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To: Terry D who wrote (64318)	4/11/2000 4:37:00 PM
From: jim_p	Respond to of 95453

PainWebber initiates coverage of: Rating Target Price APA Buy $61.00 APC Attractive $41.00 BR Attractive $41.00 DVN Buy $60.00 EOG Attrative $26.00 Jim

To: Terry D who wrote (64318)	4/11/2000 6:44:00 PM
From: BigBull	Read Replies (2) \| Respond to of 95453

Terry, re API's and DOE's. IMO these numbers need to be put into context, seasonal context. As these charts show, a seasonal build for all crude and products is NORMAL for this time of year. What is not normal is the extremely low levels from which that build is occurring. That gasoline is FINALLY starting to build is not as significant to me as that demand for this time of year is running higher than normal. Which means that the gasoline DRAW period which is nigh upon us should be even stronger than last year. This build is coming very late, and, to date, is not that large. Refinery rates are picking up slowly. IMO, not fast enough to build the required stocks of HO and distillates that will be needed later in the year. The flip side of the crude build, is that in May it peaks and begins to drop. Come June the draws begin in earnest. All in all this number is not as bearish as it might appear. Distillate stocks are WAAAYYYYYY below last years levels - and still DROPPING. Pretty incredible, when you stop to think last winter was a record warm one. Where we gonna get the HO and jet fuel we need? BTW higher jet fuel costs and airline ticket prices have NOT slowed air travel at all. eia.doe.gov eia.doe.gov eia.doe.gov BTW the after markets are treating the numbers as neutral to slightly bullish. Crude Oil(NYM)(Access) Jun 23.54 23.54 23.39 23.51 +0.12 4/11/00 14:41 23.54 23.48 Heating Oil(NYM)(Access) Jun 61.05 61.50 61.05 61.50 +0.45 4/11/00 14:24 62.00 61.25 Unleaded Gas(NYM)(Access) Jun 73.00 73.00 73.00 73.00 -0.48 4/11/00 14:06 73.55 73.00 NG staying strong at unheard of prices for this time of year. Natural Gas(NYM)(Access) Jun 2.970 2.990 2.968 2.980 +0.009 4/11/00 15:12 2.980 2.970 Bears who were looking for solace in these numbers, are, as of right now, not getting it.