Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

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

To: RBlatch who wrote (37794)	2/18/1999 7:27:00 PM
From: diana g	Respond to of 95453

Re: Oil Price Surge RB, George, Sarge, thread, I agree now it wasn't the Iraqi report of the confrontation which sparked the surge, but at the time I posted it seemed the most likely cause to me, with that "ten formations" quote sounding like a major escalation which traders might seize upon. ---------------------------------------- Bloomberg now says: (Note the "...later denied...") bloomberg.com Gasoline, Heating Oil Surge 4 Percent on Tosco Refinery Report New York, Feb. 18 (Bloomberg) -- Gasoline and heating oil jumped about 4 percent, pulling crude higher, on a report that Tosco Corp. was considering slashing production at two of the biggest East Coast refineries. The report, later denied by Tosco, raised concern that supplies of gasoline could drop before the U.S. summer driving season starts at the end of May. Gasoline inventories this month were the highest in five years. Traders expected supplies to stay ample, ''and when you have a situation like this refinery outage, it doesn't take much to get people panicked,'' said Tom Bentz, senior vice president- energy at Cresvale International LLC in New York. March gasoline rose 1.35 cents, or 4.1 percent, to 34.42 cents a gallon on the New York Mercantile Exchange. March heating oil rose 1.14 cents, or 3.8 percent, to 30.98 cents a gallon. It was the biggest gain since Jan. 6 for both petroleum products. March crude oil rose 51 cents, or 4.4 percent, to $12.04 a barrel on the Nymex. In London, April Brent crude rose 48 cents, or 4.7 percent, to $10.61 a barrel on the International Petroleum Exchange. Tosco Corp. will keep processing crude oil at its refineries in Trainer, Pennsylvania, and Bayway, New Jersey, even though refining profit margins have diminished, a company spokesman said. .... ------------------------------- (Bloomberg's guess may be no better than mine.) regards, diana