OGJ NEWSLETTER

Uncertainty continues to prevail in expectations for oil and gas prices. Despite a recent period of remarkable stability in oil prices, markets are likely headed for more volatility, Merrill Lynch contends. The analyst cites psychological vs. fundamental factors as buoying WTI at $20/bbl in an oversupplied market. It expects oil prices to dip $2-3/bbl the next several months but tighten significantly by yearend and even more so in first quarter 1992 as demand rises sharply while Iraqi supplies