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

To: kormac who wrote (56948)	12/15/1999 10:40:00 AM
From: Winkman777	Respond to of 95453

DOE out by: JoeDi123 12/15/1999 9:06 am EST Msg: 10421 of 10424 Crude down 5.6 million Unleaded down 1.0 million Heat down 3.0 million

To: kormac who wrote (56948)	12/15/1999 10:31:00 PM
From: kormac	Read Replies (1) \| Respond to of 95453

From: Houston Chronicle Oil futures meander upward before release of inventory data NEW YORK (AP) -- Crude oil futures settled higher in largely directionless trading Tuesday on the New York Mercantile Exchange, ahead of the release of key inventory data. After the close of trading, the American Petroleum Institute reported that U.S. crude oil stocks fell a larger-than-expected 7.162 million barrels in the week ended Dec. 10. U.S. gasoline stores fell by 3.987 million barrels to 195.4 million barrels. Refinery capacity dipped to 90.8 percent, compared with 91.9 percent the previous week. Oil prices have risen in recent months as a result of a coordinated decision last March by the oil producing nations to limit production and Iraq's recent decision to halt exports. Iraq announced Monday it will resume oil exports as early as Friday. Meanwhile, the Center for Global Energy Studies in London said Tuesday that the growth in crude oil demand is slowing because prices are near their highest levels since 1991, boosting the cost of gasoline, Bloomberg News reported. Iran said that it would back lifting the Organization of the Petroleum Exporting Countries' oil production ceiling if the world market needed additional supplies and prices climbed above current levels. "If all market criteria are sound and there is an additional call on producers and prices go higher, OPEC would be responsible and raise production," Iran's OPEC governor, Hossein Kazempour Ardebili, told Reuters News Service in a telephone interview. January light, sweet crude settled 35 cents higher at $25.73 a barrel; January heating oil rose a steep 1.34 cents to 65.96 cents a gallon; January unleaded gasoline was 0.28 cent higher at 69.76 cents a gallon; and January natural gas rose 7.6 cents to $2.585 per thousand cubic feet. In London, North Sea Brent crude rose 44 cents to $24.02 a barrel on the International Petroleum Exchange.