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

To: A. Geiche who wrote (51090)	9/14/1999 12:37:00 PM
From: The Ox	Read Replies (1) \| Respond to of 95453

Today's selling appears to me to be more then just pre-API jitters but I hope I'm wrong. From Bridge/CRB: Updated Tue Sep 14 10:52 ET NYMEX Oil: Market skids in pullback ahead of APIs By Mary Chung, Bridge News New York--Sep 14--NYMEX energy futures skid ahead of American Petroleum Institute data released this afternoon. Oct crude fell 33c to an intraday low of $23.95 as some market players liquidated their positions. At 1029 ET, NYMEX Oct crude was down 25c at $23.95. Oct heating oil was down 75 points at 61.45, while Oct gasoline was down 68 points at 68.90c. * * * "This could be a little correction coming in with some weak longs being shaken out," a broker said. The market could come off 75c-$1.00 today if the contract breaks support at $23.60, some brokers and traders predict following 6 straight sessions of gains. "Even if you come off $1.00, you're still trading at $23.00, which is pretty good," a broker said. However, if the contract successfully climbs and holds the $24.00 level, the market could try to bounce ahead of the APIs. US crude stockpiles are expected to have increased 1.0-2.0 million barrels last week, brokers and analysts said. Inventories of gasoline are expected to have dropped 0.5-1.5 million barrels last week, while distillates--which include heating oil and diesel fuel--are expected to have increased 0.5-1.5 million barrels. Refinery runs are expected to have remained unchanged or to have increased 0.5 percentage point.