Exports will be delay for 2-3 weeks, Shell said last week. ''They're starting to call force majeures all the time,'' said Yu. ''There are starting to be a lot of these because one group was successful a while back ... and now everyone's doing it. Why not? It works.'' Another Iraq Attack Three U.S. war planes flying over northern Iraq fired at an air defense battery after they were illuminated by a radar tracking system, a spokesman for U.S. European command said in a statement. Today's incident was the fifth involving U.S. or U.K. planes. ''Individually, these attacks are no big thing,'' Yu said. ''Collectively, with everything else, it may scare the market out of selling just a little.'' The war of words is also starting to heat up. Saudi Arabia for the first time urged the Iraqi people to overthrow President Saddam Hussein, the official Saudi Press Agency reported, increasing tension in the world's top oil-producing region. The statement is the first by an Arab state explicitly calling for the removal of the Iraqi president, and it comes after Saddam criticized Saudi Arabia, Kuwait and Egypt and accused the nations of supporting the U.S.-led military strike on Iraq last month -------------------------------------------------------------------------------- © Copyright 1998, Bloomberg L.P. All Rights Reserved.

To: Platter who wrote (34755)	1/11/1999 11:10:00 AM
From: Richard D	Respond to of 95453

Platter, That Mary Roland article mentioned PTEN as a tip in her article: it just spiked 15% (4.25 to 5) and then backed off a bit. It's the little engine that could. If it crosses five, expected large percentage gains relative to the rest of the OSX. Perhaps there's something to her tip. Richard (in reference to: "I did spot two companies that had been mentioned over the weekend: Veritas DGC (VTS) and Patterson Energy (PTEN). But all I really had on them was a stock tip. A careful investor never makes a move based solely on a stock tip.")