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

To: Tommaso who wrote (74175)	9/22/2000 9:33:27 AM
From: The Ox	Read Replies (1) \| Respond to of 95453

Friday September 22nd 2000, 8:21 AM NYMEX Oil Pre-Opg: Called Down 10c as Traders Wait for SPR News OPENING CALL: Crude oil futures: Down 10 cents per barrel Heating oil: Down 25-50 points per gallon Gasoline: Down 25-50 points per gallon By Gelu Sulugiuc, BridgeNews New York--Sept. 22--NYMEX crude oil futures are expected to open slightly lower as traders focus on the possibility of a crude release from the U.S. Strategic Petroleum reserve. WTI Nov crude ended the overnight Access trading session down 15 cents at $33.85 per barrel, while IPE's Brent was trading down 5c at $32.68 at 0857 ET. The debate on whether the administration will release crude from the SPR continued Friday morning as Democratic vice presidential hopeful Sen. Joe Lieberman on Friday urged the White House to dip into the 570-million-barrel reserve, a proposal put forward Thursday by running mate Al Gore. Lieberman also urged OPEC to "loosen up" its oil supply. (Story .14572) "Pandora's box has been opened with this SPR thing," a broker said. "We'll be on the sidelines to see what happens. People are nervous about what's going to happen, it will be a volatile day." The broker added that if the government ends up not releasing crude from the SPR futures are set to rebound. U.S. President Bill Clinton signaled late Thursday that he will soon decide whether or not to tap into the SPR to bring down U.S. fuel prices. U.S. Energy Secretary Bill Richardson earlier Thursday said the administration was examining "the option of swapping oil from the Strategic Petroleum Reserve (SPR) if the oil supply and supply conditions warrant it." (Story .10743) But releasing crude oil from the SPR will only have a temporary effect on oil prices and will not resolve the market's fundamental problem of a shortage of refined oil products, Venezuela's Energy and Mines Minister and OPEC President Ali Rodriguez said Friday. Rodriguez called on the U.S. government to help refiners to boost output of oil products to alleviate current high oil prices. (Story. 14399) "This volatility is scaring away a lot of short-term speculative buyers," another broker said. Crude support was seen at $33.50, while resistance is at $34.10. Oct heating oil ended Access down 9 points at 99.80c per gallon, while Oct gasoline ended down 46 points at 97.90c per gallon. UPCOMING: --NYMEX Nov crude futures expire Oct 20; Nov options Oct. 14. IPE Nov crude futures expire Oct. 16; Nov options Oct. 5. NYMEX Oct product futures expire Sept. 29, Oct product options Sept. 26. --OPEC's heads of state meet Sept. 27 and 28 in Caracas to commemorate OPEC's fortieth anniversary. --American Petroleum Institute inventory data are due out after 1600 ET Tuesday; U.S. Department of Energy after 0900 ET Wednesday.