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Pastimes : Clown-Free Zone... sorry, no clowns allowed -- Ignore unavailable to you. Want to Upgrade?

To: Les H who wrote (12996)	8/22/2000 6:45:04 PM
From: patron_anejo_por_favor	Respond to of 436258

That dude's got a million of 'em, LOL! Here's the full story on the API: cbs.marketwatch.com API posts big drop in crude stocks By Myra P. Saefong, CBS.MarketWatch.com Last Update: 6:06 PM ET Aug 22, 2000 NEW YORK (CBS.MW) -- October crude futures rallied to more than $32 a barrel in overnight Tuesday trading after a key report said crude inventories as of the week ended Aug. 18 plunged 7.8 million barrels -- a dramatic turnabout from the forecast rise of at least 300,000 barrels. "Forget everything else -- we're back to record-low stocks again," Phil Flynn, a senior energy analyst at Chicago brokerage house Alaron.com, exclaimed just after the data was released. He also said the latest data was a "shocker" and will have "explosive" effects. In after-hours Access trading, October crude oil added 84 cents, or 2.7 percent, to $32.06 a barrel. After the markets closed, the American Petroleum Institute said crude stocks, as of the week ended Aug. 18, dropped a whopping 7.8 million barrels to total 279.7 million barrels. Miscalculated The data defied market expectations for a 300,000-barrel to 700,000-barrel rise, according to a Bridge New survey. Gasoline inventories fell 1.14 million barrels, the API said, on the high end of expectations for a drop of 800,000 barrels to 1.2 million barrels. API's measure of distillate supplies, which include heating oil and diesel fuel, unexpectedly declined by 2.9 million barrels, despite expectations for a rise of 2.5 million to 2.9 million barrels. Meanwhile, refinery production rose to 96.9 percent of capacity from the prior week's revised 95.7 percent, the API reported. Ahead of the news on the New York Mercantile Exchange Tuesday, September crude fell $1.25 to close at $31.22 a barrel. October crude, which is now the front-month contract, fell 76 cents to $31.22. September heating oil declined 1.97 cents to 90.35 cents per gallon, and September unleaded gasoline slipped 2.60 cents to 93.33 cents per gallon. September natural gas fell 22.7 cents to $4.52 per million British thermal units.