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

To: Platter who wrote (35584)	1/21/1999 4:31:00 PM
From: Big Dog	Read Replies (2) \| Respond to of 95453

HulaDog is back...I see you boys haven't made me any money while I was hangin' ten and sucking down Avalanches (virgin, of course). I had a fine visit with Papaya King over on The Lava Island. There are lots of things going on in the offshore biz that I need to write about...so look for an ODB newsletter in a day or two. big loosbrock.com

To: Platter who wrote (35584)	1/21/1999 7:01:00 PM
From: Cragganmore	Respond to of 95453

FOCUS-Oil up as U.S. heating oil inventory eases LONDON, Jan 21 (Reuters) - Oil prices made modest gains on Thursday with the help of weekly statistics from the United States showing a decline in the nation's stockpile of heating oil. London Brent blend futures for March loading by 1621 GMT rose 25 cents to $10.75 a barrel. The inventory drawdown in heating oil stocks followed two blasts of cold weather which recently swept the U.S. northeast, the world's largest heating oil market. The American Petroleum Institute (API) said stocks of middle distillates, comprising heating oil and diesel, fell in the week to January 16 by four million barrels to 153 million. Nevertheless, stocks remain 15.6 million higher than at the same time a year ago. Crude stocks were down by more than two million barrels to 322 million, narrowing the year-on-year surplus to under four million. While the inventory overhang which last year pushed oil prices down to 22-year lows may be easing, there is little sign from oil producers that further output cuts are in the pipeline. Mexico's Energy Minister Luis Tellez said on Wednesday that OPEC member Venezuela's lack of full compliance with agreed-upon output cuts was stalling attempts by oil producers to further cut world oil supply. ''Venezuela has to comply so that the remaining producers comply and decide to take additional measures,'' Tellez said. Producers were in stalemate, he said. ''Right now there is no consensus,'' said Tellez. ''On the contrary, there are many opinions in the market and among the distinct producers.'' Venezuela, Mexico and Saudi Arabia last year spearheaded a total 3.1 million barrels per day (bpd) reduction to world oil supply in a bid to raise world crude prices. Caracas has acknowledged it still has not met fully its own pledged reduction. Prices in dollars per barrel: Jan 21 Jan 20 (1625 GMT) (close) IPE March Brent $10.76 $10.51 NYMEX February light crude $12.36 $12.08