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

To: Think4Yourself who wrote (54031)	11/5/1999 12:07:00 PM
From: BigBull	Read Replies (1) \| Respond to of 95453

Johnny Q. Congratulations on snagging some GLBL today. That 6 buck price lasted about a nano second didn't it? <g> RE: Brent/WTI spread - check this out: quote.bloomberg.com Bloomberg Energy Fri, 05 Nov 1999, 11:59am EST 11/5 10:06 Crude Oil Rises as European Refiners Seen Making More Heating Fuel By Josh P. Hamilton Crude Oil Rises, European Refiner Demand Keeps U.S. Imports Low New York, Nov. 5 (Bloomberg) -- Crude oil rose for a third day as European refiners stepped up purchases of North Sea Brent crude oil to meet an increase in demand for heating fuel, tightening supplies for import to the U.S. Temperatures across Europe will likely fall below their normal levels tomorrow and could stay there until the middle of next week, according to Massachusetts-based Weather Services Corp. About 5 percent of U.S. imports come from the North Sea and a drop in shipments would come as U.S. refiners also are preparing for winter demand. ``The Brent market has been extremely strong,' said Tom Blakeslee, an oil and gas trader at Eildon Marketing LLC in White Marsh, Maryland. That is boosting prices for crude in the U.S. as well, he said. Crude oil for December delivery rose as much as 36 cents, or 1.6 percent, $23.50 a barrel on the New York Mercantile Exchange. Brent crude oil for December settlement rose as much as 25 cents, or 1.1 percent, to $23.10 a barrel on the International Petroleum Exchange in London. The increase in demand comes at a time when crude oil prices are almost double their level at the beginning of the year because members of the Organization of Petroleum Exporting Countries are pumping less. Those countries account for two fifths of world supply. OPEC's agreement to reduce output by 1.72 million barrels a day has helped cut U.S. oil inventories by 10 percent since the beginning of April. Shell Oil Co. closed a unit at its Deer Park, Texas, refinery, traders said. The company wasn't immediately available for comment. Refinery outages often boost refined product prices because they indicate an unexpected drop in supply. Heating oil for December delivery rose as much as 0.73 cent, or 1.2 percent, to 62.20 cents a gallon on the Nymex, while gasoline for December delivery rose as much as 1.6 cents, or 2.5 percent, to 65.95 cents a gallon. -------------------------------------------------------------------------------- ¸ Copyright 1999, Bloomberg L.P. All Rights Reserved.