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To: Victor Lazlo who wrote (129417)	7/31/2001 11:22:38 PM
From: Victor Lazlo	Read Replies (1) \| Respond to of 164684

FUTURES MOVERS Oil rallies after-hours on supply drop By Myra P. Saefong, CBS.MarketWatch.com Last Update: 4:56 PM ET July 31, 2001 NEW YORK (CBS.MW) - Crude and gasoline futures prices rallied in after-hours trading as a significant decline in last week's U.S. inventories implied strength in petroleum demand. Crude inventories, as of the week ended July 27, fell by 3.5 million barrels, the American Petroleum Institute reported late Tuesday. On average, analysts polled by Bridge News expected a rise of 1.3 million to 3 million barrels. Gasoline inventories declined by 2.95 million barrels, according to the API's data, compared with average expectations for a 1 million to 2 million barrel decline. Gasoline demand has been "pretty robust," said Alaron.com senior energy analyst Phil Flynn, despite the market's notions that petroleum demand is suffering in the face of an economic slowdown. The latest data could actually be a sign that the economy is bouncing back because demand for crude oil is becoming somewhat robust with demand coming in quite healthy in the last few weeks, he said. In after-hours trading shortly after the data were released, September crude added 35 cents to $26.70 a barrel. September unleaded gasoline rose by 3.71 cents to 77 cents a gallon. September heating oil rose 0.45 cent to 70.55 cents a gallon. The API also said distillate supplies, which include heating oil, rose by 1.5 million barrels in the latest week, within expectations for a rise of as much as 2 million barrels. Refinery production rates fell to 94 percent of capacity from the prior week's 94.3 percent, the API said. See Energy Stocks.