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To: pbd007 who wrote (80235)	11/28/2000 5:27:11 PM
From: dsindakota	Respond to of 95453

Add 1: API Review: Crude, Heating Oil Drop Amid Surprising... Nov. 28-MAR-- --NY Jan crude, Dec heating oil down amid API stockpile gains --NY Dec gasoline down slightly as API stock drop under views --API: US crude stocks +1.828 mln barrels in latest week --API: US distillate stocks +1.627 mln barrels in latest week --API: US gasoline stocks -21,000 mln barrels in latest week --API: US refineries operate at 91.8% in latest wk vs 92.7% --APIs imply US distillate demand 3.83 mln bpd vs 3.88 mln --APIs imply US gasoline demand 8.55 mln bpd vs 8.66 mln By Karyn Peterson, John Troland and Peter Rosenthal, BridgeNews New York--Nov. 28--NYMEX nearby energy futures fell in overnight Access trading as American Petroleum Institute data showed surprising gains last week of 1.828 million barrels in U.S. crude stockpiles and 1.627 million barrels in distillates, which include heating oil and diesel fuel. Gasoline inventories dipped as anticipated, although by only 21,000 barrels, far below expectations. * * * API also reported that U.S. refinery utilization rates declined by 0.9 a basis point, contrary to expectations for runs to have gained 0.4-0.8 a point. At 1651 ET, NYMEX nearby Jan WTI crude was down 7 cents at $34.15 a barrel, while nearby Dec heating oil was down 77 points at $1.0160 a gallon and nearby Dec gasoline was down 11 points at 87.80c a gallon. The data are for the week ended Friday, Nov. 24. The U.S. Department of Energy will release its weekly inventory data on Thursday after 0900 ET. Many brokers and traders had expected crude oil stockpiles to fall 0.8 to 1.3 million barrels despite strong imports due to adjustments to the previous week's data. Crude oil import levels actually slipped last week; however this was partly offset by the fact that crude input to refineries also receded. At the same time, crude deliveries from the U.S. Strategic Petroleum Reserve also were considerable last week, traders noted. According to the U.S. Department of Energy, well more than 4 million barrels of SPR crude oil were delivered to the market during the week in review under its latest crude swap plan. Media://NewsSearch::/QuickSearch/id=BMMCNNT/go Distillate stockpiles were expected to have declined 0.4 to 0.8 million barrels due to higher demand that would overshadow higher anticipated imports. But import levels more than doubled last week, and demand levels--which, as implied by the data, slipped--were not enough to erode inventories given that domestic production was only marginally lower. Gasoline stockpiles were expected to have dropped 0.9 to 1.2 million barrels due to high demand from the Thanksgiving Day holiday weekend. But demand, as implied by the data, actually slipped during the week while import levels rose. Both of these factors mitigated a drop in domestic production to cause only a slight dip in overall inventories. DISTILLATES: Up 1.627 million barrels Half the increase in distillate supplies was on the East Coast, where stocks of heating oil alone rose 1.27 million barrels despite a Thanksgiving cold snap. Heating oil inventories on the East Coast, which includes the largest U.S. market, are now 37% below yea-ago levels. A more than doubling of import levels to 398,000 bpd offset a slight decrease in distillate production to 3.665 million bpd from 3.7 million the prior week. Demand was steady above 3.8 million bpd. Inventories rose in all regions except the West Coast, which has also seen tight stocks drive prices higher. Stockpiles at the U.S. Gulf, the major refining center, are now at 2.6-million-barrel premium to year-ago levels, as it remains difficult to move supplies to the Northeast due to pipeline and tanker constraints. The inventory build came during a week when heating oil futures neared their record high of $1.110 per gallon, although prices fell sharply Tuesday and are now near $1.020 ahead of Thursday's December contract expiration. Brokers said the sell-off before the API data, which was linked to mild weather forecasts and a drop in crude prices, somewhat foreshadowed the report. More The bridge.com ID for this story is BMMTCQJ (c) Copyright 2000 FWN

To: pbd007 who wrote (80235)	11/28/2000 5:31:43 PM
From: kodiak_bull	Read Replies (1) \| Respond to of 95453

(Note, this guy, a professional writer, obviously can't write. He uses "undue" for "undo" and "duel" for "dual" see *). Algore appears to be saying the courts should not decide elections, or wait, they should, but hey, maybe . . . Gore Asks Court Not To Interfere By JOHN SOLOMON Associated Press Writer WASHINGTON (AP) -- Al Gore's legal team asked the U.S. Supreme Court Tuesday not to interfere in Florida's presidential recount dispute, saying the issue "does not belong in federal court.'' "Principles of federalism counsel strongly against interference by this court,'' the Gore legal team said in a brief filed with the court. Gore's lawyers dismissed as "insubstantial'' arguments Republican George W. Bush made that the Florida Supreme Court violated the Constitution when it allowed hand recounts to continue in three Democratic-leaning counties beyond a state deadline of Nov. 14. "The Florida Court played a familiar and quintessentially judicial role'' in interpreting state law, the Gore team wrote. "The Florida court applied garden variety principles of statutory interpretation,'' the lawyers added in urging the nine justices to affirm the state court rulings. Bush was filing his written arguments later Tuesday. Both sides are expected to make oral arguments Friday as the arena for settling the disputed race shifts to the nation's highest court. The Florida Secretary of State Katherine Harris certified Bush the winner Sunday by a 537-vote margin out of 6 million votes after the manual recounts were done. If that stands, the state's 25 electoral votes will give Bush 271 in all -- one more than he needs to win the White House. In the hand recount effort, Broward County completed the job; Miami-Dade gave up for lack of time; and Harris refused to accept partial hand recount numbers from Palm Beach, which didn't meet the deadline. The Gore team, in its brief to the U.S. Supreme Court, urged the justices not to undue * the recounts as Bush has requested. They argued that Bush's request is based on "mischaracterizations'' of the state Supreme Court ruling a week ago. "This is a state law case that, despite its undoubted importance, does not belong in federal court,'' they argued. Gore's brief to the nation's highest court came as his legal team followed a duel *** strategy that also asked a Florida judge to undo the secretary of state's certification Sunday night declaring Bush the winner of the state's 25 electoral votes. In that case, Gore asked a state judge to have court officials or judges hand recount several thousand disputed ballots that did not get resolved prior to a 5 p.m. Sunday deadline for recounting to end. Bush attorneys said there is no need to recount the ballots and have opposed the Gore lawyers. The certification of Bush as the winner by 537 votes lowered the stakes for the Supreme Court. A narrow ruling by the high court that rejected results of the hand recounts would not change the outcome now. The case is not technically moot, because a Supreme Court ruling would guide how both candidates go forward in Florida courts. Also Tuesday, interest groups across the ideological map filed friend-of-the-court briefs in the case. The American Civil Liberties Union backed the Florida court. "If that decision making process is now called into question, the role of the courts as a guardian of voting rights is likely to diminish,'' the generally liberal group wrote. The conservative American Center for Law and Justice backed Bush, and asked the Supreme court to overturn to Florida court decision. "The voters of Florida and the American public are entitled to a presidential election conducted according to the U.S. Constitution and the rule of law, not tainted by an activist judiciary,'' said Jay Sekulow, chief counsel of the group.