Impristine: take 2: "ÿ shocking drop " in oil reserves:
cbs.marketwatch.com
ÿÿÿÿÿÿÿÿÿÿÿÿÿ Crude supplies drop 10 million
ÿÿÿÿÿÿÿÿÿÿÿÿÿ barrels
ÿÿÿÿÿÿÿÿÿÿÿÿÿ And: Data on crude stocks 'unbelievable',
ÿÿÿÿÿÿÿÿÿÿÿÿÿ analyst says
ÿÿÿÿÿÿÿÿÿÿÿÿÿ By Myra P. Saefong, CBS
ÿÿÿÿÿÿÿÿÿÿÿÿÿ MarketWatch
ÿÿÿÿÿÿÿÿÿÿÿÿÿ Last Update: 6:15 PM ET Feb 1, 2000
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ Agriculture Outlook
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ Futures News
ÿÿÿÿÿÿÿÿÿÿÿÿÿ NEW YORK (CBS.MW) -- Crude futures are poised to
ÿÿÿÿÿÿÿÿÿÿÿÿÿ surge early Wednesday after the American Petroleum
ÿÿÿÿÿÿÿÿÿÿÿÿÿ Institute posted an unexpected 10.4 million barrel
ÿÿÿÿÿÿÿÿÿÿÿÿÿ decline in last week's crude supplies.
ÿÿÿÿÿÿÿÿÿÿÿÿÿ The latest data is "unbelievable," Phil Flynn, vice
ÿÿÿÿÿÿÿÿÿÿÿÿÿ president of Alaron.com said. The draw in crude
ÿÿÿÿÿÿÿÿÿÿÿÿÿ supplies has "shock-value" and will "support the whole
ÿÿÿÿÿÿÿÿÿÿÿÿÿ complex tomorrow," as long as the Department of
ÿÿÿÿÿÿÿÿÿÿÿÿÿ Energy's report, slated for release early Wednesday
ÿÿÿÿÿÿÿÿÿÿÿÿÿ confirms the numbers, he said.
ÿÿÿÿÿÿÿÿÿÿÿÿÿ Ahead of the news, on the New York
ÿÿÿÿÿÿÿÿÿÿÿÿÿ Mercantile Exchange, March crude
ÿÿÿÿÿÿÿÿÿÿÿÿÿ gained 58 cents to $28.22 a barrel
ÿÿÿÿÿÿÿÿÿÿÿÿÿ closing at nearly the same level it was
ÿÿÿÿÿÿÿÿÿÿÿÿÿ at a week ago.
ÿÿÿÿÿÿÿÿÿÿÿÿÿ March heating oil gained 2.85 cents, or
ÿÿÿÿÿÿÿÿÿÿÿÿÿ 4 percent, to 77.19 cents a gallon,
ÿÿÿÿÿÿÿÿÿÿÿÿÿ while March unleaded gasoline rose
ÿÿÿÿÿÿÿÿÿÿÿÿÿ 1.96 cents to 77.67 cents a gallon. See
ÿÿÿÿÿÿÿÿÿÿÿÿÿ latest commodity prices.
ÿÿÿÿÿÿÿÿÿÿÿÿÿ March crude soared 40 cents in
ÿÿÿÿÿÿÿÿÿÿÿÿÿ overnight trading just after the supply
ÿÿÿÿÿÿÿÿÿÿÿÿÿ data was released, Flynn said. It
ÿÿÿÿÿÿÿÿÿÿÿÿÿ almost appears like the API switched
ÿÿÿÿÿÿÿÿÿÿÿÿÿ the data on crude with distillates,
ÿÿÿÿÿÿÿÿÿÿÿÿÿ because there is no apparent
ÿÿÿÿÿÿÿÿÿÿÿÿÿ explanation for the huge decline in
ÿÿÿÿÿÿÿÿÿÿÿÿÿ crude ÿinventories, he said.
ÿÿÿÿÿÿÿÿÿÿÿÿÿ After the market closed, the American
ÿÿÿÿÿÿÿÿÿÿÿÿÿ Petroleum Institute reported an enormous, 10.4 million
ÿÿÿÿÿÿÿÿÿÿÿÿÿ barrel decline in crude oil supplies for the week ended
ÿÿÿÿÿÿÿÿÿÿÿÿÿ Jan. 28. This compares to expectations for a rise
ÿÿÿÿÿÿÿÿÿÿÿÿÿ between 1.5 million and 2.5 million barrels, according
ÿÿÿÿÿÿÿÿÿÿÿÿÿ to a Bridge News survey of analysts.
ÿÿÿÿÿÿÿÿÿÿÿÿÿ U.S. crude supplies, as of last week, total 281.2 million
ÿÿÿÿÿÿÿÿÿÿÿÿÿ barrels.
