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Strategies & Market Trends : Z Best Place to Talk Stocks -- Ignore unavailable to you. Want to Upgrade?

To: Ron McKinnon who wrote (18265)	1/6/1999 12:22:00 AM
From: pz	Respond to of 53068

Oil news This certainly might cause the oils to be worth a couple of flips tomorrow. Paul Tuesday January 5, 7:57 pm Eastern Time ACCESS energy prices rise as API shows big draw LOS ANGELES, Jan 5 (Reuters) - U.S. energy futures prices rose moderately in busy after-hours ACCESS trade Tuesday, driven up by key inventory data that showed an unexpected slide in crude oil supply. Traders said February crude oil futures on ACCESS edged up about 14 cents a barrel to $12.13 by 1600 local Pacific time. That rise was prompted by data issued by the American Petroleum Institute (API) on Tuesday that showed a crude drop of nearly 15 million barrels for the week ended January 1. Traders and analysts polled by Reuters had forecast a crude draw of about 3.3 million barrels. Traders said they expected crude oil for February to start trading around 15 cents to 20 cents a barrel higher as a result of the API data. ''I think you'll see crude go higher,'' one ACCESS trader said. But most of the draw came from the Northeast and traders held mixed views on its implications for the market. Some said they had expected the big decrease, noting that the draw reflected a typical year-end drawdown as deliveries are delayed for tax purposes. Volume for crude oil hit 1,591 lots for all futures months while February crude volume was 1,038 lots. The February heating oil contract, meanwhile, rose about 0.18 cent a gallon to 34.40 cents by 1600 local Pacific time on ACCESS. Volume reached 1,166 lots traded for all futures months and 645 lots for February. The February unleaded gasoline contract rose 0.20 cent a gallon on ACCESS to 36.55 cents, with 60 lots changing hands for February.