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Strategies & Market Trends : MDA - Market Direction Analysis -- Ignore unavailable to you. Want to Upgrade?

To: Haim R. Branisteanu who wrote (48952)	5/2/2000 12:53:00 PM
From: UnBelievable	Respond to of 99985

Stock - Hedge Against Inflation? Oil rallies ahead of inventory data Gold gains, palladium sinks on supply issues By Myra P. Saefong CBS MarketWatch Last Update: 11:41 AM ET May 2, 2000 NEW YORK (CBS.MW) -- Oil futures rose above $26 a barrel Tuesday ahead of an update on U.S. petroleum supplies which is expected to reveal a decline in last week's crude inventories. "This report is bound to shake things up," said Phil Flynn, a senior energy analyst at Chicago-based brokerage Alaron.com . U.S. crude supplies, according to the American Petroleum Institute, have seen a a full month of consecutive increases. On the New York Mercantile Exchange, June crude rose 46 cents to settle at $26.33 a barrel. See latest commodity prices. June unleaded gasoline rose 2.43 cents to 85.75 cents a gallon. June heating oil gained 0.66 cent to 68.10 cents a gallon and June natural gas fell 0.6 cent to $3.21 per million British thermal unit on Nymex. The American Petroleum Institute's measure of crude oil supplies, as of the week ended April 28, are expected to be down between 1 million and 1.5 million barrels, according to a Bridge News survey. The API data will be released this afternoon before 5 p.m. eastern time. The survey also predicted that last week's gasoline inventories will either have remained the same as the previous week, or fell by as much as 500,000 barrels. Distillate supplies, which include heating oil and diesel fuel, likely remained steady last week, or rose by 500,000 barrels, the survey said. Refinery production rates are expected to be up by 0.2 percent to 0.6 percent from the prior week's 91.7 percent rate. Recent comments by OPEC oil ministers on current oil prices also supported the market. A minister from Qatar has said this week that he was comfortable with the current level of oil prices and that OPEC has no intention of raising output, according to Chicago-based brokerage Refco Inc. OPEC will meet to discuss the oil situation at its next meeting scheduled for June. Over the weekend, the United Arab Emirates oil minister also commented that current oil prices are acceptable and that a further hike in OPEC production isn't warranted at the moment.