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Pastimes : The Justa & Lars Honors Bob Brinker Investment Club -- Ignore unavailable to you. Want to Upgrade?

To: Justa Werkenstiff who wrote (14416)	6/13/2000 6:10:00 PM
From: MrGreenJeans	Read Replies (1) \| Respond to of 15132

Stagflation (NOT!) Oil and gasoline are the wild card. Higher oil and gasoline prices seem like a recipe for stagflation if they stick. 1. Would anyone like to tell me what percentage of the CPI or PPI is measured by oil and gasoline prices? 2. Would anyone like to give me a definition of stagflation? 3. Would anyone like to tell me when the last time we had stagflation was and what the numbers on unemployment and inflation were at that time? I find this notion of stagflation interesting. We are far from stagflation and with Greenspan we have no chance of getting stagflation.

To: Justa Werkenstiff who wrote (14416)	6/13/2000 8:36:00 PM
From: Justa Werkenstiff	Read Replies (1) \| Respond to of 15132

ANALYSIS - API report spurs fuel supply concerns REUTERS FORECAST FOR ACTUAL FOR WEEK WEEK ENDED 6/09/00* ENDED 6/09/00 CRUDE...........DN 0.130 MLN 295.218 DN 2.103 MLN DISTILLATE......UP 1.580 MLN 104.239 UP 1.157 MLN GASOLINE........DN 0.200 MLN 202.655 DN 0.501 MLN UTILIZATION.....UP 0.24 PCT PT 94.0 PCT DN 0.70 PCT PT The forecast is derived by polling at least six market analysts, omitting the high and low forecast and averaging. *Crude and gasoline stocks were revised for the previous week. For the week ended June 2, crude stocks were revised to 297.321 million barrels and gasoline stocks to 203.156 million barrels. By Timna Tanners LOS ANGELES, June 13 (Reuters) - High summer demand drew deeply on U.S. crude and gasoline stocks last week, fueling concerns over slim U.S. supplies, according to the American Petroleum Institute (API) weekly report released on Tuesday. Crude oil stocks fell 2.1 million barrels during the week, pushing July futures on the New York Mercantile Exchange (NYMEX) in afterhours ACCESS trade up five cents a barrel to $32.61 -- on top of an 80 cent gain in regular hours. Traders expected that prices could push higher still. "It looks pretty bullish to me. I'm surprised at the reaction on ACCESS," said analyst Bill O'Grady of A.G. Edwards. "The reaction so far to the data has been surprisingly soft." The crude inventory figure is more bullish as analysts would tend to discount the 1.4 million barrel build on the West Coast, which is geographically isolated from the rest of the country. "This report is not going to soften this market up much," said Chris Schachte, GSC Energy analyst in Atlanta. The API report showed gasoline stocks fell about 500,000 barrels, more than expected. Already thin reformulated gasoline stock levels fell another 1.87 million barrels, according to the report, with the deepest losses in PADD 1, which includes the U.S. Northeast, and PADD 2, which encompasses the Midwest and the NYMEX WTI delivery point, Cushing, Oklahoma. Supply problems have already pushed Midwest gasoline prices to record levels. "Reformulated gasoline stocks were actually down pretty well again. It was on the East Coast so that would probably be more supportive for gasoline than it looks," O'Grady said. Refinery crude runs fell by 0.7 percentage points of capacity, instead of a predicted small rise in capacity. Market players said refinery glitches could have trimmed runs. Crude oil imports fell to 8.4 million barrels per day (bpd), down 625,000 bpd. Analysts had said the price differential between U.S. benchmark West Texas Intermediate (WTI) and London's Brent had narrowed, discouraging imports. 19:02 06-13-00