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 (36439)	2/1/1999 1:52:00 PM
From: Platter	Respond to of 95453

More recovery..Oil at 12.55, OSX down .88

To: Platter who wrote (36439)	2/1/1999 1:52:00 PM
From: Gary Burton	Respond to of 95453

Platter -re Seq's--and the same thing is going to happen with the osx's - Up and away - but first a little bit more of the pain so we can all fill our hat. Not there yet. Hope to see March crude break below 11.85ish and then base out, refusing to return to the 10's. From the recent peak in upper 13's off the bottom, I think we did an A down to approx 11.95ish and we finished a B up to high 12's last fri. Now we need a C down. maybe the inventory numbers tomorrow night will do it?

To: Platter who wrote (36439)	2/1/1999 1:54:00 PM
From: Crimson Ghost	Read Replies (1) \| Respond to of 95453

Wonder if the MS downgrade today represent the last of the Wall Street bulls finally throwing in the towel. Chevron big wigs sure talking like there is a conspiracy to shut down smaller higher-cost producers world wide. KUWAIT (January 30, 1999 11:50 a.m. EST nandotimes.com) - The Chevron Corporation said Saturday that world oil prices could return to $18 in a "few years," predicting a drop in supplies to the market by small producers crushed under the current price slump. Chevron Chairman Ken Derr told Reuters in an interview in Kuwait that the San Francisco-based world oil corporation had forecast a 1999 price for West Texas Intermediate of $13 to $14 a barrel -- slightly above recent levels. "We think prices will return to the $18 level but it could take some period of time before that happens," he said, adding that a balance between supply and demand could return to the over supplied market "in a few years ...." "We are already seeing, (and) another six months of low oil prices you are going to see fairly significant reductions in non-OPEC productions. "We see small producers shutting oilfields in the United States right now, and we will see more of that. They are reducing budgets, not just oil companies but also governments ... Everybody is spending less money," he said. The production cost in most Gulf Arab states is around a $1 a barrel compared with much higher levels - $6 to $8 - in areas like the North Sea and parts of the United States. The oil price drop to 12 year lows triggered a 51 percent decline in Chevron's fourth-quarter net income to $431 million.