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To: John Paquet who wrote (41516)	9/29/1999 1:51:00 PM
From: goldsnow	Read Replies (2) \| Respond to of 116764

New York Crude Oil Rises to US$25 a Barrel, First Time Since January 1997 By Mark Pittman Crude Oil Rises to $25/Bbl After Inventories Fall (Update3) (Adds Goldman Sachs index in 5th paragraph, details on inventories in 8th-9th paragraphs.) New York, Sept. 29 (Bloomberg) -- Crude oil rose 3 percent, climbing above $25 a barrel for the first time in 2 1/2 years, after a report of declining inventories signaled that an oil surplus is gone. U.S. crude oil supplies fell 1.1 percent to the lowest level since January 1998, the American Petroleum Institute said. Inventories have declined every week but two since mid-June, as exporters reduced production by about 7 percent. Prices have more than doubled this year. ``We are fundamentally short of oil,' said Alan Struth, an economist at Honeywell Bonner & Moore, a Houston-based refinery consulting firm. ``If production stays around where it is, we could see $30 by the end of the year.' Crude oil for November delivery rose as much as 79 cents, or 3.3 percent, to $25.12 a barrel on the New York Mercantile Exchange, the highest price since January 1997. Oil was recently up 60 cents at $24.93 a barrel. The energy-weighted Goldman Sachs Commodity Index rose 2.31 to 194.24. A close there would be the highest level since November 1997. The Standard & Poor's index of integrated international oil companies was the best performing industry group in the S&P 500. Exxon Corp. rose 1 11/16 to 76 3/8 and Mobil Corp. rose 2 5/16 to 100 3/16. U.S. oil inventories fell to 305.1 million barrels last week, the API said after trading yesterday. Inventories have averaged 319 million barrels over the past five years. U.S. supplies have fallen 11 percent from their high for the year in April. Gasoline inventories fell to 201.1 million last week, the lowest level since October 1998 and down 9.3 percent from this year's high in March. The rally in crude oil may last another six weeks, sending prices close to $28 a barrel, according to a survey of analysts and traders by Bloomberg News. The average of eight analysts surveyed last week predicted that crude oil will top out at $27.63 a barrel on Nov. 17. The analysts expect prices to fall back by Jan. 1, to $23.91 a barrel, which is still more than double a 12-year low of $10.35 a barrel in December 1998. The drop in gasoline inventories came as demand rose to 9.4 million barrels a day, its seventh-highest level ever, according figures derived from the API report. Gasoline for October delivery rose as much as 1.25 cent, or 1.7 percent, to 74.00 cents a gallon on the Nymex. Heating oil for October delivery rose as much as 1.07 cents, or 1.7 percent, to 62.75 cents a gallon. In London, November Brent crude oil rose 54 cents, or 2.3 percent, to $24.30 a barrel, on the International Petroleum Exchange. ¸1999 Bloomberg L.P. All rights reserved. Terms of Service, Privacy Policy and Trademarks.

To: John Paquet who wrote (41516)	9/29/1999 5:26:00 PM
From: goldsnow	Read Replies (1) \| Respond to of 116764

Iraq decides to wait and see on Y2K oil disruption 07:58 a.m. Sep 29, 1999 Eastern By Nadim Ladki BAGHDAD, Sept 29 (Reuters) - Iraq's oil industry is not prepared to deal with the millennium bug and may well be forced to shut down production and exports at the turn of the year, a reliable industry source in Baghdad said on Wednesday. The source told Reuters that Iraqi oil officials were aware of the year 2000 computer problem but had decided to avoid the multi-million dollar cost of dealing with it. Asked what the oil ministry was doing to counter the Y2K changeover, the source said: ``They are doing nothing.' infoseek.go.com