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: gregor who wrote (32460)	12/4/1998 3:52:00 PM
From: Captain James T. Kirk	Read Replies (1) of 95453

Updated Fri Dec 4 09:44 ET NYMEX Oil Pre-opg: Crude seen up on OPEC, Venezuela elections OPENING CALL: Crude oil futures: Up 10 cents per barrel Heating oil: Up 15 points per gallon Gasoline: Up 15 points per gallon By Karyn Peterson, Bridge News New York--Dec 4--NYMEX energy futures are expected to open slightly higher today in more short-covering ahead of the weekend's presidential elections in Venezuela, and following news that Norway is considering extending its oil output cut of 100,000 bpd beyond 1998 (Story .9995). * * * "Nobody wants to get caught short," a broker said, noting anticipations that leading Venezuelan presidential candidate Hugo Chavez will be elected this weekend. Chavez said earlier this week that he supports oil output cuts and is in favor of full OPEC compliance. But some brokers say any upside movement will likely be limited by Thursday' report that OPEC-member nations raised November oil production levels by about 500,000 bpd. Jan crude on Thursday had rallied early in the session but later erased those gains on the report, which showed compliance with pledged output cuts at around 74% in November, compared to October levels of over 90%. Support for the nearby contract is pegged at around $10.82-$10.85, the lows from Monday and Tuesday. Meanwhile, resistance is seen at around Thursday's high of $11.65. NYMEX Jan crude (CLF9) ended the overnight Access session up 11c at $11.30. Jan heating oil (HOF9) ended up 23 points at 32.65c, while Jan gasoline (HUF9) ended up 14 points at 34.65c. IPE Jan Brent crude (OILF9) last was up 10c at $10.28. UPCOMING: --Jan crude futures expire Dec 21, while Jan crude options expire Dec 16. --Jan product futures expire Dec 31. Jan product options expire Dec 28.

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