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Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?


To: Luk_ who wrote (20398)4/25/1998 10:33:00 PM
From: Challo Jeregy  Respond to of 95453
 
To all, this is old news but maybe worth mentioning . . .

wsj

April 24, 1998

Crude Oil Market Stabilizes
At the End of Volatile Week

An INTERACTIVE JOURNAL News Roundup

Crude oil and petroleum products ended a volatile week with a quiet
Friday on the New York Mercantile Exchange.

On the heels of a 35-cent decline Thursday, Nymex crude for June
delivery slid 10 cents to $15.09 a barrel Friday. The front-month May
gasoline contract settled at 50.1 cents a gallon, down 0.19 cent, while
May heating oil rose 0.06 cent to 42.9 cents a gallon. For the week, crude
prices dropped 37 cents, or 2.4%.

Analysts attributed part the decline in futures
to the cash market's precipitous fall on storage
concerns.

Cash prices for the benchmark West Texas
Intermediate crude oil dipped nearly $2
Thursday on speculation by oil shippers that
storage space at Cushing, Okla., a key
delivery point for crude, had filled up
following the expiration of the May futures contract on Tuesday. The
shippers indicated that facilities in Oklahoma were nearly full, forcing
sellers to lower their asking price in order to find alternative storage
locations.

Other bearish news emerged Wednesday with the American Petroleum
Institute's report on U.S. oil stocks showing an increase of 3.3 million
barrels during the week ended April 17, the highest inventory level since
March 1994.

Early in the day Friday, products lent some support to the complex.
Gasoline hit a high in the morning on news of refinery shut-downs,
particularly an announcement early in the day from Sun Co., which said it
would delay restarting a 68,000-barrel-a-day catalytic cracker at its
307,000-barrel-a-day Philadelphia refinery.


interactive.wsj.com