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

To: jbe who wrote (40300)	3/18/1999 11:18:00 AM
From: SargeK	Read Replies (3) \| Respond to of 95453

Cooper vs SargeK the game continues...... "David Cooper/IBD in response to my previous post: "15 New Highs in the TELECOM Industry group plus the Industry is in the top 25 of the 197. I'll wait till Oil breaks into the top 20, then I'll do my research. The difference between gambling and investing IBD" My response to the above on YAHOO- club "Investors Business Daily" "Subject: Gambling vs Investing For comparative analysis of S&P500 vs OSX goto - biz.yahoo.com To keep it simple I have chosen UFAB as representative of Oil Service value at current prices. The company is selling @ a buck above book, has a P/E of less than 6 and a 5 year projected earnings of 20%= (a modest forecast derived from UFAB VP/CFO Peter Roman) not the 34.3% earnings growth forecast by the rating services. The S&P500 with 7.2% projected growth over the next 5 years is selling @ a P/E multiple of 28.9% an extreme high by any historic measure. I call buying into the Oil Service at the bottom of the cycle "Value Investing". If you prefer to call it "gambling", that is, of course, your prerogative. Again, if you wait until the OSX is in the IBD Top Twenty, you will have missed 60% to 70% of the move. Time will tell whose forecasts may be the most productive. It has occurred to me that with your choices in the Telecommunications group that we both may be correct. However, for you to continue to call my selections as "gambling" is I believe disingenuous and misleading. I have employed "Benjamin Graham" selection criteria (which is one of the analytical software programs) in my data base to come up with my selections. I don't regard Benjamin Graham as a speculator or gambler. K

To: jbe who wrote (40300)	3/18/1999 11:33:00 AM
From: John T. Hardee	Respond to of 95453

TOKYO, March 18 - Graywolf Saudi Arabia has notified some Japanese term customers of a second round of cuts for April crude, making the percentage of cuts about 11 to 12 percent from volumes originally nominated for April, market sources said on Thursday. Traders said last Friday that Saudi Arabia had cut its April crude allocation to some Japanese buyers by up to six or seven percent. Term lifters had been expecting Saudi Arabia to inform them of another round of cuts after key oil producers, including Saudi Arabia, reached an accord at The Hague last week to reduce global oil supply by about two million barrels per day (bpd). "We were told last week that our crude supply would be cut by about six percent from our nomination, and then we received another notice that it would be cut by another six percent," one trader with a Japanese oil company said. Another Japanese term lifter said: "Our reduction totals about 11 percent for April, and I believe that the cuts for Japanese buyers are between 11 and 12 percent." Other Japanese term buyers which did not receive notice of a supply cut from Saudi Arabia last week said they were notified overnight of a cut of about six percent. One such term buyer said supply of medium and heavy grades had been cut. A Saudi official said on Wednesday that Saudi state oil company Saudi Aramco had started informing worldwide customers of reductions in crude supplies for April. The official confirmed that his country had agreed to cut supplies by 585,000 bpd under The Hague agreement. Greywolf note: More "On the Ground" effects of the reductions 2.... More to come... SINGAPORE, March 18 Saudi Arabia had on Thursday notified Korean refiners their term crude liftings for April would be cut by between six to nine percent from volumes originally nominated, refiners said. "We received a telex from Saudi Aramco this morning that our crude liftings will be cut by about nine percent," one refiner told Reuters. Another term lifter said that cuts to his company would be smaller at about six percent. The Saudi crude export cuts are in accordance with the Hague agreement sealed last week to cut crude production by Organisation of Petroluem Exporting Countries (OPEC) members and three non-OPEC nations by about two million barrels per day (bpd). Under the accord, Saudi Arabia is committed to cut output by 585,000-bpd making it the biggest contributor to the new supply limits.