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

To: The Ox who wrote (69370)	7/10/2000 1:24:34 PM
From: The Ox	Read Replies (1) \| Respond to of 95453

biz.yahoo.com NYMEX oil trims losses, mogas up on talk of Tosco snag NEW YORK, July 10 (Reuters) - NYMEX gasoline firmed at midday Monday on talk of an problem at a Tosco (NYSE:TOS - news) refinery, breaking away from crude's weaker trend, traders said. Gasoline futures strengthened on talk of an unspecified snag at Tosco Trainer, Pa., refinery, traders said. The company declined comment, but a spokesman said a statement was due later in the day. August gasoline spurted to an intraday high of 94.30 cents a gallon, surging 1.66 cents, later softened and moved back to 94.00 cents by 12:49 p.m. (1449 GMT). Earlier, the contract had dipped to a session low of 91.40 cents in a follow through of the overnight sell-off. Crude oil futures trimmed their losses but sentiment remained bearish with belief growing that Saudi Arabia would push through with a plan to bring more oil to the market soon, traders said. NYMEX August crude traded at $30.04, down 24 cents, after hitting a session low of $29.53. The contract has traded as high as $30.13. ``The market is down on continued perception that there will be more oil from the Saudis, everything else today is just background,'' said Nauman Barakat, a broker at ABN-AMRO in New York. Heating oil slipped to an intraday low of 77.50 cents, off 1.40 cents, before moderating its losses to 0.15 cent at 78.75 cents a gallon. It has traded as high as 78.85 cents. ``Producers are mixed mainly on spreading activity, with people buying gasoline and selling heating oil,'' said Jim Ritterbusch, president of Ritterbusch & Associates in Chicago. In London, August Brent crude extended losses to around 60 cents and later pared them to trade at $29.18 a barrel, down 52 cents at 12:43 p.m. (1643 GMT). In New York, details of a Clinton administration plan to create a heating oil reserve for the Northeast, the country's biggest consuming region for the product, were revealed shortly after noon. Under the plan, the administration would seek industry offers to swap crude from the Strategic Petroleum Reserve (SPR) for up to two million barrels of heating oil. ``The news that the Clinton administration will create a heating oil reserve is not a big deal...they will pull two million barrels from the SPR, but that still has to be processed into heating oil,'' said trader Ritterbusch. Earlier on Monday, OPEC President Ali Rodriguez, speaking in Jakarta as part of a tour of cartel members, insisted on Monday that the cartel stick to a June pact to raise crude production, but he later said output could be increased if necessary. Rodriguez is to meet with Saudi Oil Minister Ali al-Naimi on Wednesday. Over the weekend, OPEC Secretary General Rilwanu Lukman suggested the cartel was warming to a Saudi plan for an increase in crude supplies by 500,000 barrels per day (bpd) on top of 708,000 bpd agreed to by the group in June. ``We think the market might need a little more oil ... maybe 500,000 (barrels a day),'' Rilwanu Lukman said in Algiers at the weekend.