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Gold/Mining/Energy : Trico Marine Services (TMAR) -- Ignore unavailable to you. Want to Upgrade?

To: D.J.Smyth who wrote (676)	8/19/1998 11:42:00 AM
From: D.J.Smyth	Respond to of 1153

record demand for gasoline shown today: how will this translate when Asia recovers (i still have faith in these people, maybe i shouldn't) 10:05 DJS Crude Oil Up On Inventory Data, Metals Mixed; CRB Index Up 0.53 10:05 DJS Crude Oil Up On Inventory Data, Metals Mixed; CRB Index Up 0.53 NEW YORK -(Dow Jones)- Commodities futures were mixed Wednesday. In New York, crude oil got a boost from inventory data showing a sharp draw in gasoline stocks amid record demand, while precious metals futures were mixed. In Chicago, grains and beans were mixed, while the cattle complex was lower. Shortly before 11 a.m. EDT, the CRB-Bridge futures index was up 0.53 at 203.15. At the New York Mercantile Exchange, September crude oil was up 20 cents at $13.12 a barrel. October crude oil was up 16 cents at $13.36 a barrel. Among petroleum products, September unleaded gasoline was up 0.27 cent at 41.55 cents a gallon. After struggling for weeks to stay above 8.5 million barrels a day, gasoline demand last week screamed to 9.35 million barrels a day, an all-time weekly demand record, according to inventory data released by the American Petroleum Institute Tuesday evening. That caused inventory to fall 5.56 million barrels to 209.783 million barrels, the lowest point since January. "If that can't help the gasoline market, I don't know what can," said one broker. But there are still negatives to consider. While stocks are near 1998 lows, they're still almost 22 million barrels over stocks levels in the year-ago period. And the U.S. Department of Energy showed a less bullish gasoline inventory picture Wednesday morning, with gasoline stocks down only 2.3 million barrels last week. September heating oil was up 0.15 cent at 34.25 cents a gallon. September natural gas was up 2.2 cents at $2.005 per million BTUs. Crude oil got an added boost by the 1.069-million-barrel draw in crude stocks reported by the API. The DOE reported a smaller 600,000-barrel draw. On New York's Commodities Exchange, December gold fell 80 cents to $288.20 an ounce, despite the dollar's weakening against the yen. The yen's strengthening came amid speculation that Japanese authorities are poised to intervene on behalf of their currency. The U.S. currency's recent surge against the yen has been bearish for gold because it encouraged Asian selling and underscored worries about falling Asian demand. Dealers said they took little notice of data earlier Wednesday from the World Gold Council, showing a 9% drop in world gold demand during the second quarter. "That's no surprise given the Asian situation. This is already factored in," said a United Kingdom bank dealer. September silver rose 2.0 cents to $5.090 an ounce. October platinum fell 30 cents to $370.10 per ounce. Among industrial metals, September copper rose 0.55 cent to 73.45 cents per pound. Gold was fixed Wednesday afternoon in London at $285.50 an ounce, down 25 cents from the morning fixing. Among grains in Chicago: December wheat rose 1/2 cent to $2.75 1/4 per bushel. December corn dipped 1/2 cent to $2.18 3/4 a bushel. December oats edged down 1/2 cent to $1.12 1/2 per bushel. November soybeans were flat at $5.38 1/2 a bushel. In the livestock complex: October cattle declined 0.08 cent to 60.78 cents per pound. October hogs fell 0.15 cent to 43.93 cents per pound. February pork fell 0.38 cent to 56.20 cents per pound. Among food and fiber futures in New York: September coffee climbed 1.45 cents to $1.1775 per pound, extending the momentum generated Tuesday by a large drop in U.S. green coffee stocks. December cotton rose 0.89 cent to 74.65 cents per pound. October sugar inched down 0.01 cent to 8.57 cents per pound. September orange dropped 1.00 cent to 111.80 cents per pound. Copyright (c) 1998 Dow Jones & Company, Inc. All Rights Reserved. 08/19 10:05a CDT