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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: Ronald J. Clark who wrote (14468)3/11/1998 1:54:00 PM
From: Teddy  Read Replies (2) of 95453
 
Rally in Gasoline Leads
Crude, Heating Oil Higher

An INTERACTIVE JOURNAL News Roundup

Solid gasoline buying boosted crude and heating oil futures Wednesday
morning on the New York Mercantile Exchange.

Strong buying interest pushed April gasoline up 0.95 cent to 47.20 cents a
gallon, while April heating oil was up 0.37 cent to 41.20 cents a gallon.

Some players said the bullish inventory data from the American Petroleum
Institute and the Department of Energy contributed to gasoline's rise. The
API reported a 2.985 million-barrel draw in U.S. gasoline stocks, while
Energy reported a smaller 1.9 million-barrel drop.

API also reported a 4.379 million-barrel decline in U.S. crude oil stocks
during the week ended March 6, and a 1.426 million-barrel draw in
distillate stocks.

But the Energy Department's draws again were lower. It reported a crude
stock draw of 900,000 barrels and an unchanged distillate stock level
from the previous week.

That took some of the wind out of gains in April crude oil futures, traders
said. the April crude oil contract advanced 21 cents to $14.47 a barrel in
late morning trading Wednesday.

The market paid little attention to news that Venezuela Energy and Mines
Minister Erwin Arrieta said the Organization of Petroleum Exporting
Countries may call an extraordinary ministerial meeting after OPEC's
ministerial monitoring subcommittee meets Monday in Vienna.

The extraordinary meeting could lead to a decision by OPEC members to
cut crude production in an attempt to support sagging prices.
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