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To: Lucretius who wrote (16748)	3/26/1998 5:15:00 PM
From: Czechsinthemail	Respond to of 95453

3/26/98 Crude Oil, Products Futures End Higher As Output Pact Gains Credibility NEW YORK -(Dow Jones)- Crude-oil and petroleum-products futures finished broadly higher Thursday on the New York Mercantile Exchange on expectations that oil producers will make good on pledges to cut production. May crude oil added 35 cents to settle at $16.83 a barrel. June crude oil finished up 32 cents at $17.08 a barrel. Bears covered and fresh bulls entered the market ahead of Monday's extraordinary OPEC ministerial meeting, where cartel members are expected to ratify pledges made this week to cut production. Non-OPEC producers Mexico and Oman also have promised to cut production, while Russia and Norway still are considering the move. "There is sentiment in the market that this unprecedented agreement between OPEC and non-OPEC producers to jointly cut production may work," said Al Levine, first vice president of futures, with Morgan Stanley, Dean Witter. "The market is giving producers the benefit of the doubt." Norway, the largest oil exporter behind Saudi Arabia, sent mixed signals to the market Thursday, but by the end of the day, there was some sentiment that the country would eventually lower production. The government's ruling minority coalition is pushing for a 3%-6% reduction in output, which works out to a cut of 90,000-180,000 barrels a day. But, according to reports from Norwegian News Agency NTB, the proposal is likely to meet strong parliamentary opposition. The government will consult with the rest of parliament and try to get backing for its proposal ahead of April 3, when the proposal is scheduled to be put before Norway's king and council for approval. Meanwhile, news of a refinery fire at Vitol's North Atlantic refinery in Newfoundland sent gasoline futures soaring and supported the products. The fire, which injured 3 workers, occurred overnight. Reports of the incident had been in the market since the morning, but several sources said they didn't know of the incident until the headlines hit the floor. April unleaded gasoline jumped 1.24 cents to settle at 53.82 cents a gallon. April heating oil finished up 0.61 cent at 45.73 cents a gallon. May natural gas shed 2.4 cents to close at $2.380 per million BTUs. In other developments, "So far, so good," U.S. State Department spokesman James Rubin said following the first inspection of a suspected Iraqi weapons facility Thursday by by a mixed team of United Nations arms experts and diplomats. U.N. weapons inspectors, accompanied by senior diplomats, carried out the first search in one of President Saddam Hussein's palace compounds Thursday. A U.N. official, who spoke on condition of anonymity, said the inspectors went to Saddam's Radwaniyah palace outside Baghdad believed to be one of the largest of the presidential compounds. U.N. spokeswoman Janet Sullivan confirmed the inspectors and diplomats visited two locations in the Radwaniyah area.

To: Lucretius who wrote (16748)	3/26/1998 6:04:00 PM
From: XOsDaWAY2GO	Respond to of 95453

LT, re>>>I thought I said that somewhere?<<< You may have. There are so many boards, so many posts! I do remember something along those lines being said, and there are different theories regarding gaps. What a wonderful day today...in the neighborhood! It feels so good to see green, green, green........ Barbara