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To: jim_p who wrote (71906)	8/29/2000 8:00:19 AM
From: Think4Yourself	Read Replies (2) \| Respond to of 95453

Crude oil for October settlement (COA ) rose as much as $1.10, or 3.6 percent, to $31.49 a barrel on London's International Petroleum Exchange, among its highest prices in the past decade. Traders are awaiting a report from the U.S. that may show heating oil inventories are about 39 percent below levels last year, which would add to concerns that supplies may run short during winter, when demand peaks. Gasoil for September settlement (QS1 ) rose as much $13.25, or 4.4 percent, to $315.50 a metric ton on London's International Petroleum Exchange, its largest percentage gain in nearly three weeks, on worries of a shortage of immediate supplies in Europe and low inventories in the U.S. (News: NI OIL) quote.bloomberg.com

To: jim_p who wrote (71906)	8/29/2000 9:26:59 AM
From: The Ox	Respond to of 95453

Updated Tue Aug 29 09:02 ET NYMEX Oil Pre-Opg: Flat-higher as products firm ahead API data OPENING CALL: Crude oil: Unchanged to up 10 cents per barrel Heating oil: Unchanged to up 25 points per gallon Gasoline: Unchanged to up 25 points per gallon By Peter Rosenthal, BridgeNews New York--Aug. 29--Crude oil futures in New York are expected to open unchanged to higher Tuesday as traders bet that the latest data will show inventories remain tight and that OPEC will not add enough new supply next month. Although the American Petroleum Institute is expected to report stocks of crude and distillate rose last week, Oct should again head for $33.00. * * * "The market's going to be again fixated on what the APIs are going to show," a broker said. Brokers and analysts expect the API to report inventories of crude rose last week by 3.7 to 4.1 million barrels. Stocks of distillate fuel, including heating oil, are expected to have increased 2.5 to 3.0 million barrels. However, the data, which are released after 1630 ET, are also expected to show gasoline stockpiles decreased last week by 1.0 to 1.5 million barrels. With stocks of crude oil at 24-year lows and heating oil inventories half what they were a year ago, the data are increasingly scrutinized. Spot heating oil prices reached a 10-year high Monday above $1.00 per gallon on fear that winter supplies will be insufficient. Venezuela Oil Minister Ali Rodriguez and Mexico Energy Secretary Luis Tellez, in a statement Tuesday, blamed low inventories for boosting prices despite what they called an otherwise balanced market. "When considering the distinct variables of the market...we agree that supply and demand tend ever more toward equilibrium," said the statement, which followed talks Sunday between Rodriguez, OPEC's president, and Tellez of Mexico, which is not a member of the cartel. The market is also underpinned by expectations that OPEC will only raise its production ceiling at its Sept. 10 meeting by 500,000 barrels per day, less than what analysts say is enough to replenish stocks and meet record refinery demand. "All the market's so up there, we're in the face of an OPEC meeting, this thing is not topping off," a broker said. Some of the concern about crude supply may be tempered by the sale of crude from Germany's strategic reserve later next month, part of an ongoing thinning of the nation's high-sulfur crude. The 2.7-million-barrel sale is provisionally scheduled for Sept. 21. Oct crude should target resistance at $33.00. Support is expected at $32.65 and $32.20. Oct ended the overnight Access session down 5 cents at $32.82 a barrel. Sep heating oil ended up 11 points at 99.99 cents per gallon, while Sep gasoline ended up 33 points at 98.10 cents per gallon. Oct Brent crude on London's IPE was up 83 cents at $30.91, catching up with NYMEX gains after being shut Monday. End