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

To: hdrjr who wrote (54859)	11/16/1999 7:11:00 PM
From: Tomas	Respond to of 95453

"You had to be a bull before, but you've gotta be a bigger bull now" Crude Oil Rises to 3-Year High After API Reports Inventory Drop New York, Nov. 16 (Bloomberg) -- Crude oil rose above $26 for the first time since January 1997 after the American Petroleum Institute said inventories of oil, gasoline and distillate fuels all fell last week. Crude oil supplies fell by a greater-than-expected 2.49 million barrels to 308.97 million barrels last week, the API said after the close of floor trading. Gasoline inventories plunged almost 5 million barrels to the lowest level in two years. ``The crude number was good, but the gasoline number looks even better,' said Nauman Barakat, vice president of global energy trading at ABN Amro Inc. in New York. ``You had to be a bull before, but you've gotta be a bigger bull now.' Crude oil for December delivery rose as much as 40 cents, or 1.6 percent, to $26.10 a barrel in electronic on the New York Mercantile Exchange after the report. Prices had risen 57 cents during the open-outcry session. Nine analysts surveyed by Bloomberg News had predicted the API would report a crude oil decrease, on average, of between 1.1 million barrels and 1.9 million barrels. The nationwide decrease was mostly due to a 2.53 million-barrel drop in the Gulf Coast region, the nation's oil refining heartland. Supplies reached a two-year low last month amid output cuts by exporters that reduced world supply by about 7 percent. Gasoline inventories dropped 4.95 million barrels to 189.46 million barrels. The drop came as a surprise to analysts in the Bloomberg survey, who had expected supplies to be unchanged to 1 million barrels higher. The stockpile decrease came as demand, derived from API figures, rose above 9 million barrels a day, considered high even during peak summer consumption. The decline in distillate fuel supplies included a drop of 1.13 million barrels in heating oil inventories, as cold weather demand kicked in. Gasoline for December delivery rose as much as 1.57 cents, or 2.2 percent, to 72.25 cents a gallon in electronic trading after the report, a six-week high. Heating oil rose as much as 1.19 cents, or 1.8 percent, to 68.40 cents a gallon, the highest price since January 1997. Crude oil prices have more than doubled this year and are up 18 percent this month as oil producers reduced world supply by about 7 percent to eliminate a global surplus. bloomberg.com