Strictly: Drilling II Message Board

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Strategies & Market Trends : Strictly: Drilling II

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To: Sharp_End_Of_Drill who wrote (10027)	3/26/2002 5:47:30 PM
From: isopatch	Read Replies (1) of 36161

API reports big drop in crude inventories. (courtesy CBSMarketWatch) <Crude nears $26 on inventory declines Sharp declines in last week's petroleum inventories pulled crude futures prices toward $26 a barrel in after-hours action Tuesday. After the market closed, the American Petroleum Institute reported that crude inventories, as of the week ended March 22, dropped by 6.22 million barrels. The market had been expecting a drop of only as much as 2 million barrels, according to MV Energy in Princeton, N.J., although analysts at IFR Pegasus predicted a rise of as much as 2 million barrels. If the Energy Department confirms the "incredible" draw early Wednesday, crude oil could top $26 a barrel, said Phil Flynn, senior energy analyst at Alaron.com in Chicago. In after-hours trading, shortly after the data were released, May crude rose by as much as 53 cents to $25.89 a barrel. April unleaded gasoline tacked on 0.92 cent to 81 cents a gallon and April heating oil added 0.12 cent to 65.8 cents a gallon.> cbs.marketwatch.com

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