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To: Cynic 2005 who wrote (24540)	3/11/1999 10:22:00 AM
From: IceShark	Read Replies (1) \| Respond to of 86076

Concurr. See my follow up post, POS is headed down, maybe hard.

To: Cynic 2005 who wrote (24540)	3/11/1999 10:22:00 AM
From: John Pitera	Respond to of 86076

Various oil comments from the street COMMODITIES: "Oil prices have started to move up off their lows-the most recent reason being speculation that OPEC yet may cut production once again at their March 23 meeting," says WILLIAM BROWN of WH BROWN & ASSOCIATES. "But that remains to be seen." (CNBC "Market Wrap", 3/10) "The next stop [for oil prices] is 15 bucks [a barrel]," says DONALD LUKE of FIMAT USA. ("USA Today", 3/11) "It's one thing to agree to make cuts, and altogether another thing to actually implement them," says PETER BEUTEL of CAMERON HANOVER. (WSJ, 3/11) "This looks for real," says BILL O'GRADY of A.G. EDWARDS. "If you look at the players involved, you see a serious development." (WSJ, 3/11) "We see [oil] demand increasing, although not the rates people were hoping for," says FADEL GHEIT of FAHNESTOCK. "But nevertheless, demand is growing and supply is likely to drop significantly in the non-OPEC countries because of the steep cuts that are going to have or are seeing in capital spending." (CNBC "Market Wrap", 3/10) "You have to say that OPEC has a pretty abysmal history with output agreements, but this one does have a different look to it," says BILL O'GRADY at A.G. EDWARDS. "A number of factors have emerged that give hope that this could be different. First off, Saudi Arabia's leading the charge, and up to this point, the Saudis have been less-than-active in trying to bring output reductions." (CNN "Moneyline", 3/10) "I think the risk is that if in the end the group-OPEC plus non-OPEC-are not able to come up with something substantial [in production cuts] the disappointment in the market will then be adverse," says JIM PLACKE of CAMBRIDGE ENERGY RESEARCH ASSOCIATES in Washington. He says current prices probably are predicated on a cut of about 1 million barrels a day in oil production. (CNBC "Market Wrap", 3/10) "[OPEC] compliance with these agreements has been on the order of 20 or 25 percent, which means that 75 percent to 80 percent of the people cheat on the quotas after a couple of months," says KATHY JONES of PRUDENTIAL SECURITIES. "So the best guess is we'll get a bounce up here in energy prices, but it probably won't be sustained." (CNN "Moneyline", 3/11)