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Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: Big Dog who wrote (65898)	5/9/2000 1:34:00 PM
From: The Ox	Respond to of 95453

Thanks, BD! Nice report. Today's crude futures update: Updated Tue May 9 11:20 ET NYMEX Oil: Crude up as OPEC seen not raising output in June By Peter Rosenthal, BridgeNews New York--May 9--NYMEX crude oil futures rose Tuesday on expectations that OPEC will hold the line on output when it meets next in June. At 1110 ET Jun crude was up 34c at $28.43 per barrel. Jun gasoline was up 92 points to 95.00 cents per gallon and Jun heating oil was up 102 points to 70.60c. * * * Commodity investment funds added to their positions as Jun hit and exceeded $28.25, a new 7-week, spot-contract high. The nearby crude contract last traded above that level on Mar 22, which was also the last time it traded at $30.00. "Now they're talking about holding production to year end," said a broker. Comments from Saudi Arabia and Venezuela on Monday indicated that if the market is at similar levels on June 21, when OPEC next meets, the organization will maintain its current supply curbs. The resolution of a strike in Norway that was impacting about 1.0 million barrels per day of crude exports had been expected to limit Jun's gains Tuesday. Also, the American Petroleum Institute is expected to report this afternoon that crude stocks rose last week. Yet stockpiles may not increase substantially if refiners continue to raise processing rates and OPEC does not add much more supply. Saudi oil minister Ali Naimi said Monday that he is "satisfied" with the current level of world oil price and does not expect a change in OPEC's oil output policy when the organization's ministers next meet in Vienna. "There is a little sabre-rattling to that effect," said a broker about OPEC's willingness to maintain current output levels. OPEC raised its production ceiling from April 1 and has added about 900,000 barrels per day of crude to the market, according to recent estimates. With the summer driving season approaching, Jun gasoline continues to set record highs. The API is expected to report gasoline stocks fell last week.