Strictly: Drilling and oil-field services Message Board

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Gold/Mining/Energy : Strictly: Drilling and oil-field services

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To: dougjn who wrote (19944)	4/22/1998 6:01:00 AM
From: Czechsinthemail	Read Replies (1) of 95453

Some oil information (includes bearish API numbers): 4/21/98 Crude-Oil Futures, Products Settle Modestly Higher On Nymex NEW YORK -(Dow Jones)- Crude-oil and petroleum-products futures finished modestly higher Tuesday on the New York Mercantile Exchange. May crude oil added 4 cents to settle at $15.45 a barrel. June crude oil rose 7 cents to end at $15.98 a barrel. Oversupply concerns kept crude from making larger gains, though one trader noted significant short covering by funds in the June crude oil contract. Support for June crude oil, which holds the most trading interest, is seen at $15.75. The contract had held above that level in the early morning session and began working higher around mid-morning. Among products: May unleaded gasoline inched up 0.26 cent to settle at 52.68 cents a gallon. May heating oil closed up 0.37 cent at 44.04 cents a gallon. May natural gas jumped 9.2 cents to settle at $2.561 per million BTUs. Late Tuesday, the American Petroleum Institute reported crude-oil stocks rose by 3.293 million barrels in the week ended April 17. Gasoline stocks rose by 1.351 million barrels, and distillate stocks rose by 111,000 barrels. Refineries operated at 97.7% capacity, up from 96.2% the previous week. The gasoline stocks data were considered bearish, as analysts, on average, had expected a 1.75-million-barrel decline in gas stocks. Earlier, news that representatives of non-OPEC oil-producing nations will be invited to OPEC's full ministerial meeting in June had a mildly supportive impact on crude futures. Venezuela's energy and mines minister Erwin Arrieta mentioned the invitations to reporters Tuesday. Traders speculated that the move was an indication that oil producers may agree to production cuts on top of those agreed to in March, but Arrieta said it was "too early to say" whether OPEC would consider further cuts at the June 24 meeting.

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