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

To: Brent Hogenson who wrote (46841)	6/24/1999 7:46:00 AM
From: diana g	Read Replies (2) \| Respond to of 95453

Strategic Reserves Purchase was Responsible for API Crude #s, states 'greg' on 'labpuppy' Oil message board. I think this would account for yesterday's OSX activity. Here's a snip from greg's post. Thanks, greg! <<<<The API report which came out today showed crude inventories fell by 5.7 million barrels. What they failed to say was that last week crude inventory fell because 9.3 million barrels of crude were deducted from API inventories and put into the strategic petroleum reserve. The crude is still "unconsumed" to be sitting in salt caverns in Louisana soon. Had this not happened, crude would have shown an increase of 3.6 million barrrels. Add that to the rise in gasloine inventories (when refinery utilization actually dropped)and the picture is even worse than last weeks figures! The real glut should be calcualted as follows: Private crude inventories: 337 million barrels. Strategic petroleum reserve: 574 million barrels. >>>>