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

To: Christopher White who wrote (35982)	1/27/1999 8:28:00 PM
From: Platter	Read Replies (1) \| Respond to of 95453

Crude oil futures advanced Wednesday on the New York Mercantile Exchange after inventory data revealed an unexpected decline in heating oil stockpiles last week. Crude was pulled along after both the Department of Energy and the American Petroleum Institute reported unleaded gasoline and heating oil inventories declined, despite expected increases due to unseasonable weather. Unleaded gasoline inventories fell 2.43 million barrels, or 1.1 percent, to 221.94 million barrels, according to the API. Analysts had expected a rise of between 500,000 and 1.1 million barrels. The decline nearly halved the year-over-year gasoline surplus, to 4.4 million barrels from 8.2 million last week. U.S. distillate supplies, which include heating oil, fell 2.4 million barrels, or 1.6 percent, to 150.5 million barrels, the API reported. Analysts noted much of the declines came as refinery output fell sharply in the past week, to 92 percent of capacity as low crude prices bring in low profit margins. The inventory declines boosted hopes an inventory surplus that has lingered for the better part of a year might finally be easing. (AP) --------------------CRUDE OIL-LIGHT SWEET--------------------- NYM - 1,000 bbl_dollars per bbl. CONTRACT OPEN HIGH LOW SETTLE CHANGE HIGH LOW Mar 99 12.10 12.44 11.95 12.32 +.26 20.40 11.10 Apr 99 12.11 12.48 12.02 12.37 +.27 20.79 11.35 May 99 12.19 12.56 12.13 12.47 +.28 20.79 11.01 Jun 99 12.30 12.70 12.27 12.59 +.29 20.42 11.48 Jul 99 12.58 12.58 12.58 12.72 +.29 20.40 12.20 Aug 99 12.73 12.90 12.73 12.85 +.29 20.04 12.51 Sep 99 12.80 13.05 12.80 12.98 +.29 20.33 12.72 Oct 99 13.12 13.20 13.05 13.11 +.29 20.14 12.87 Nov 99 13.25 13.30 13.25 13.25 +.29 20.60 13.02 Dec 99 13.20 13.45 13.15 13.39 +.29 20.34 13.14 Jan 00 13.50 13.61 13.50 13.53 +.29 19.88 13.31 Feb 00 13.60 13.66 13.57 13.66 +.29 20.16 13.45 Apr 00 13.85 13.89 13.85 13.89 +.29 17.81 13.70 Jun 00 14.10 14.17 14.10 14.11 +.29 20.34 13.94 Dec 00 14.77 14.80 14.77 14.80 +.28 20.10 14.65 Mar 01 15.06 15.12 15.06 15.12 +.28 17.26 14.96 Dec 01 16.00 16.00 15.98 15.98 +.28 20.98 15.65 Dec 03 17.19 17.27 17.19 17.27 +.28 22.00 16.95 Est. Sales 110283 -------------------------HEATING OIL------------------------- NYM - 42,000 gal_cents per gal CONTRACT OPEN HIGH LOW SETTLE CHANGE HIGH LOW Feb 99 32.00 32.95 31.65 32.52 +.72 58.50 31.30 Mar 99 32.00 33.15 32.00 32.79 +.77 58.81 31.70 Apr 99 32.55 33.55 32.50 33.19 +.72 59.00 32.19 Jun 99 34.00 34.85 33.49 34.49 +.67 52.75 33.20 Jul 99 34.80 35.80 34.80 35.34 +.67 52.90 34.39 Aug 99 36.40 36.45 36.19 36.19 +.67 50.55 35.24 Sep 99 36.42 36.42 36.42 37.04 +.62 52.00 36.14 Oct 99 38.40 38.40 37.89 37.89 +.62 52.00 37.04 Nov 99 38.80 39.25 38.79 38.79 +.67 52.44 37.94 Dec 99 39.60 40.05 39.60 39.64 +.67 52.70 38.84 Jan 00 40.20 40.45 40.20 40.24 +.67 50.75 39.44 Feb 00 40.30 40.50 40.24 40.24 +.67 50.08 39.44 Mar 00 40.50 40.50 40.04 40.04 +.62 50.60 39.29 Apr 00 40.10 40.10 39.69 39.69 +.62 49.04 39.07 Est. Sales 42566 --------------------------NATURAL GAS------------------------- NYM - 10,000 mm british thermal units. CONTRACT OPEN HIGH LOW SETTLE CHANGE HIGH LOW Feb 99 1.720 1.850 1.715 1.810 +.096 2.770 1.695 Mar 99 1.755 1.850 1.755 1.826 +.076 2.600 1.732 Apr 99 1.797 1.875 1.797 1.851 +.061 2.440 1.773 May 99 1.830 1.900 1.830 1.871 +.047 2.380 1.810 Jun 99 1.870 1.915 1.860 1.896 +.042 2.380 1.840 Jul 99 1.890 1.940 1.890 1.925 +.040 2.390 1.870 Aug 99 1.929 1.960 1.920 1.951 +.038 2.390 1.890 Sep 99 1.950 1.990 1.950 1.976 +.034 2.380 1.920 Oct 99 2.000 2.040 2.000 2.031 +.027 2.415 1.970 Nov 99 2.165 2.185 2.165 2.181 +.028 2.535 2.115 Dec 99 2.310 2.340 2.310 2.331 +.026 2.680 2.213 Jan 00 2.360 2.395 2.360 2.381 +.026 2.655 2.310 Feb 00 2.295 2.310 2.295 2.301 +.021 2.545 2.240 Mar 00 2.200 2.225 2.200 2.216 +.021 2.426 2.150 Apr 00 2.145 2.155 2.145 2.148 +.021 2.320 2.075 May 00 2.120 2.130 2.120 2.123 +.021 2.300 2.057 Jun 00 2.135 2.140 2.130 2.140 +.021 2.308 2.065 Jul 00 2.155 2.156 2.151 2.157 +.021 2.320 2.083 Aug 00 2.170 2.170 2.150 2.162 +.021 2.320 2.090 Sep 00 2.175 2.175 2.155 2.166 +.021 2.321 2.100 Oct 00 2.195 2.195 2.180 2.189 +.021 2.341 2.100 Nov 00 2.320 2.320 2.320 2.320 +.021 2.469 2.048 Dec 00 2.480 2.480 2.480 2.475 +.021 24.020 0.244 Jan 01 2.525 2.525 2.525 2.520 +.021 2.613 2.400 Feb 01 2.400 2.430 2.400 2.420 +.021 2.505 2.305 Mar 01 2.330 2.330 2.325 2.323 +.021 2.410 2.210 Apr 01 2.235 2.235 2.228 2.226 +.021 2.315 2.120 May 01 2.205 2.220 2.205 2.211 +.021 2.305 2.114 Jun 01 2.214 2.225 2.214 2.215 +.021 2.291 2.095 Jul 01 2.218 2.225 2.218 2.219 +.021 2.291 2.095 Aug 01 2.226 2.235 2.226 2.227 +.021 2.273 2.102 Sep 01 2.233 2.245 2.233 2.234 +.021 2.245 2.132 Oct 01 2.270 2.270 2.270 2.261 +.021 2.270 2.133 Nov 01 2.400 2.400 2.400 2.399 +.021 2.405 2.271 Dec 01 2.550 2.550 2.550 2.540 +.021 2.550 2.410 Jan 02 2.600 2.600 2.600 2.580 +.021 2.600 2.450 Est. Sales 134852 ------------------------UNLEADED GAS-------------------------- NYM - 42,000 gal_cents per gal CONTRACT OPEN HIGH LOW SETTLE CHANGE HIGH LOW Feb 99 34.25 35.80 34.15 35.45 +1.23 52.75 33.55 Mar 99 35.75 36.95 35.55 36.66 +1.22 52.30 35.00 Apr 99 38.80 40.10 38.80 39.78 +1.19 55.00 38.35 May 99 39.95 41.10 39.95 40.86 +1.17 55.83 39.41 Jun 99 41.05 41.80 41.05 41.58 +1.14 54.70 40.44 Jul 99 42.10 42.20 42.00 42.08 +1.13 52.60 40.61 Est. Sales 32739 from AP

