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

To: Ken Robbins who wrote (46249)	6/10/1999 6:45:00 PM
From: The Ox	Respond to of 95453

From AOL/Bloomberg: Natural gas futures fell sharply Thursday on the New York Mercantile Exchange after figures showed a surprising increase in storage last week despite above-normal temperatures. Other energy futures also retreated. On other markets, silver futures rose sharply, while wheat advanced. The American Gas Association reported inventories jumped by 91 billion cubic feet, or 5.3 percent, last week. That puts storage levels virtually on par with last year. It also was the largest increase in nearly a year and comes at a time when demand from utilities for natural gas to power generators is expected to increase. Natural gas demand typically rises sharply with the advent of hot or cold weather, as Americans turn on air conditioners and fans or heaters. Energy futures traded also were surprised earlier this week by increases in crude inventories and by an unexpected decline in unleaded gasoline demand. The storage figures cast a pall over a market that had shown signs of resiliency amid expectations of hotter weather and producer cutbacks could finally combine to reduce large U.S. surpluses. Market participants ignored the possibility next week of a Venezuelan oil workers strike, which could sharply restrict the flow of crude to the United States in the short-term. Venezuela and Saudi Arabia are the largest importers to the United States, with Venezuela shipping more than 60 percent of its output northward. Natural gas for July delivery fell 10.5 cents to $2.355 for each 1,000 cubic feet. July crude fell 14 cents to $17.85 a barrel; July unleaded gasoline fell .71 cent to 51.53 cents a gallon; July heating oil fell .19 cent to 42.74 cents a gallon.