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To: Tommaso who wrote (59108)	1/25/2000 6:18:00 PM
From: CommanderCricket	Read Replies (1) \| Respond to of 95453

Tommaso, canoe.ca This site generally comments on the API report. Isn't out yet though. Michael

To: Tommaso who wrote (59108)	1/25/2000 6:47:00 PM
From: BigBull	Read Replies (2) \| Respond to of 95453

Tommaso: Initial reaction from Dow Jones dowjones.wsj.com

To: Tommaso who wrote (59108)	1/25/2000 9:27:00 PM
From: Tomas	Read Replies (1) \| Respond to of 95453

API Distillate Fuel Inventories Plunge: Economic Insight - Bloomberg Energy By Mark Pittman New York, Jan. 25, 18:15 (Bloomberg) -- The following is a summary of -- and reaction to -- the American Petroleum Institute's weekly report on U.S. oil inventories and production. The report covers the week ended Jan. 21. Market Reaction Substantial. U.S. inventories of distillate fuel, including heating oil and diesel, fell a greater-than-expected 8.3 million barrels, or 6.7 percent, to 114.67 million barrels, the lowest level in 2 1/2 years, the API report showed. Crude oil supplies also fell more than expected, dropping 3.0 million barrels to the lowest level in three years. Gasoline supplies rose a greater-than- expected 2.16 million barrels to 198.77 million barrels. Heating oil futures soared in electronic trading on the New York Mercantile Exchange after the report was released. Heating oil for February delivery recently was up 5.02 cents, or 5.6 percent, at 95.40 cents a gallon. March crude oil was up 42 cents at $28.70 a barrel. Behind the Numbers All 10 analysts surveyed by Bloomberg News had expected a decline in distillate fuel supplies. The estimated declines ranged, on average, from 3.9 million barrels to 5 million barrels. Within the distillate fuel category, heating oil supplies fell 5.2 million barrels to 48.0 million barrels, also a 2 1/2- year low. Crude oil inventories fell to 291.6 million barrels. Analysts expected crude supplies to be little changed. Refinery utilization dropped 0.6 percentage point to 85.7 percent of normal capacity, the lowest level since March 1993. Analysts expected utilization to be little changed. What Analysts Say ``The distillate inventory number is going to scare a lot of people,' said John Kilduff, senior vice president of energy risk management at Fimat USA Inc. in New York. ``There were high expectations anyway because of the situation with the weather and the apparent lack of product -- and the draw was even higher than expectations.' For crude oil, ``most of the drawdown was on the West Coast, so there'll be less impact.' Market Trend Crude oil prices more than doubled last year, and the February contract reached at a nine-year high of $29.95 a barrel earlier this month, spurred by oil production cutbacks from the Organization of Petroleum Exporting Countries and other producers, and by winter demand for heating oil. quote.bloomberg.com