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Gold/Mining/Energy : Canadian Oil & Gas Companies -- Ignore unavailable to you. Want to Upgrade?

To: james paterson who wrote (7715)	10/18/2000 1:12:04 AM
From: russet	Read Replies (1) \| Respond to of 24899

Oct. 17-MAR-- [B] Add 1: API Review: NYMEX moves higher amid surprising stock declines --NY Nov crude jumps 45c amid surprising API stockpile decline --NY Nov heating oil up 117 points as API stockpiles dip --NY Nov gasoline up 42 pts on sharp API stockpile decline --API: US crude stocks down 3.110 mln barrels in latest week --API: US distillate stocks down 540,000 barrels in latest week --API: US gasoline stocks down 3.676 mln barrels in latest week --API: US refineries operate at 92.7% in latest wk vs 93.9% --APIs imply US distillate demand 4.16 mln bpd vs 4.30 mln --APIs imply US gasoline demand 9.17 mln bpd vs 8.34 mln By BridgeNews New York--Oct. 17--NYMEX crude oil and refined products futures rose across the board in overnight Access trade as American Petroleum Institute data showed surprising declines in all U.S. stockpiles last week. Crude inventories fell 3.110 million barrels, contrary to expectations for a build of 1.5-2.5 million, while distillates, which include heating oil and diesel, fell 540,000 barrels. * * * Most brokers and analysts expected distillate stocks to have remained flat or risen up to 1.0 million barrels. API also reported that gasoline inventories fell by a whopping 3.676 million barrels, nearly double expectations that stockpiles would drop by 1.0-2.0 million. U.S. refinery utilization rates last week fell 1.2 percentage points of capacity, exceeding expectations for runs to have been down 0.5-1.0 point. At 1737 ET, NYMEX Nov WTI crude was up 51 cents at $33.50 a barrel in Access trading, while Nov heating oil was up 117 points at 97.19c a gallon, and Nov gasoline was up 107 points at 93.15c a gallon. The data are for the week ended Friday, Oct. 13. The U.S. Department of Energy will release its weekly inventory data on Thursday after 0900 ET. CRUDE: Down 3.11 million barrels Nov crude rose in Access trading after the API reported that crude stockpiles declined by 3.11 million barrels despite expectations of an increase of 1.5 to 2.5 million barrels. Some sources had forecast an increase of up to 4 million barrels, and analysts were at a loss to explain the discrepancy. "I'm surprised with the crude stocks draw, I'm not sure what's going on there," said Jim Ritterbusch, president of Ritterbusch Associates. "The long-awaited incremental barrels from OPEC don't seem to be showing up." Stockpiles fell only in the Gulf region, where they decreased by 5.74 million barrels. They increased by 1.572 million barrels on the West Coast, by 465,000 barrels in the Midwest and by 359,000 barrels on the East Coast. The year-to-year deficit increased to 20.746 million barrels from 16.5 million barrels last week. "I'd have to call this survey supportive for crude," Ritterbusch said. "There's a chance that the DOE data could show something different, but not more than a 2-3 million-barrel shift." The analyst added that the market seemed to take the surprising news well. "There's no evidence of panic buying, it looks pretty orderly," he said. DISTILLATES: Down 540,000 barrels Distillate stocks finally came close to estimates after several weeks of expected increases that did not materialize. While analysts were looking for inventories to remain flat or increase by 1 million barrels, they decreased by only 540,000 barrels. "This number could easily be negated by the DOE data," Ritterbusch said. "One penny up is about all it should be worth." Nov heating oil was up 117 points at 97.19c per gallon at 1734 ET in Access trading. Implied demand retreated to 4.16 million bpd last week from 4.30 million bpd the week before. Production increased by 151,000 barrels compared to last week, while imports increased by 103,000 barrels. East Coast inventories dropped by 445,000 barrels, while they grew by 325,000 barrels in the Midwest, the only region to post an increase. More