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To: SJS who wrote (25335)	7/8/1998 5:56:00 PM
From: P.Prazeres	Read Replies (1) \| Respond to of 95453

U.S. DOE Says Crude Oil Stocks Decreased 2.9 Million Bbl Washington, July 8 (Bloomberg) -- U.S. crude oil inventories decreased by 2.9 million barrels to 340.4 million barrels in the week ending July 3, the U.S. Department of Energy says. The latest DOE weekly petroleum statistics show crude oil stocks are 20.8 million barrels more than the same time a year ago. Crude stocks were 343.3 million barrels in the report for the previous week. U.S. gasoline stocks decreased by 4.2 million barrels to 218.2 million barrels, up 14.8 million barrels from the same time a year ago, the DOE said. Gasoline stocks were 222.4 million barrels in the previous week. U.S. distillate stocks increased by 2.0 million barrels to 133.7 million barrels, up 15.3 million barrels from the same time a year ago, the DOE said. Residual fuel stocks decreased by 1.8 million barrels to 39.6 million barrels, down 0.7 million barrels from the same time a year ago, the DOE said. Residual fuel stocks were 38.9 million barrels in the previous week. Weekly U.S. crude imports, excluding crude oil held in the Strategic Petroleum Reserve, decreased by 2.314 million barrels to 7.704 million barrels per day. Crude oil imports were 10.018 million barrels in the previous week. U.S. refineries operated at 98.2% of capacity compared with 98.4% in the previous week. 09:05:57 07/08/1998

To: SJS who wrote (25335)	7/8/1998 6:03:00 PM
From: P.Prazeres	Respond to of 95453

Crude Rises in Nervous Trading By CLIFF EDWARDS AP Business Writer Crude oil futures rose Wednesday on the New York Mercantile Exchange on fears that civil unrest in Nigeria could disrupt the flow of oil from that country just as U.S. inventories are starting to show measurable declines. On other markets, corn, soybeans and coffee futures advanced. Crude rose followings reports of 10 deaths in rioting triggered by the apparent heart attack death of jailed Nigerian opposition leader Moshood Abiola. Further uncertainty was added when the country's military ruler dissolved his Cabinet. The West African nation is one of the 11 members of the Organization of Petroleum Exporting Countries and produces slightly more than 2 million barrels of crude a day under targets approved during meetings in March and June. Civil war could stop Nigerian exports just as world oil producer cuts appear to be having an effect on the market. The American Petroleum Institute reported late Tuesday that inventories last week grew a smaller-than-expected 684,000 barrels, while the Department of Energy said Thursday that stockpiles actually fell a sharp 2.9 million barrels. Gasoline inventories decreased in both weeks, while refineries were operating at the same efficiency as a week earlier -- indications the flow of crude into U.S. ports is weakening. Crude for August delivery rose 23 cents to $13.85 a barrel; August heating oil rose .22 cent to 37.82 cents a gallon; August unleaded gasoline fell .13 cent to 46.79 cents a gallon. Corn and soybean futures prices rose as second day on the Chicago Board of Trade, but finished well off the day's sharp highs, amid conflicting forecasts about the severity of weather next week in major growing areas. Futures prices rocketed higher early in the day after private forecasts conformed with National Weather Service models calling for above-normal temperatures beginning early next week in the Plains states and moving into Illinois, Indiana and Iowa, which account for the lion's share of the nation's corn and soybean crops. And young plants baking under temperatures well into the 90s were not expected to be relieved by rainfall, according to the forecasts. But forecasts later in the day predicted the heat would not linger and added rainfall to the equation. The National Weather Service, in an updated forecast released after trading ended, also called for additional rain next week in the western Corn Belt. The timing of the warm spell is crucial because corn crops in most Midwest growing areas next week will enter the key pollination stage in which they perform best under mild temperatures and ample soil moisture. Sustained hot, dry weather could sharply reduce yields for what the government currently is predicting will be one of the largest crops on record. Soybeans enter their flowering stage a little later in the month, but some forecasters have raised the possibility the high heat and dry weather will linger through the month and into August. December corn rose 3 cents to $2.54 a bushel; November soybeans rose 4 1/2 cents to $6.18 1/2 a bushel. Coffee futures rose on the Coffee, Sugar & Cocoa Exchange division of the New York Board of Trade after Procter & Gamble (NYSE:PG - news) announced it was cutting prices for its Folgers brand, a move expected to boost demand. Folgers said it on Aug. 24 was cutting by at least 20 cents its wholesale price for a 13-ounce can of ground coffee. The move would put the company's retail coffee prices at their lowest level since March 1997 and could help spur demand, said Merrill Lynch analyst Judith Ganes. Also supporting coffee prices were forecasts for cool temperatures Friday and Saturday in Brazilian growing regions. September arabica coffee rose 2.10 cents to $1.13 a pound.