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