To: Christopher White who wrote (35982)	1/27/1999 9:09:00 PM
From: S. M. SAIFEE	Respond to of 95453

Chris, Safe long positions should be ib stocks like SLB, HAL and MO, I have been switching back and forth between SLB and MO..

To: Christopher White who wrote (35982)	1/27/1999 9:17:00 PM
From: Crimson Ghost	Read Replies (1) \| Respond to of 95453

Thanks for the Canelo update. My take is thst we will get a rally of anywhere from 10-50% in the OSX after this latest shakeout, depending upon what OPEC does in March. But that probably will be the high for the year as the overall market enters major bear mode. 2000 should be the year the OSX really flies -- I expect it to soar 100-200% from its probable October 1999 low.

To: Christopher White who wrote (35982)	1/27/1999 11:17:00 PM
From: Mark Adams	Respond to of 95453

oil has fallen $12/bbl in the last 12 months and if it does that again in '99 you can fill your car up for free not quite- it could fall from $12 to $6, to the same % effect, and for awhile there it looked like it might. From $6, $3 would be the next level, and so on. How many days ago was it we heard about deep water projects would pump all they could even at $7, to provide cash flow to service the debt that built the production platform? I hold small positions in DO, VTS, TDW, TMAR & DWSN. Off and on, GLBL. But I do so fully aware we may not have seen the darkest days yet.