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To: Evolution who wrote (47461)	7/7/1999 11:21:00 AM
From: Captain James T. Kirk	Respond to of 95453

New York--Jul 7--NYMEX crude futures are expected to open lower today, consolidating recent gains ahead of the release of weekly inventory data from the American Petroleum Institute, despite refinery disruptions caused by the East Coast heat wave. A Delaware and a Philadelphia refinery both reduced rates earlier this week amid problems associated with record high temperatures. * * * Motiva cut rates at its Delaware City, Del., refinery Tuesday by 6% to about 163,000 bpd due to difficulty cooling individual units. And on Monday, Sunoco was forced to shut down most operating units at the Point Breeze section of its Philadelphia Refinery following an internal power failure. The company shut a 40,000-bpd catcracker, a crude unit, a catalytic reformer and a desulfurizer unit as a result of the power snag. "They look to be minor and (should) be coming up with the cooler weather," a broker said. Temperatures and humidity are expected to be lower today than over the past several days in the Northeast, which should also ease utility demand. API data are released after 1600 ET, a day later than normal due to the Independence Day holiday. Brokers and analysts expect the statistics will show US crude inventories increased 500,000 to 1.8 million barrels, while gasoline stockpiles are expected to have decreased 500,000-1.0 million barrels in the week ended last Friday. Distillates, which include heating oil and diesel fuel, are expected to have increased 100,000-1.1 million barrels, while refinery runs are expected to have decreased by about 0.2 percentage points. However, expectations are wide ranging, with at least one analyst calling for a drawdown in gasoline. Aug crude, which hit over $20.00 per barrel on Tuesday for the first time since Nov 1997, is expected to test support around $19.50, Tuesday's low. Further support is expected at $19.25. "The market's in a bit of a consolidation mode after hitting above $20," a broker said. "It could be just waiting for the APIs." Crude continues to be supported by steady compliance by OPEC with their output reductions. A Bridge survey put OPEC's compliance rate in Jun at 88% when compared to the February 1998 baseline, while other surveys have estimated compliance at above 90%. Expectation that continued compliance will lead to a drawdown in global oil inventories further into the third quarter may be prodding some commodity investment funds to roll into Sep contracts earlier than usual, a broker said. NYMEX Aug crude ended overnight the Access session down 10c at $19.68. Aug heating oil ended down 18 points at 49.20c. Aug gasoline ended down 48 points at 58.00c. UPCOMING: --Aug crude options expire Jul 15, while Aug crude futures expire Jul 20. --Aug product options expire Jul 27, while Aug product futures expire Jly 30. --API inventory data are due out after 1600 ET Wednesday, while US DOE inventory are due out after 0900 ET Thursday.