ÿÿÿÿÿÿÿÿÿÿÿÿÿ Given that the API numbers are subject to frequent
ÿÿÿÿÿÿÿÿÿÿÿÿÿ revisions, the market will see of the Energy Department
ÿÿÿÿÿÿÿÿÿÿÿÿÿ confirms the data and if it does, crude prices could
ÿÿÿÿÿÿÿÿÿÿÿÿÿ surpass $29 a barrel again, Mark Bock, an economist at
ÿÿÿÿÿÿÿÿÿÿÿÿÿ the Dismal Scientist said.
ÿÿÿÿÿÿÿÿÿÿÿÿÿ Distillate supplies lost 2.4 million barrels last week, the
ÿÿÿÿÿÿÿÿÿÿÿÿÿ API said, but the market was looking for a 5 million to 6
ÿÿÿÿÿÿÿÿÿÿÿÿÿ million barrel decline.
ÿÿÿÿÿÿÿÿÿÿÿÿÿ The API's measure of gasoline stocks
ÿÿÿÿÿÿÿÿÿÿÿÿÿ rose 1.4 million barrels, defying
ÿÿÿÿÿÿÿÿÿÿÿÿÿ expectations for an increase of as much
ÿÿÿÿÿÿÿÿÿÿÿÿÿ as 3 million barrels.
ÿÿÿÿÿÿÿÿÿÿÿÿÿ The latest data on crude was even
ÿÿÿÿÿÿÿÿÿÿÿÿÿ more surprising, considering that
ÿÿÿÿÿÿÿÿÿÿÿÿÿ refinery output rates rose to 87.7
ÿÿÿÿÿÿÿÿÿÿÿÿÿ percent last week, from 85.7 percent a
ÿÿÿÿÿÿÿÿÿÿÿÿÿ week earlier.
ÿÿÿÿÿÿÿÿÿÿÿÿÿ On Tuesday, crude futures closed 2
ÿÿÿÿÿÿÿÿÿÿÿÿÿ percent higher on comments from the
ÿÿÿÿÿÿÿÿÿÿÿÿÿ Department of Energy that eased the
ÿÿÿÿÿÿÿÿÿÿÿÿÿ market's fears of possible oil reserve sales.ÿ
ÿÿÿÿÿÿÿÿÿÿÿÿÿ "The market sold off early yesterday as word spread we
ÿÿÿÿÿÿÿÿÿÿÿÿÿ would use the reserve oil, only to firm later when Bill
ÿÿÿÿÿÿÿÿÿÿÿÿÿ Richardson backed off," a daily report from
ÿÿÿÿÿÿÿÿÿÿÿÿÿ Chicago-based Alaron.com said.ÿ
ÿÿÿÿÿÿÿÿÿÿÿÿÿ Early Tuesday, U.S. energy secretary Bill Richardson
ÿÿÿÿÿÿÿÿÿÿÿÿÿ said market forces rather than intervention should set oil
ÿÿÿÿÿÿÿÿÿÿÿÿÿ prices, Bridge News reported. He also said that a
ÿÿÿÿÿÿÿÿÿÿÿÿÿ decision to use oil from the strategic petroleum reserve
ÿÿÿÿÿÿÿÿÿÿÿÿÿ is "not imminent" even though he does believe oil prices
ÿÿÿÿÿÿÿÿÿÿÿÿÿ are currently too high.
ÿÿÿÿÿÿÿÿÿÿÿÿÿ Also supporting the market Tuesday was late news that
ÿÿÿÿÿÿÿÿÿÿÿÿÿ Venezuela's largest oil workers union, Fedepetrol,
ÿÿÿÿÿÿÿÿÿÿÿÿÿ authorized its leadership to call an indefinite strike
ÿÿÿÿÿÿÿÿÿÿÿÿÿ when it deems necessary, Bridge News reported. Carlos
ÿÿÿÿÿÿÿÿÿÿÿÿÿ Ortega, the president of the workers union, said that a
ÿÿÿÿÿÿÿÿÿÿÿÿÿ strike would happen with in a few days unless the
ÿÿÿÿÿÿÿÿÿÿÿÿÿ government takes back its decree to halt collective
ÿÿÿÿÿÿÿÿÿÿÿÿÿ bargaining.
ÿÿÿÿÿÿÿÿÿÿÿÿÿ In other energy news, March natural gas rose 3.7 cent to
ÿÿÿÿÿÿÿÿÿÿÿÿÿ $2.699 on Nymex.
ÿÿÿÿÿÿÿÿÿÿÿÿÿ Analysts at Thomson Global Markets expect Wednesday
ÿÿÿÿÿÿÿÿÿÿÿÿÿ afternoon's weekly report on supplies to reveal a
ÿÿÿÿÿÿÿÿÿÿÿÿÿ decline between 150 billion and 170 billion cubic feet.
TA
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Message #38793 from impristine at Feb 1 2000 7:25PM
I don't know what it said...But it Just About Made Me Seizure.
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