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

To: Richard Saunders who wrote (8543)	11/21/2001 10:09:56 AM
From: Cal Gary	Respond to of 24899

DJ Nymex Access Crude Up After API Reports Smaller Stk Build SEOUL (Dow Jones)--Light, sweet crude futures are higher Wednesday in New York Mercantile Exchange after-hours Access trade after the American Petroleum Institute reported a smaller-than-expected build in U.S. crude stocks. At 0622 GMT, the January contract traded on Access at $19.45 a barrel, up 30 cents from Tuesday's Nymex close and trading in a $19.00-$19.55/bbl range. Volume is 2,829 lots. The February contract last traded at $19.65/bbl, up 28 cents in a $19.21-$19.68/bbl range. Volume is 507 lots. The January contract rose 72 cents Tuesday to close at $19.15/bbl after trading in a $18.77-$19.43/bbl range. The February contract rose 71 cents Tuesday to close at $19.37/bbl after trading in a range of $18.95-$19.60/bbl. Crude oil inventories rose by 357,000 bbl in the week ended Nov. 16 to 309.737 million bbl. Analysts surveyed earlier Tuesday by Dow Jones Newswires had projected a build of 1.75 million bbl. For distillate stocks, which include heating oil and diesel fuel, API reported an unexpected draw of 699,000 bbl to 129.129 million bbl. The draw in distillate stocks came amid a jump in pre-winter demand. The API reported a small build of 344,000 bbl in gasoline inventories to 206.092 million bbl. Talk by the Norwegian Oil Minister Einar Steensnaes and Mexican Oil Minister Ernesto Martens that Russia may cut its oil production by more than the 30,000 b/d is also supporting crude prices. Martens said he was optimistic that a solution would be reached in the next few days. Their comments came after Russia's Deputy Prime Minister Victor Khristenko said Tuesday that his government remains concerned about the current oil market and hinted more measures on oil output could be implemented. OPEC agreed last week that it would cut its output by 1.5 million b/d only if non-OPEC producers cut their production by a combined 500,000 b/d. So far, Mexico has pledged to cut its exports by 100,000 b/d if other non-OPEC producers join the action. Norway has yet to make an explicit commitment to an output cut. OPEC's Secretary-General Ali Rodriguez will visit Moscow in December to try to persuade Russia to join the group in an oil output cut from Jan. 1, an OPEC official told Dow Jones Newswires Tuesday. On London's International Petroleum Exchange Wednesday, the Brent futures are called to open 33-37 cents higher from Tuesday's closing values. Tuesday on the IPE, the January Brent crude contract rose 74 cents to close at $18.75/bbl, after trading in a $17.79-$19.12/bbl range. The February contract rose 77 cents to close at $18.74/bbl, after trading in a range of $17.88-$19.07/bbl. -By Nara Han, Dow Jones Newswires; 822-732-2165; nara.han@dowjones.com (END) Dow Jones Newswires 21-11-01 0630GMT news.ino.com