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Strategies & Market Trends : Strictly: Drilling II -- Ignore unavailable to you. Want to Upgrade?

To: Frank Pembleton who wrote (5587)	12/18/2001 8:51:56 PM
From: isopatch	Respond to of 36161

API report somewhat more positive than expected. (excerp from CBS Marketwatch story that also includes commentary on OPEC, etc) <Late Tuesday, the American Petroleum Institute reported that as of Dec. 14, distillate supplies, which include heating oil and jet fuel, fell by 3.01 million barrels to 137.4 million. The market expected a rise of as much as 2 million barrels, according to Yu at MV Energy. The API also downwardly revised the data it released a week ago by 1.01 million barrels. The biggest concern going into the report, was the past three weeks of increases in distillate supplies, because of the warm temperatures and lack of air travel, he said, noting that the latest data ease market concerns a bit. Gasoline inventories also fell by 815,000 barrels to 210.2 million, contrary to expectations for a rise of as much as 2 million barrels. The API downwardly revised last week's data by 873,000 barrels. The decline in gasoline and distillate inventories followed three-straight weeks of climbing stocks. Crude inventories rose by 2.57 million barrels in the latest week to total 314 million, the API said, but the change was still lower than forecasts rise of as much as 3 million barrels. The agency also added another 929,000 barrels to last week's figure. See Futures Movers. In after-hours trading shortly after the data were released, January heating oil added 0.51 cent to 55.2 cents a gallon and January unleaded gasoline tacked on 0.21 cent to 55.25 cents a gallon. February crude rose 4 cents to $19.64 a barrel.> marketwatch.com