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To: BigBull who wrote (48711)	8/1/1999 9:05:00 PM
From: BigBull	Respond to of 95453

Gasoline to go higher - refineries breaking down in heat. Europe will NOT ship gasoline due to HIGHER DEMAND. US DEMAND for gasoline is breaking records. The tanks are full? Maybe with oil but not with gasoline. When the refineries pick up - heavy draws? I don't know about you folks, but to me, a pickup in European gasoline demand is welcome news. Bloomberg Energy Sun, 01 Aug 1999, 8:52pm EDT quote.bloomberg.com 7/30 18:43 U.S. Gasoline Prices Could Rise as Refineries Plagued with Breakdowns By Mark Pittman Gasoline Could Rise as U.S. Refineries Cope With Breakdowns New York, July 30 (Bloomberg) -- Gasoline could lead commodities higher in coming days on anticipation that refineries will suffer breakdowns as they strain to meet near-record demand during the busiest driving season of the year. Mobil Corp. shut a hydrogen plant two days ago at its Los Angeles-area refinery, causing some units to operate below full capacity. The company did not reveal how much the refinery was affected. Gasoline from the U.S. Gulf Coast is being diverted to California and supplies that were once headed for New York are being shipped to the Southeast, traders said. ''Gasoline could really go,'' said Michael Busby, manager of crude oil and refined products trading at Northville Industries Corp. in Melville, New York, one of the nation's biggest gasoline importers. Other refineries already have had problems, he said, ''some reported, some not.'' The Bridge-Commodity Research Bureau index ended the week 1.63 lower at 190.36. The Goldman-Sachs Commodity Index, which is weighted toward energy markets, was 1.25 lower at 169.17, near its highest since March 1998. Gasoline for August delivery ended the week up 2.93 cents, or 4.7 percent, to 65.13 cents a gallon on the New York Mercantile Exchange. Earlier this year, problems at California refineries, including some owned by Tosco Corp. and Chevron Corp., boosted local prices to the highest in the nation. The prices were high enough to induce refineries along the Gulf Coast to ship fuel west that normally stayed in markets east of the Rocky Mountains. ''There could be more (refinery) problems over the weekend,'' Busby said. ''What we're hearing is that refiners are having to cut back runs some because it's been so hot and there are a whole slew of outages.'' European supplies are not coming to the U.S. as had been the case earlier in the year, Busby said, because of higher consumption in Europe. ''Europe's not going to bail us out this time,'' he said. U.S. gasoline demand last week was above 9 million barrels a day for the second straight week, close to the record of 9.60 million barrels a day set in March, according to American Petroleum Institute statistics

To: BigBull who wrote (48711)	8/1/1999 11:56:00 PM
From: Roebear	Read Replies (1) \| Respond to of 95453

BigBull, The chart site I referenced (securitytrader) just started doing futures. I do not believe the targets I mentioned are long term or "top" targets, but probably short to intermediate term. This is my WAG just from familiarity with how he assigns targets to his charts. Also I am sure he would not target a top but would just not assign any targets higher if that is all that the chart measured. Also, I do not believe he is that far along on the oil futures for a LT target, if he gives any at all. I lost the data in a hard drive crash so I cannot give an exact date but I believe it was Dec or Jan when he gave a target for the DOW of 11,400. Very close to the money on that call, plus he had intermediate targets on the way up. He also definitely was calling the OSX well from the beginning of its way up. BTW I am real glad to see that 93% OPEC compliance rate!