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Pastimes : All Clowns Must Be Destroyed -- Ignore unavailable to you. Want to Upgrade?

To: awi who wrote (5873)	2/1/2000 6:36:00 PM
From: re3	Read Replies (1) \| Respond to of 42523

from gold eagle : Tomorrow we make money on oil. Maybe it is time to use those profits to buy cheap gold? 2000-02-01 17:40:54 EST ***API REPORT STUNS TRADERS WITH HUGE CRUDE STOCK DROP 2/1 - - API statistics released this evening exceeded the expectations of even the most bullish oil traders, and have sent prices for crude and products up sharply in after hours activity. API stunned the trade with crude stock numbers that show a 10.4-million bbl inventory drop to just 281.1-million bbl. A small build was forecast by analysts and stocks actually dropped by more than 12-million bbl in all areas in the Rockies and east. Only a West Coast build kept the number at the 10.4- million bbl level. Crude oil immediately traded some 40cts bbl higher in the after hours ACCESS session, rallying to $28.65 bbl for the March WTI contract. Products stock figures were overshadowed by the crude numbers. Distillate stocks dropped by 2.4-million bbl to 112.2-million bbl, compared with last year's number of 150-million bbl. Gasoline stocks advanced by 1.4-million bbl, but that was a nominal build considering the diminished demand due to harsh Winter weather. After hours trading saw unleaded gasoline futures up 0.83cts gal at 78.50cts gal for the March contract. Heating oil futures were ahead 0.91cts gal to 78.10cts gal. Refinery runs bounced back nominally with utilization rising some 2% to 87.7% of capacity. Processors are still making considerably less gasoline than they made last year, however. While the market moved higher after the release of the data, many traders remain cautious. They predict that price escalation will be sustained or furthered only if DOE data released tomorrow verifies the huge crude draw.