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To: The Ox who wrote (55049)	11/19/1999 10:13:00 AM
From: The Ox	Respond to of 95453

From Bridge/CRB: Updated Fri Nov 19 09:25 ET NYMEX Oil Pre-Opg: Seen up; corrective rally ahead of expiry OPENING CALL: Crude oil futures: Up 45-50 cents per barrel Heating oil: Up 125-150 points per gallon Gasoline: Up 75-100 points per gallon By Mary Chung, Bridge News New York--Nov 19--NYMEX energy futures are called to open higher in a corrective rally following Thursday's sell-off, which saw Dec crude plunge a $1.00. However, with the expiration of Dec crude futures contracts this afternoon, trade is expected to be extremely volatile with crude possibly losing steam later in the session. * * * NYMEX Dec crude ended the overnight Access session up 50c at $26.30. Dec heating oil ended 149 points at 68.00c, while Dec gasoline ended up 93 points at 72.30c. At 0912 ET, IPE Dec Brent crude was up 52c $24.88. "(Thursday's) action was not a good sign. If we're going to avoid a sell-off we have to make new highs today," a broker said. Participants expressed surprise at the market's overnight strength after Thursday's liquidation, which pressured the Dec-Jan crude spread. "Dec crude goes off the board. It's all too weird (that we're) 50 higher but the (Dec-Jan) spread looks good after collapsing (Thursday) but it's a crap shoot," a broker said. "(The market) is so volatile that there is no clear determining trend." Dec heating oil offered some support to the complex amid cold weather in Europe. Winter weather conditions will last across Europe into Satu rday, according to Bridge Global Weather Services. (Story .3863) "Nobody seems to know why (this market) is up we can't put a finger on it but the weather has turned cold in Europe and that's helping our market," a trader said. The market is also supported by news that OPEC conference president Abdullah Bin Hamad Al-Attiyah has again stressed that most OPEC member-countries supported the extension of the organization's oil output cuts that were decided in March 1999, the OPEC News Agency (OPECNA) reported on Friday. He said the issue of "how and for how long" would be left until the next OPEC meeting, set for March next year. (Story.14264) Meanwhile, in background news, the summit of OPEC heads of state set for late March in Caracas may be postponed until September, an OPEC source said on Friday. If the summit is put back--which only host Venezuela can confirm--the next OPEC oil ministers' meeting, scheduled for Mar 27 in the Venezuela n capital, will take place in Vienna, the source said. (Story .13424) However, participants are yet uncertain if the postponement will be bearish or supportive to crude prices. Resistance for crude is seen at the 3-year high of $26.80, while support is seen at $26.00 and later at $25.50.