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To: Wowzer who wrote (59967)	2/8/2000 4:58:00 PM
From: JungleInvestor	Respond to of 95453

Re: API #'s. I'm very happy with the API #'s. Last week's big inventory reduction was validated, and there is another large net decrease this week of 3318 thanks to distillates (and winter finally arriving)!!!

To: Wowzer who wrote (59967)	2/8/2000 5:12:00 PM
From: Terry D	Read Replies (1) \| Respond to of 95453

That refinery utilization rate is pretty sticky - the call was a boost to 87 ish but it is stuck at 84. Something's got to give.

To: Wowzer who wrote (59967)	2/8/2000 5:16:00 PM
From: upanddown	Read Replies (2) \| Respond to of 95453

Well, the guesses were... Crude oil Up 1.0-2.0 Gasoline Up 1.5-2.0 Distillates Down 4.0-5.0 Refineries Up 0.5-1.0 and the numbers are Crude up 689,000 - beats estimate Gas up 1.926 - within range Heat down 5.933 - beats estimate Refinery operate at 84.4% down 3.3% Utilization down 3.3% (equates to a reduction of 3M+ barrels in thruput) and we only went up 689K! If the utilization rate had increased at the predicted rate, we would have been down 3M easy. Its refinery turnaround season. Excellent numbers though Pisani and Doomburg will probably spin them negative. John

To: Wowzer who wrote (59967)	2/8/2000 8:26:00 PM
From: Tomas	Read Replies (1) \| Respond to of 95453

API Distillate Supplies Fall: Economic Insight (Update1) - Bloomberg By Stephen Voss (Adds previous week's crude oil inventory drop in 8th paragraph. Adds analyst reaction beginning in 12th paragraph.) New York, Feb. 8, 18:25 (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 Feb. 4. Market Reaction Limited. U.S. distillate fuel supplies fell a greater-than- expected 5.9 million barrels, or 5.3 percent, to their lowest level in almost three years, the API report showed. The fourth straight weekly decline in the inventories, which include heating oil and diesel, came amid strong winter demand for heating fuels, particularly in the Northeast. Inventories of crude oil and gasoline rose, about as expected. The API revised the previous week's figures for all three categories. Heating oil futures rose in electronic trading on the New York Mercantile Exchange after the report was released. Heating oil for March delivery recently was up 0.56 cent at 73.40 cents a gallon. Crude for March delivery was little changed at $28.12 a barrel, up 10 cents. Behind the Numbers Distillate supplies fell to 105.97 million barrels, the lowest level since May 23, 1997, API figures showed. Eight analysts surveyed by Bloomberg News expected declines ranging from 3.2 million to 4.4 million barrels, based on the average high and low estimates. Distillate inventories normally fall at this time of year because of strong heating oil demand. Crude oil supplies rose 689,000 barrels to 283.321 million barrels, rebounding from a revised 23 1/2-year low of 282.63 million barrels the week before. Analysts expected a gain of between 600,000 barrels and 1.8 million barrels. That did little to offset the revised drop of 8.9 million barrels during the week ended Jan. 28, originally reported by the API as a 10.4 million-barrel decline. The API raised the inventory figure for that week by 1.47 million barrels. Refinery utilization unexpectedly plunged 3.3 percentage points to 84.4 percent of normal capacity, its lowest level since March 1993. The analysts predicted a rise of between 0.1 and 0.4 percentage points. Two of the eight analysts had cautioned that utilization might drop because of narrow profits for refining crude oil and the need to perform maintenance on refineries to prepare for the gasoline-making season. Gasoline inventories rose 1.93 million barrels to 200.52 million barrels, the API said, compared with the expected gain of between 700,000 barrels and 1.6 million barrels. What Experts Say ``Initially I thought the report was supportive for crude,' said Jim Fiedler, a trader at ED&F Man International in New York. ``We did not come back much from last week's draw, and we saw a small draw in Padd 2, which is critical for the Nymex' Crude oil supplies fell 261,000 barrels to 60.53 million barrels in the ``Padd 2' region of the U.S., which includes Cushing, Oklahoma, the delivery point for Nymex crude oil futures contracts. The drop in supplies of distillate fuels ``was at the high end of people's estimates, in fact a bit more than expected, so that's positive,' Fiedler said. ``Gasoline is awfully low, so getting a small build may keep the politicians off our back for a while,' he said. quote.bloomberg.com