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Gold/Mining/Energy : Global Santa Fe (GSF) (formerly Global Marine) -- Ignore unavailable to you. Want to Upgrade?

To: Greg Butcher who wrote (754)	6/17/1998 1:15:00 AM
From: Greg Butcher	Respond to of 2282

Tuesday June 16, 9:52 pm Eastern Time NYMEX crude on ACCESS rises in heavy trade LOS ANGELES, June 16 (Reuters) - Crude oil futures rose in heavy trade Tuesday on the ACCESS market, driven by speculator buying ahead of the weekly supply reports released in the U.S. July crude rebounded from 12-year lows on the NYMEX to settle at $11.98 a barrel Tuesday. Then the contract extended gains in the after-hours ACCESS market, rising 38 cents a barrel to $12.36. Volume reached 3,456 lots at 1830 PDT. ''We were at these levels before the statistics came out ... we saw short-covering ahead of the numbers, then the numbers came out supportive,'' said a trader for a major Wall Street brokerage. The American Petroleum Institute (API) late Tuesday reported that crude oil stocks in the United States dropped for the third week in a row as of June 12.. Analysts said the 1.1 million-barrel nationwide drop -- which was heaviest in the Midwest (PADD II) where the Cushing, Oklahoma delivery hub for the crude futures contract is located -- should ease the squeeze on storage there. Stocks in the Midwest dropped by nearly 1.8 million barrels, to just above 81 million barrels. That still puts Midwest stocks nine million barrels above levels the same week last year and precariously close to estimated storage capacity. In refined products, gasoline and heating oil futures rose on ACCESS, as well. July gasoline was at 46.49 cents a gallon, up 0.56 from the settle, while heating oil was up 0.18 at 37.15 cents. Volume for heating oil was 408 lots traded by 1830 PDT, while gasoline saw volume of 559 lots. ÿ