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

To: Justa Werkenstiff who wrote (71)	7/5/2000 4:50:18 PM
From: Justa Werkenstiff	Respond to of 10065

NYMEX crude ends lower, knocked down by Saudi plan NEW YORK, July 5 (Reuters) - NYMEX crude oil futures skidded on Wednesday, knocked down by Saudi Arabia's plan announced Monday to pump more oil onto the markets. NYMEX August crude last settled at $30.67, sliding $1.83 or 5.6 percent, after losing more than $2 a barrel early. The contract remained range-bound between $30.26/31.10 in late trade, approximating the overnight range, when NYMEX crude fell by as much as $2.25 on the impact of the Saudi plan. The Saudi plan has awakened the bears once more and funds, which still hold large net long positions on crude, are being closely watched for their next moves, traders and analysts said. "In view of the Saudi announcement that they intend to bring prices down, oil short-selling could pick up," said oil market analyst Adam Sieminski at Deutsche Banc Alex. Brown. "If OPEC's June 21 decision to add 708,000 barrel per day (bpd) to the quotas failed to impress oil traders, we expect that the July 2 statements by the Saudi oil minister, Ali al-Naimi, might provide the impetus," Sieminski added. Gasoline and heating oil futures stayed sharply lower, reacting earlier in sympathy with crude and then recovering a little after crude trimmed some losses. August gasoline, on its first day as front month contract, settled 4.74 cents down at 96.05 cents a gallon, after having struck a session low of 93.00 cents. It traded as high as 97.10 cents. August heating oil, now also a front month, finished 3.64 cents lower at 79.64 cents a gallon, as it moved between 79.00/81.00 cents. In London, August Brent crude was down 23 cents at $29.35 a barrel, recovering most of its losses in early of more than $2 earlier. Ahead of weekly inventory data from the American Petroleum Institute (API), traders and analysts in New York are looking for a build of 2.5 million barrels in U.S. crude stocks last week. They told a Reuters poll that they were also expecting a build of 1.0 million barrels in distillates, including heating oil, and a small draw of 500,000 barrels in gasoline stocks. On Monday, Saudi Arabia's Oil Minister Ali al-Naimi that Riyadh was planning the imminent release of an extra 500,000 bpd, just days after OPEC agreed to raise output beginning July 1 by 708,000 bpd, which has had no impact in bringing down prices. The United Arab Emirates, Kuwait and Algeria of the 11-member cartel looked likely to join Saudi Arabia in latest plan, with Riyadh contributing the bulk. 16:07 07-05-00