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

To: oilbabe who wrote (46715)	6/21/1999 2:45:00 PM
From: Captain James T. Kirk	Read Replies (1) \| Respond to of 95453

New York--Jun 21--NYMEX crude and product futures are seen lower, extending Friday's losses in technicals ahead of Tuesday's expiration of crude futures contracts. With little fresh news to support the market today, most brokers and traders expect Jly crude to drift lower to test support at $17.75, which if broken, could trigger stop-loss orders to sell and push the expiring contract to $17.50, a near 2-week low. * * * NYMEX Jly crude ended the overnight Access session down 12c at $17.87. Jly heating oil ended down 32 points at 44.15c, while Jly gasoline ended down 40 points at 51.90c. "There's really nothing good about the market," a trader said. "Technically it is looking very weak and the fundamentals are a wash." Most brokers and traders anticipate a lackluster session with a lot of participants already having "rolled over their positions (into Aug crude). "The market is being put on the defensive. I think you're going to see a lot of guys standing on the sidelines today, watching to see what happens," a broker said. "We'll wait to see what the (American Petroleum data) shows tomorrow." Meanwhile, Kuwaiti oil minister Sheikh Suad Nasser al-Sabah today ruled out the possibility of changing March's agreement by oil producers in terms of the amount of the production cuts or in terms of the duration of the agreement which ends Apr 1, 2000, despite apparent healthy oil prices. Sheikh Saud, talking to reporters in Kuwait, said that his county is not in favor of changing the 2.104 million barrels per day agreed upon cuts. UPCOMING: --Jly crude futures expire Tuesday. --Jly product options expire June 25. Jly product futures expire Jun 30. --American Petroleum Institute data are released after 1600 ET Tuesday, while US Department of energy data are due out after 0900 ET Wednesday.