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

To: paul feldman who wrote (34830)	1/11/1999 6:38:00 PM
From: upanddown	Read Replies (5) \| Respond to of 95453

One of the many things I find curious about the oil service bidness is the obsession with the price of oil. For every time NG price is mentioned on this thread (or in the media), I bet there are 100 mentions of oil price. Yet according to the latest domestic rig count (600), 78% are drilling for gas, not oil. Oil prices are looking much firmer recently but, unfortunately, NG prices are scraping up against multi-month lows. That in itself is surprising since gas consumption is growing faster than oil consumption and I have read many recent reports of tightening gas supplies. In the frigid Midwest, gas is the primary heat source, not heating oil. I realize that the economic stakes involved in oil drilling, especially offshore, are much higher than gas, and that oil is far more important than gas internationally but the lack of concern with gas prices is hard to understand. Maybe BD needs to change his mantra to "Its the Oil and Gas price, stupid". John