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Strategies & Market Trends : Commodities - The Coming Bull Market -- Ignore unavailable to you. Want to Upgrade?

To: craig crawford who wrote (894)	10/24/2001 3:29:40 PM
From: craig crawford	Read Replies (1) \| Respond to of 1643

Pointing to "E" After steep fall, gasoline may be near its low interactive.wsj.com By David Bird Gasoline futures may provide a safe harbor for investors navigating the choppy waters of energy futures trading. In the wake of the September 11 attacks, the U.S. military response and the anthrax scare, energy futures have gyrated wildly. An initial price spike to above $30 a barrel for front-month New York Mercantile Exchange light, sweet crude gave way to the sober reality that with world oil flows so far unharmed, growth in oil demand will all but dry up this year due to the slumping global economy. Crude futures dropped in recent days to a two-year low of near $21 and petroleum-products futures prices have plunged as well. The Paris-based International Energy Agency, the industrialized world's energy watchdog, slashed its 2001 oil-demand forecast by 400,000 barrels a day, to 76 million barrels, or growth of just 120,000 barrels per day from 2000's level. The outlook for U.S. oil demand is even dimmer, says the Energy Information Administration, the independent statistical and analytical arm of the Department of Energy. EIA now says total U.S. oil demand will show the smallest growth this year since 1995, just 0.1%, or 20,000 barrels per day, to 19.72 million barrels per day. Amid the gloom, though, gasoline may be the bright spot for several key reasons. Gasoline demand is still forecast to grow by 1.2%, or 100,000 barrels per day, this year, EIA said, to a record 8.57 million barrels per day. With a fear of flying cutting deep into jet-fuel demand, some analysts said, Americans may increasingly take to the roads for business and leisure trips, buoying gasoline demand. Motorists will find an incentive at the pump. Retail regular gasoline now sells at a national average of $1.309 a gallon, EIA said, the lowest price since mid-January 2000, and nearly 15% below a year ago.