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

To: Shelia Jones who wrote (21006)	5/1/1998 12:41:00 PM
From: Shelia Jones	Respond to of 95453

Speculation of producer meetings Friday May 1, 12:19 pm Eastern Time NYMEX crude up on speculation of producer meetings NEW YORK, May 1 (Reuters) - NYMEX June crude bounced midday Friday as the market followed through with a late-session uptick on Thursday, boosted by market speculation that the Riyadh Pact group -- Saudi Arabia, Venezuela and Mexico -- might meet this weekend. ''This is a followthrough of late reversal yesterday and the gains in overnight trading,'' a NYMEX floor trader said, referring to the sudden surge in buying that lifted the front-month crude on Thursday. Speculation over the meetings of Saudi, Venezuelan and Mexican officials was bolstered by the presence of Saudi Oil Minister al-Naimi, who is in the U.S. and was scheduled to meet with Energy Secretary Federico Pena on Monday. Naimi is now in Houston to attend a board meeting of state oil company Saudi Aramco on Thursday and arrives in Washington on Saturday. At 1215 EDT/1615 GMT, June crude was up 51 cents at $15.90 a barrel. June heating oil rose 0.99 cent at 45.20 cents a gallon while front-month gasoline gained 1.49 at 53.95 cents a gallon. On Thursday, June crude appeared headed towards the psychogically important $15-a-barrel level, but traders said the market's strength showed when it rebounded upon reaching $15.06. In London, IPE Brent extended earlier gains, trading at 29 cents at 14.74 cents a barrel.