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

To: Broken_Clock who wrote (42163)	4/13/1999 11:42:00 PM
From: upanddown	Respond to of 95453

Last two weeks, Noesis has been predicting that since total US oil storage was nearly full, if refiners wanted to, they could top off storage fairly quickly and thereby force prices back down. Looks like that is their intention to me. PK, remember that there is a high degree of vertical integration in the oil bidness. Big refiners are frequently big producers under the same corporate umbrella. Big Oil makes a lot more money from high oil prices than they did in the last twelve months. They may top off the tanks but they wouldn't be doing it to force prices down. I think there are very few participants in the business that want lower prices, even refining-only operations. Refining margins on the west coast are much higher now than they were with $12 oil. John