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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: pbd007 who wrote (83555)1/5/2001 12:30:02 PM
From: Henrik   of 95453
 
[B] NYMEX Oil:Mkt up on OPEC consensus; nat gas boosts heating oil

By BridgeNews
New York--Jan. 5--NYMEX energy futures rose across the board on Friday amid
news that OPEC has a consensus to reduce output and amid ongoing perceptions
that cutbacks could total 1.5 million barrels per day. At 1159 ET, Feb crude
was up 42 cents at $28.56 a barrel, off its high of $28.78. Feb heating oil was
up 123 points at 87.35c a gallon. Feb gasoline was up 114 points at 83.00c.
* * *
Heating oil futures were additionally supported by strong natural gas
prices, brokers noted.
"Now this market might see a 1.5-million-barrel cut," a broker said, adding
that an anticipated economic slowdown and erosion of global consumption were
also continuing to rally the market.
"The global economic picture on crude and product consumption should be
watched--see who is willing to sell into a turbulent global economy."
Feb crude early in the session broke through resistance at $28.15 and $28.5
to hit its high, a level not seen for the nearby contract since Dec. 18. Feb
crude remains supported at the $28.00-28.10 level, brokers said.
OPEC Secretary General Ali Rodriguez said Thursday that OPEC members are
unanimous on the need to reduce oil production at their Jan. 17 meeting,
although he noted that the ministers have not yet arrived at the exact amount
of cutbacks.
However, other OPEC members this week have confirmed that a consensus is
growing for cutbacks of 1.5 million bpd. End
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