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: Mike from La. who wrote (40532)	3/21/1999 8:13:00 PM
From: VLAD	Read Replies (1) \| Respond to of 95453

FWIW, Just now on CNBC Headline News it was mentioned that the national average price of gas is now at $1.08/gallon which is an 8 cent increase over the last 2 weeks. Reporter said that this has been the largest percentage jump since the Iran/Iraq war.

To: Mike from La. who wrote (40532)	3/21/1999 9:47:00 PM
From: Captain James T. Kirk	Respond to of 95453

NYMEX crude higher on smooth OPEC, pipeline blast SINGAPORE, March 22 (Reuters) - New York Mercantile Exchange (NYMEX) crude futures ticked higher in light volume in early Asian trading on Monday, supported by expectations for a short OPEC meeting and the shutdown of the Iraq-Turkey pipeline, traders said. At 1235 GMT, after 35 minutes of ACCESS trading, NYMEX April crude was last traded at $15.35 per barrel, up 11 cents from the New York close on Friday. The April contract expires later on Monday during New York trading hours. May crude was last traded at $15.48 per barrel, up 12 cents from New York. OPEC ministers arriving in Vienna for this week's meeting said they expected OPEC to ratify The Hague agreement quickly. ''We are all finished, it is all done. This is going to be the shortest OPEC meeting in history, I think,'' said Kuwait oil minister Sheikh Saud Nasser al-Sabah, before he left for Vienna. OPEC was widely expected to ratify the deal. The pact aims to reduce global supplies of oil by just more than two million barrels per day (bpd), with OPEC contributing 1.717 million bpd. In addition, prices were also supported by weekend news the Iraq-Turkey pipeline, the main outlet for Iraqi crude to the west, had been shut down following a bomb blast. The bomb caused a large fire but limited damage, a regional official said. The pipeline was closed for inspections after the blast.

To: Mike from La. who wrote (40532)	3/22/1999 7:45:00 AM
From: Box-By-The-Riviera™	Read Replies (1) \| Respond to of 95453

Monday March 22 2:36 AM ET Oil Market Cheers By Neil Fullick SINGAPORE (Reuters) - Crude prices in Asia were stronger Monday, as OPEC appeared ready to quickly ratify an agreement to cut world supplies by more than two million barrels per day (bpd). Further price support came from a halt in the Iraq-Turkey pipeline, the main export route for Iraq's oil to the West. ''There's little news about the pipeline, but it's definitely helping the market. At OPEC, it seems like everything will go ahead without a glitch,'' an oil broker said. NYMEX April crude futures were last traded at 0700 GMT at $15.38 per barrel, up 14 cents from the New York close Friday. May NYMEX crude was last traded at $15.50, up 14 cents. Brent May crude futures, trading on the Singapore International Monetary Exchange were last traded at $13.67, up 22 cents from London Friday. OPEC ministers over the weekend said they expected the oil cartel to quickly agree to cut 1.7 million barrels per day (bpd) of production, as part of a wider plan signed in The Hague two weeks ago for world supply to be curtailed more than two million bpd. ''We are finished, it's all done,'' Kuwait oil minister Sheikh Saud Nasser al-Sabah said ahead of the meeting. ''It is concluded. There is nothing but solidarity,'' a senior Iranian official said. OPEC is gathering in Vienna for a formal meeting Tuesday expected to ratify the Hague agreement. Most details had been settled and agreed ahead of the meeting, oil industry sources said. Ali al-Naimi, the oil minister of OPEC heavyweight Saudi Arabia, said he expected the latest agreement to cut supplies among world producers to finally drag the oil market out of its worst crisis in more than 20 years. ''The reason that this one will probably succeed even more than previous resolutions is the fact that this decision is suggested and backed and directed by the highest authority in every government that has participated in the decisions process,'' he told reporters. Brent slumped to average just $13.34 per barrel last year, its worst performance in more than 20 years. That resulted in windfall gains for importers, but OPEC said it lost more than $50 billion in revenues. Further price support for oil came from news the pipeline through Turkey, which carries Iraqi crude for Western markets, was shut down following a bomb blast. The blast in the southeast province of Mardin caused a large fire but limited damage, regional governor Fikret Guven said. The pipeline was closed for inspections after the explosion. Analysts have generally applauded the plan to cut supplies, so long as the often fractious OPEC can maintain production discipline, but have forecast it will take the rest of 1999 for the market to work off its stock flab.