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

To: Dragon 1 who wrote (36758)	2/4/1999 2:04:00 PM
From: Platter	Read Replies (1) \| Respond to of 95453

Dragon, You the man!...NEW YORK, Feb 4 (Reuters) - Crude oil and product futures on the New York Mercantile Exchange remained stuck in their narrow ranges in early afternoon Thursday, traders said. Trading volume was light, they said. At 1327 EST/1827 GMT, NYMEX March crude was down 14 cents at $12.24, little changed from midmorning. The contract has kept to its $12.15/12.40 range. March heating oil traded at $31.75 cents a gallon, down 0.64 cent while gasoline was off 0.56 cent at 36.75 cents a gallon. "The market is kind of quiet," said a NYMEX floor trader, rattling off market concerns about higher crude inventories and milder weather in most of the U.S. "Unless we get a big (news) headline here or something that will change fundamentals, we're not going anywhere," the tader said. U.S. crude inventories jumped by 6.1 million barrels last week, according to the data from the American Petroleum Institute. Crude's fall on Wednesday was softened by the Department of Energy's status report showing a smaller build of 2.6 million barrels. "Still, we have too much inventory on hand and that's pressuring the market," said the NYMEX trader. Distillates, mostly heating oil and diesel, fell by 2.3 million barrels, with the draw partly due to an uptick in demand to 3.8 million barrels per day (bpd). But market players worry that the warmer weather forecast for the next 10 days in the key heating oil consuming states of the Northeast could cut heating oil demand anew. Gasoline stocks rose by 2.5 million barrels, API said. The bearishness in gasoline could be short-term, said senior analyst Tim Evans of Pegasus Econometric. "Gasoline still has the strongest chart in the complex. We're just not confident that it will prove strong enough to pull crude oil higher behind it," he said in his daily commentary.