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: S. M. SAIFEE who wrote (38133)	2/24/1999 1:14:00 PM
From: Mike from La.	Read Replies (2) of 95453

From Energy Department, stocks gained 3 mil. Not going to get anything good today, though shut-ins are showing up -------------------------------------------------------------------------------- Crude Oil Watch February 24, 1999 Crude stocks gained 3 million barrels (MMB) over the week ending February 19, 1999. Stocks are currently 334.7 MMB or 12.9 MMB more than last year. Inputs have drifted lower, to 14.5 million barrels per day (MMBD) as refiners utilized 94.5 percent of their 15.5 MMBD operating capacity, and crude imports jumped to 8.8 MMBD last week. Spot prices continue to reflect the worldwide oil glut with the WTI-Cushing spot price on February 19 closing at $11.79 per barrel. Brent showed surprising strength, closing at $10.29, up $0.32 from the previous Friday close. Venezuela's Oil Minister claimed his nation would soon be in compliance with production cuts it had agreed to months ago, but has yet to meet. In the U.S., marginal wells are being shut in due to low oil prices, with this week's production estimated at 5.9 MMBD compared to the 6.4 MMBD estimated a year ago. mike

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