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Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: Think4Yourself who wrote (46057)	6/8/1999 2:33:00 PM
From: pz	Respond to of 95453

By Myra P. Saefong, CBS MarketWatch Last Update: 2:25 PM ET Jun 8, 1999 Agriculture Outlook New! Futures News NEW YORK (CBS.MW) -- Crude oil futures rose above $18 a barrel Tuesday ahead of the release of an industry supply report expected to reveal a drop in crude and gasoline stocks. "The market may take a little breath today as it awaits tonight's American Petroleum Institute report," said Phil Flynn, energy analyst at Alaron Trading. "Smaller accounts may want to take profits today prior to the report." On the New York Mercantile Exchange, July crude oil rose 20 cents to $18.06 a barrel. If crude oil futures close above $18 a barrel, it'll be the first time in a month the fuel has ended above that level. July heating oil rose 0.42 cents to 42.80 cents a gallon. July unleaded gasoline rose 0.80 to 52.05 cents a gallon. See commodity headlines. Flynn predicts a fall in both gasoline and crude inventories somewhere between one to two million barrels. "We need to see a good draw on gas stocks to keep the momentum alive, hopefully above two million barrels." The supply report for the week ending June 4 will include the traditional start of summer travelling season -- marked by the Memorial Day holiday. Distillate supplies should climb one half to one million barrels, he said. Analysts at Pegasus Econometric Group estimated crude stocks at unchanged to down two million barrels. They forecast gasoline inventories may rise or fall by one million and distillates could gain one to two million barrels. "We still maintain that the supply/demand balance is roughly even now, in transition toward a deficit," said analysts at Pegasus in their daily newsletter.