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To: pater tenebrarum who wrote (51842)	7/16/1999 9:42:00 AM
From: John Pitera	Read Replies (1) \| Respond to of 86076

Heinz, unless the Iran situation ramps us up in crude, we should be moving to the 16-17$ area over the next 4-8 weeks. We may have another week or 10 days of upward pressure I see that Gasoline is at a 21 month high, the whole energy complex has been moving NYMEX energy futures jumped in a gasoline-led rally ahead of the expiration of Aug crude options contracts. Aug gasoline soared to a 21- month high fueled by West Coast refinery problems, while Aug crude rose above its $20.00 strike price, hitting a high of $20.25. Aug crude settled up 24c at $20.16. Aug heating oil settled up 100 points at 51.73c, while Aug gasoline settled up 218 points at 61.70c. Aug gasoline jumped 228 points to hit an intraday high of $61.80 in the wake of refinery snags at Chevron's Richmond refinery. Cash market cargo trading on the US east coast livened up during the past 24 hours as Chevron moved forward plans to augment its diminished Richmond, Calif. refinery output with spot market purchases. One of the contingencies set forth in the CARB (California Air Resources Board) meeting late Wednesday was to allow for California sales of NYMEX-deliverable RFG. Due to Chevron's problems, the Caribbean clean tanker market could see some higher rates for cargoes out to the US west coast because of increased demand for gasoline. Vitol failed today with a 30,000-tonne cargo at worldscale 265 from the Caribbean to the US west coast--a hike of 35 ws point on business concluded Wednesday. There are no spot US-flag vessels available to move cargoes from the US gulf or east coast, the earliest vessel being available at the end of July.