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

To: Davy Crockett who wrote (18303)	9/4/2002 6:06:49 PM
From: Frank Pembleton	Read Replies (2) \| Respond to of 36161

Peter, this might help... just remember mutual funds tend to lighten up on this sector somewhere North of 320 million in inventories -- and they tend to do the opposite somewhere South of 300... Regards, Frank P. Crude Oil Rises After Report of Decline in U.S. Inventories By Mark Shenk New York, Sept. 4 (Bloomberg) -- Crude-oil futures rose in electronic trading after the American Petroleum Institute reported that U.S. inventories declined for the first time in three weeks. Supplies fell 6.28 million barrels, or 2.1 percent, to 298.9 million barrels, the institute said. Analysts surveyed by Bloomberg News before the report were divided on whether supplies would rise or fall. ``Falling below 300 million barrels is important,'' said Aaron Kildow, a broker at Prudential Securities Inc. in New York. ``It's a safety net, at least psychologically. When stocks dip below 300 million barrels you start to worry about supplies being adequate.'' Crude oil for October delivery was up 34 cents, or 1.2 percent, at $28.61 a barrel at 5:03 p.m. on the New York Mercantile Exchange. Changes in prices during the electronic session will be included in tomorrow's close. Prices during today's floor session rose 1.7 percent to $28.27 a barrel after U.S. President George W. Bush said he would seek approval in congress for action against Iraq. The U.S. has accused Iraqi leader Saddam Hussein of trying to build an arsenal of chemical, biological and nuclear weapons that would be a threat to Iraq's neighbors and the U.S. Bush this week is holding a series of meetings with members of Congress ``about the topic of security, about Iraq, about the war on terror,'' White House spokesman Ari Fleischer said yesterday. ``The Bush administration is making a major effort to bring in Republican mavericks and as many Democrats as possible to form a united front to conduct a military campaign,'' said Mordechai Abir, director of energy and geopolitical research at Burnham Securities Inc. in New York. Saudi Aramco, the world's largest oil company, has enough spare production capacity to make up for any disruption in supplies caused by a U.S. attack on Iraq, according to the company's chief executive officer, Abdallah Jum'ah. The state-owned company produces about 7 million barrels a day and has the capacity to pump 10 million, he said. quote.bloomberg.com