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

To: BigBull who wrote (53821)	11/1/1999 3:38:00 PM
From: oilbabe	Read Replies (1) \| Respond to of 95453

NYMEX crude moves above resistance in late trade NEW YORK, Nov 1 (Reuters) - Front month crude oil futures on the New York Mercantile Exchange (NYMEX) broke through resistance, spurred by technically-supported buying, traders said. NYMEX December crude traded as high as $22.40, up 65 cents, after breaking above the $22.25 resistance level. It traded at $22.291, up 54 cents at 2:53 (1853 GMT). Traders said they expect the next resistance level at $22.50. ``We moved above resistance but volume is thin,' said a Maryland-based trader, who added that the late spurt came as the front month contract hit buy stops. Heating oil and gasoline futures gained, tracking crude's late gains. December heating oil traded at a new sesion high of 59.30 cents a gallon, before easing a bit at 59.30, up 1.01 cents. It has traded as low as 58.10 cents. December gasoline posted a late session high of 63.00 cents, up 1.14 cents and then traded at 62.95 cents, up 1.09 cents. It posted the day's low in earlier trade at 61.45 cents. In London, December Brent crude moved above $22 a barrel and was tarding 38 cents higher at $22.07 a barrel, rising after NYMEX broke through resistance. On the NYMEX, the day's gains came after a dramatic fall in front month crude of more than a dollar on Thursday, which then gave way to a small technical bounce on Friday. Traders said the market was still moving mostly on technicals, but was seeking further direction. The market will take a peek at the weekly inventory data on U.S. crude, heating oil and gasoline stocks late Tuesday, when the American Petroleum Instite (API) releases its closely-watched report. The market is also watching for actual OPEC compliance to output cuts to be reported in independent surveys beginning later this week. Earlier in the day, traders said that Royal/Dutch Shell's declaration late Friday of a force majeure on Nigerian Bonny crude loadings after it shut in 100,000 barrels per day of crude had some positive background effect. Shell had said that the delayed crude loadings will last through November.