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

To: Paul Shread who wrote (6486)	1/15/2002 5:32:13 PM
From: isopatch	Respond to of 36161

Me neither<g> AND....API report is UG-LY! <After the market closed, the American Petroleum Institute said crude inventories as of the week ended Jan. 11 rose by 4.1 million barrels. The market expected a drop of as much as 2 million, according to Victor Yu, director of consulting at MV Energy. Gasoline supplies also rose by 4.2 million barrels, the API said, compared to expectations for a rise of as much as 2 million. "This is a bearish bonanza," said Phil Flynn, a senior energy analyst at Alaron.com in Chicago, emphasizing that it's bad news for the market investors, but also good news for the consumer. "The one hope we had the last couple of weeks was good gasoline demand," but that appeared to fall last week, he said. "There doesn't seem to be a lot of hope near-term with these types of numbers." Hopefully the big sell-off this week somewhat priced in these numbers, he added, but warm weather and slow demand are starting to show up in the numbers. Still, in the longer term even with the bad news, Flynn said, prices won't likely reach down much below $17 a barrel. The API also posted a 875,000-barrel decline in distillate inventories, which include heating oil and jet fuel, for the latest week, despite analysts' predictions for a drop of as much as 3 million barrels. Refinery production capacity fell to 89.4 percent from the prior week's 90.9 percent, according to the API's data. In after-hours trading shortly after the data were released, February crude fell 54 cents to $18.36 a barrel. February gasoline dropped 1.7 cents to 53.5 cents a gallon and February heating oil declined 0.9 cent to 51.17 cents a gallon.> cbs.marketwatch.com