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

To: SargeK who wrote (37732)	2/18/1999 1:57:00 PM
From: upanddown	Respond to of 95453

Sarge It doesn't appear to me that there is any near-term need for producers to store oil in the SPR since the total crude in storage has been quite stable around 330M, +/- approx 5% for many months. Seems like we are in S/D balance domestically though that might not be meaningful due to fluctuations in imports. International is another story. Any estimates on worldwide S/D appear to be very unreliable. I wouldn't be surprised to see any oil stored in the SPR eventually converted to SPR purchases since the move in and then out to another facility would add to transportation costs. I would like to see acceleration of the SPR purchases. At the 100K BPD announced rate, that would take 9 months and have minimal effect. Do it in a month and someone might notice though there may be logistical problems with that high a rate. John