Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

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

To: gpphantom who wrote (51937)	9/27/1999 2:45:00 PM
From: Think4Yourself	Read Replies (2) \| Respond to of 95453

Gasoline Futures Rise Amid Concern About Low East Coast Supply New York, Sept. 27 (Bloomberg) -- Gasoline rose to a 2 1/2- year high on concern that weeks of above-average demand from motorists is draining supplies on the U.S. East Coast, where futures contracts are delivered. Gasoline inventories from Maine to Florida totaled 53.5 million barrels in the week ended Sept. 17, the lowest level since October 1997, industry figures showed. National gasoline demand that week was up 8 percent from the five-year average. Unexpected demand from motorists could further reduce regional supplies, traders said. ``We could see a definite squeeze on gasoline,' said Nauman Barakat, vice president of global energy trading at ABN Amro Inc. in New York. East Coast supplies ``are at very low levels.' Gasoline for October delivery rose as much as 0.62 cent, or 0.8 percent, to 72.50 cents a gallon on the New York Mercantile Exchange, the highest price since January 1997. The first deliveries against the October futures contract, which expires on Thursday, begin on Oct. 8. National retail prices for regular gasoline averaged $1.268 a gallon last week, the highest level since June 1996. U.S. gasoline demand averaged 8.9 million barrels a day in the week ended Sept. 17, according to the American Petroleum Institute. Inventories along the East Coast were the lowest since October 1997. In June, supplies in the region were at six-year highs. The API will issue its next weekly inventory report after markets close tomorrow. Heating oil prices also rose, with the October contract gaining as much as 0.53 cent to 62.80 cents a gallon on the Nymex. Demand for heating fuels this winter is expected by some analysts to be stronger than during the last two, relatively mild, U.S. winters. Gasoline and heating oil have been boosted by this year's doubling in crude oil prices. Crude rose after world producers, including 10 of 11 members of the Organization of Petroleum Exporting Countries, reduced world supply by about 7 percent. Oil prices were at a 12-year low of $10.35 in December. Crude oil for November delivery was recently 16 cents lower at $24.60 a barrel on the Nymex. In London, November Brent crude oil was 10 cents higher at $24.00 a barrel on the International Petroleum Exchange.