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

To: SliderOnTheBlack who wrote (43615)	4/30/1999 3:28:00 PM
From: Crimson Ghost	Read Replies (1) \| Respond to of 95453

OSX holding very well today (off 2.2%) considering the steep drop in the overall market and all those downgrades. Whatever the reason, this sector just does not want to go down very much. And when the bad news is essentially ignored, the path of least resistance is UP.

To: SliderOnTheBlack who wrote (43615)	4/30/1999 4:33:00 PM
From: RealMuLan	Read Replies (1) \| Respond to of 95453

Slider: I would like to add one more point here. This hike in the oil price is much faster than the gas price increase. As a result, refinary margin are decreasing a lot. They are either break even or loss money. So some company already starts to cut down the refinary starting this week. And more are likely to follow. IMO this means higher stock for crude. So methinks this coming Tue. API number perhaps will show some increase in the crude. I might be wrong. But if I am right, next Wed. will have a sell-off. Another thing to keep in mind is that the end of next week or so OPEC compliance number will be out. It will have a sell on the news. This is from Yhoo. Gulf of Mexico rig count down 3, worldwide count down 2 Friday April 30, 3:59 pm Eastern Time NEW YORK, April 30 (Reuters) - The Gulf of Mexico offshore rig count dropped three as of April 30 to 112 out of a total fleet of 180, dropping rig utilization to 62.2 percent, according to Offshore Data Services. The worldwide count moved down two to 458 rigs under contract, while the total fleet increase by one to stand at 618 rigs. The utilization rate is 74.1 percent, according to ODS. The offshore rig count has fallen by 87 rigs over the past seven months, leaving about one out of every seven rigs worldwide without a contract. The number of working rigs in the European/Mediterranean area rose one to 95 rigs under contract. With a total fleet of 109, the utilization rate is 87.2 percent. biz.yahoo.com