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Gold/Mining/Energy : Tusk Energy (TKE) -- Ignore unavailable to you. Want to Upgrade?

To: Robert McCullough who wrote (1106)	4/27/1999 9:23:00 PM
From: zalesky	Read Replies (1) \| Respond to of 1207

To McCullough: Thanks for the info. Purchased additional shares yesterday and am feeling confident more money will be exiting the high tech sector during the next few weeks. This money may be put to work in some of the beaten down cyclicals and oil drillers. That seemed to be the strategy on the street earlier today. Only sector I feel confident here at the end of earnings season is the oil sector. With continued improvement in the Far East it appears fundamentals are improving for this sector. Good Luck!!!

To: Robert McCullough who wrote (1106)	4/28/1999 7:27:00 PM
From: Robert McCullough	Read Replies (1) \| Respond to of 1207

Still More... Oil climbs again, shares rise despite poor earnings April 28, 1999 6:23 PM EDT By Haitham Haddadin NEW YORK (Reuters) - Oil prices resumed their long recovery Wednesday, again hitting highs not seen since the end of 1997 after getting a turbo charge from reports showing a drop in U.S. crude inventories. The firm oil price put the energy sector as a whole back on a rising track, lifting major oil companies and oil service shares by between 3 percent and 8 percent, while broader share indices moved little. Crude futures for June delivery on the New York Mercantile Exchange (NYMEX) soared to a 16-month high of $18.54 a barrel -- the highest since Dec. 18, 1997, when it touched $18.65 -- before settling Wednesday at $18.45, up 64 cents on the day. Unleaded gasoline futures for May delivery on NYMEX also rose, settling at 53.89 cents a gallon, up 1.29 cents from Tuesday, while May heating oil futures ended up 1.06 cents at 44.11 cents a gallon. ''The market has been freewheeling on the upside and continues to do so in response to the'' latest inventory decline, said C.W. Hornsby, an independent Houston oil analyst. The market also took comfort from a monthly Reuters survey of oil consultants estimating that the Organization of Petroleum Exporting Countries, excluding exempt Iraq, cut production by 1.46 million barrels per day in April, a high level of compliance with pledged cuts of 1.716 million bpd, which took effect at the start of the month. Non-OPEC oil producers also agreed to cut output or exports by 388,000 bpd as part of that March agreement, bringing the total in pledged cuts to 2.1 million bpd. Claudia LaCovey, a senior analyst at Bethesda, Md.-based Analytics Research Corp., saw June futures' next near-term target as $18.60, followed by a run at $18.98. ''So far there is no indication that the trend is going to change. We expect prices to continue to move higher,'' she said. However, some analysts struck a note of caution, especially about the reports from the American Petroleum Institute, a Washington-based trade group, and the government's Energy Information Agency. In their weekly analysis, both showed a drop in crude inventories and refinery activity, though volatile seasonal swings might have accounted for the reversal of the recent trend. ''We're curious as to what may really be going on behind the numbers,'' noted Tim Evans of Pegasus Econometrics in New York. Nevertheless, the bullish outlook won the day, and shares rose across the board, despite the recent crop of sharply lower first-quarter earnings. The oil sector was again boosted as big investors switched out of ''growth'' sectors, like high-tech and pharmaceuticals, and into ''cyclicals,'' which has been a big factor in boosting the shares of oil and oil services firms from 40 percent to 80 percent in the last two months. On Wednesday, Unocal Corp. , a California-based oil and gas company, said first-quarter profits fell by more than 70 percent year-on-year because of depressed prices and lower production. But Unocal shares shot up $4.6875 to $44.25 Wednesday in composite New York Stock Exchange trading. Most other oil company shares gained, driving the S&P International Oil Index tracking major integrated oil companies up over 5.00 percent to a 52-week high of 991.96 on Wednesday, before it ebbed a bit to end at 977.45, up 3.52 percent on the day.