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To: Telemarker who wrote (68107)	6/13/2000 7:51:00 AM
From: warren harris	Respond to of 95453

London, Jun 13, 2000 (FWN Financial via COMTEX) -- IPE Jly Brent crude futures weakened in a technical retracement after Monday's surge that saw front-month Brent hit its highest level since early March. Brokers said the market is underpinned by increasing doubts that OPEC will hike output at its ministerial meeting June 21 in Vienna. * * * MARKET: --"We were due for a correction this morning, although it looks as though early losses are being regained," said one broker. --A shortage in supply of oil products in world markets, particularly in the United States, is the cause of the global price hike in crude, Iranian Oil Minister Bijan Zanganeh said Tuesday. "The shortage in supply of oil products in U.S. markets has something to do with management," Zanganeh told Iran's official news agency IRNA. Zanganeh said there was no shortage in global supply of crude oil, and that crude oil supply had actually exceeded demand in the past two months. --Meanwhile, Venezuelan President Hugo Chavez said Monday the current U.S. $28 per barrel average price for OPEC crude oil is "fair" and the oil cartel should be looking to stabilize prices at this level. He said he does not want to return to oil prices of $7 a barrel, which Venezuela endured during the slump in early 1999. (Story .20882) --Crude oil and distillate inventories are expected to have risen 1.4-1.9 million and 1.3-1.7 million barrels respectively, while gasoline stocks are expected to have dropped 600,000-1 million barrels last week. Refinery runs are expected to have gained 0.1-0.2 basis points. (Story .1885) --For a summary of other oil news stories, see story .1911 UPCOMING: --IPE Jly gas oil options expire Jul 5. --IPE Jly crude options expire today; Jly crude futures June 15. --NYMEX Jly product futures expire June 30, product options June 27. --NYMEX Jul crude futures expire June 20; Jly crude options expire June 15. --Weekly inventory data from the API are due out after 1600 ET Tuesday; and from the DOE at 0900 ET Wednesday. --OPEC meets June 21 in Vienna. PRICES (1025 GMT): Last High Low Change IPE Jly Brent $31.03 $31.10 $30.90 dn 18c IPE Jly gas oil $236.25 $236.50 $234.00 up $2.25 Bruce McMahon, BridgeNews (C) Copyright 2000 FWN -0- KEYWORD: London [B] IPE Oil Midday: Brent weaker on technicals after Monday surge Copyright 2000 Bridge Information Systems Inc. All rights reserved.

To: Telemarker who wrote (68107)	6/13/2000 8:22:00 AM
From: BigBull	Read Replies (1) \| Respond to of 95453

Adequate supplies? OK, as Warner Wolf says - "Let's go to the video tape!" <g> eia.doe.gov These are the US Govt.'s OWN statistics. Period and the end. The Midwest is woefully short of gasoline supplies. So who's kidding who? The EPA's is so full of beans, it's not even funny. How does the saying go? "Make a lie big enough, repeat it often enough, and the people will believe it". These EPA dudes are part of the problem, not part of the solution, but they don't DARE mention their regulations are contributing to this mess, and by extension the Clinton Administration. Oh spin doctor, spin. The EPA needs to talk to Sergeant Joe Friday and get "the facts, M'am, just the facts." Sergeant Joe Bullsky ;o}

To: Telemarker who wrote (68107)	6/13/2000 9:35:00 AM
From: Think4Yourself	Read Replies (1) \| Respond to of 95453

Don't expect Richardson to start yapping anytime soon. He has his hands full with the latest Los Alamos security breeches. Amazing incompetence over there, with some of the most destructive "secrets" the world has ever known.

To: Telemarker who wrote (68107)	6/13/2000 10:06:00 AM
From: The Ox	Read Replies (1) \| Respond to of 95453

Telemarker, I'm with you on MRO. I think it's still trading at a discount to fair value and is worth a serious look for anyone wanting an integrated oil. Lots of exposure to NG could be the ace in the hole for MRO. One of the main reasons Chicago is paying 2.25/gal of reg unleaded is because we have the highest tax rates in the country. 20 years ago gas prices were around $1.40/gal in the city. Since then, over $0.65 of the price increase can be directly attributable to higher crude prices, tax increases or the new EPA refining formulas with the new rules being the bulk of the gain. In other words, about 15-20 cents of the current price is going to the margin side of the supply equation (gas station, distribution, refining, production and exploration). Chicago still charges sales tax on gasoline sales, this on top of a 6 cent county tax. Add it all up and the little guy in the city is getting gouged, but very little of the gouging is being done by the oil companies and gas stations as far as I can tell. Just my opinion, Michael