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

To: P.Prazeres who wrote (21952)	5/13/1998 5:57:00 PM
From: Czechsinthemail	Respond to of 95453

5/13/98 June Crude-Oil Futures Settle Below $15 On Nymex After Bearish NEW YORK -(Dow Jones)- Crude-oil and petroleum-products futures finished broadly lower Wednesday on the New York Mercantile Exchange, with front-month crude settling below $15 a barrel, following bearish inventory data. June crude oil dropped 29 cents to end at $14.95 a barrel. July crude oil closed down 25 cents at $15.68 a barrel. Among products: June unleaded gasoline lost 0.90 cent to end at 51.83 cents a gallon. June heating oil finished down 0.51 cent at 42.65 cents a gallon. June natural gas lost 5.2 cents to settle at $2.204 per million BTUs. "There's a sense that people who have been buying gasoline in an anticipation of revved up demand as summer nears may have jumped the gun," said a trader at a major oil firm. Weekly inventory data from the American Petroleum Institute and the U.S. Department of Energy showed U.S. gasoline stocks had risen more than 3 million barrels last week. Analysts had expected a draw. Distillate stocks, which include heating oil, also climbed in the API and DOE reports. Crude oil stocks climbed 794,000 barrels in the API report, but the DOE showed a 700,000-barrel draw. Meanwhile, OPEC continued to send mixed signals on production cuts. A Persian Gulf source said Tuesday that Saudi Arabia, the world's largest oil exporter, is "willing to participate in anything that improves the market," including further production cuts. But speculation that OPEC won't cut production further ahead of its June 24 meeting was bolstered Wednesday when OPEC Secretary-General Rilwanu Lukman said OPEC ministers will study the market's performance at the meeting and will decide what to do "to keep the market in good shape." News from Russia, a non-OPEC producer, is expected to add to bearish sentiment. Oil companies there were reported to have boosted exports nearly 3 million metric tons to 29.66 million metric tons. "Every barrel of added supply to this market is bearish," said an analyst.