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To: Second_Titan who wrote (72501)	9/6/2000 9:23:14 PM
From: Second_Titan	Respond to of 95453

September 6, 2000 Dow Jones Newswires Nymex Crude, Gasoline Slide Overnight On API Data Dow Jones Newswires M/TPX O-NRG NEW YORK -- October crude futures slid momentarily, but quickly recovered in overnight trading at the New York Mercantile Exchange Wednesday after inventory data from the American Petroleum Institute showed an expected moderate build for crude oil stocks. The October crude futures contract had been trading 7 points higher, then it slid to unchanged at $34.96 a barrel. Futures quickly jumped 29 cents to $35.19 a barrel after the API showed a moderate build of 3.131 million barrels for the week ended Sept. 1. October heating oil futures surged 44 points to $1.001 a gallon after API data reported a slim build of 0.658 million barrels in distillate stocks, which include heating oil and diesel fuel. Heating oil futures had been trading 14 points higher before the bullish data was released. October gasoline futures fell 10 points to 99.70 cents a gallon, after API data showed a smaller-than-expected draw of 0.150 million barrels. The contract had traded 20 points higher before the API data. The moderate build in crude oil stocks was seen as neutral to bullish by analysts Wednesday. But the thin build in distillate stocks could prove extremely supportive, especially when combined with a bullish natural gas storage report also released Wednesday that helped natural gas futures post historic highs. "This is the most bullish, the worst possible scenario from the consumer's point of view," said Peter Beutel, president of consultancy Cameron Hanover, Inc. "Probably for the first time in history (distillate stocks and natural gas stocks) have worked hand in glove like this." Distillate stocks, which include heating oil and diesel fuel, rose by a scant 0.658 million barrels to 112.880 million barrels for the week ended Sept. 1. Analysts said 3 to 4 million barrels were needed consistently to narrow the year-on-year deficit of 28.47 million barrels, or 20%, to more comfortable levels; and damp heating oil futures contracts currently setting post-Gulf War records. "We're not finding the answer to staying warm this winter," Beutel said. "At this rate (of stock building), we'll need a winter 20 degrees warmer than normal." Chris Schacte, an analyst at GSC Energy, said the bright spot was that the distillate build was concentrated in the East Coast. "Even if the overall build isn't very large, 1.4 million barrels was in the East Coast, where it's most sorely needed," Schacte said. Crude futures tested $35/bbl Wednesday and breached that level in overnight trading on concerns over stockpiles near 25-year lows. Crude futures were seen getting little relief from the 3.131-million-barrel build that brings total stockpiles to 289.091 million barrels. Year-ago levels stand at 310.851 million barrels, and analysts say a cushion of at least 300 million is necessary to protect against output disruptions. Additionally, the largest crude stockbuild (2.097 million barrels) was in the West Coast, a region largely separate from the rest of the country and that has the smallest refining capacity. Refinery runs rose by 0.1 percentage point to 95.6%, after some restarts following spot refinery problems. The API reported a small draw in gasoline stocks of 0.15 million barrels, which analysts said was disappointing ahead of the Labor Day weekend. Total stocks stand at 198.979 million barrels, comparable to year-ago levels of 203.699 million barrels. Analysts are carefully monitoring comments by officials from the Organization of Petroleum Exporting Countries for news of an output increase at their semiannual meeting Sunday. They will watch inventory data released by the U.S. Department of Energy early Thursday. "Uncertainty about what OPEC is going to do will keep the market trading sideways to higher ahead of the meeting," Schacte said.

To: Second_Titan who wrote (72501)	9/6/2000 9:48:46 PM
From: BigBull	Read Replies (1) \| Respond to of 95453

French refineries don't need to blow up to shut down, just call the shop steward baby. Unions demand LOWER taxes? The world has turned upside down! And I thought the US had a refining problem. Send lawyers guns and money dad OPEC can't fix this. ------------------------------------------------------------ news.bbc.co.uk The blockades have forced many French regions to introduce petrol rationing as filling stations throughout the country begin to run dry. A spokesman for the French oil company TotalFinaElf said 80-90% of its 6,000 petrol stations had been closed. Panic-buying Across France, steps have been taken to safeguard supplies to emergency services as panic-buying drained much of the country's remaining fuel reserves. In the southern Var and Rhone regions, petrol stations have been ordered to sell a maximum of FFr150 ($20) of diesel to light vehicles, or FFr200 ($27) of petrol. Authorities have also taken charge of 67 petrol stations in the Brittany region in the west of the country. Some motorists have been crossing from France into Spain, Italy, Belgium and Germany to fill their tanks. ------------------------------------------------------------