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: SliderOnTheBlack who wrote (41768)	4/7/1999 2:50:00 PM
From: Mike from La.	Respond to of 95453

April 7, 1:49 pm Eastern Time SF Fed's Parry says worst may be over for Japan SAN DIEGO, April 7 (Reuters) - Federal Reserve Bank of San Francisco President Robert Parry said on Wednesday the worst may be over for Japan although the world's second-largest economy still faces many difficulties. ''Japan has a difficult road ahead, but they have at least made some changes and the worst is over,'' Parry told the San Diego Dean's Round-table on International Affairs in a question-and-answer session after he addressed the audience at the University of California, in San Diego, Calif. In prepared remarks, Parry had given an upbeat assessment of the U.S. economic outlook, noting that lasting productivity gains allow high growth and low inflation. Asked whether the recent surge in oil prices may push up U.S inflation and, in turn, prompt the Fed to raise short-term interest rates, Parry warned ''we can overplay the significance of the (oil price) increases'' for inflation. ''As the world economy picks up, the oil prices will become firmer,'' Parry acknowledged, while predicting the U.S. inflation picture in 1999 will be similar to 1998 when the Consumer Price Index (CPI) rose by just 1.6 percent. Asked about the problems that may affect the United States this year, Parry said the Year 2000 computer problem, also known as ''Y2K'' or ''millennium bug,'' should be carefully monitored, but that it would affect ''particularly these economies that have not been doing well of late.'' One U.S. problem Parry singled out was the growing income disparity between the highly skilled and the minimum-wage workers, saying ''people at the bottom have to be better trained and educated.'' --------------------------------------------------------------------------------

To: SliderOnTheBlack who wrote (41768)	4/7/1999 2:53:00 PM
From: Mike from La.	Respond to of 95453

-------------------------------------------------------------------------------- Related Quotes OXY 17 15/16 -3/16 delayed 20 mins - disclaimer Wednesday April 7, 12:14 pm Eastern Time Rebels step up attacks on Colombian oil pipeline BOGOTA, April 7 (Reuters) - Leftist rebels have stepped up their attacks on Colombia's Cano Limon crude oil pipeline and appear bent on making this a banner year in terms of damage to the country's energy infrastructure, authorities said Wednesday. The latest attack on the above-ground pipeline, the 29th this year, occurred at 6:30 p.m. (local/2330 GMT) Tuesday in an area about 46 miles (75 km) west of the Cano Limon field in northeast Arauca province, a spokesman for state oil company Ecopetrol said. He said the attack came as workers were completing repairs to another section of the 230,000 barrel per day (bpd) capacity pipeline blown up last Sunday, when more than 10,000 barrels of crude spilled near the border with Venezuela, forcing an extended halt in pumping operations. The military was still securing the area where the latest attack occurred Wednesday morning, and the Ecopetrol spokesman said repairs were likely to take longer than usual because the area around the ruptured segment of the pipeline had been planted with landmines. A spokesman for Occidental Petroleum Corp (NYSE:OXY - news), which operates the 140,000 bpd Cano Limon field, said on-site storage capacity had allowed it to maintain normal production levels since Sunday's attack. But he said production would have to be scaled back if the pipeline, which carries Cano Limon crude to the Caribbean lifting terminal of Covenas, failed to reopen within the next day or two. It was not immediately clear which of Colombia's two main Marxist guerrilla groups were responsible for the latest attacks on the pipeline. But rebels bombed it a record 77 times in 1998. And the spokesmen at both Ecopetrol and Occidental said 1999 looks certain to be even worse. ''At the rate we're going so far this year we're sure to surpass that,'' the Occidental spokesman said, referring to last year's number of bombings. Guerrillas routinely target Colombia's energy infrastructure and toppled 11 electrical pylons in northwest Antioquia province last week, just ahead of the long Easter holiday weekend. --------------------------------------------------------------------------------

To: SliderOnTheBlack who wrote (41768)	4/7/1999 2:55:00 PM
From: Mike from La.	Respond to of 95453

FOCUS-Oil price down after U.S. inventory data LONDON, April 7 (Reuters) - Oil prices fell on Wednesday after weekly inventory data from the United States failed to show an expected decline in crude and petroleum product stocks. Benchmark North Sea Brent blend traded 32 cents a barrel lower to $14.61 as the data encouraged investors to take profits from oil's recent strong rally. The United States petroleum industry statistics showed only small declines in the country's gasoline and crude oil stocks in the week to April 2. ''The API statistics were a bit of a disappointment,'' said trader Tom Bentz of New York's Cresvale International. The American Petroleum Institute report reminded dealers that oil producers still have a long way to go to drain the huge inventories that built up last year pushing oil prices to a 22-year low. Dealers said market confidence also had been dented by Venezuela's announcement on Tuesday that it would not meet the agreed April starting date for its part in OPEC output cuts announced last month. Deputy Venezuelan Oil Minister Alvaro Silva said his country's 125,000 bpd reduction could not be achieved in one fell swoop. But a Gulf official said OPEC's biggest exporter Saudi Arabia remained confident that its fellow OPEC producer would meet its commitment. ''Saudi Arabia is sure that Venezuela will stick to its commitments,'' said the Gulf official who is familiar with Saudi oil policy. Prices in dollars a barrel: Apr 7 April 6 1500 GMT (close) IPE May Brent 14.61 14.93 NYMEX May light crude 16.43 16.83 --------------------------------------------------------------------------------