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To: Mike from La. who wrote (38382)	2/26/1999 11:42:00 AM
From: Fitz	Read Replies (1) \| Respond to of 95453

Anyone know whats going on with RIG......... I can't find any news....... Fitz

To: Mike from La. who wrote (38382)	2/26/1999 11:42:00 AM
From: Platter	Respond to of 95453

13 NYMEX crude down, products mixed in early trade, NEW YORK, Feb 26 (Reuters) - Front month crude oil futures on the New York Mercantile Exchange (NYMEX) traded lower within a narrow range early Friday as it attempted to hold above a nearby support level, traders said. Refined products were mixed with front month heating oil off a bit while front month gasoline traded about half a cent higher before easing a bit, ahead of their expiry at the end of the session. At 1107 EST/1507 GMT, NYMEX April crude traded down 12 cents at $12.55. The contract has held above the $12.50 initial support level, bouncing after hitting an early low of $12.53. The contract has extended it range a bit to the upside, hitting an early high of $12.70. The expiring March gasoline contract traded up 0.22 cent at 36.25 cents a gallon, gaining on short covering, traders said. The contract traded betweeen 35.85/36.65 cents. Front month heating oil was down 0.20 cent at 32.75 cents, near its early low of 32.55 cents. The contract has touched an early high of 33.05 cents. At 1109 EST/1609 GMT April Brent crude on the International Petroleum Exchange in London traded down 15 cents, dipping after the lower NYMEX opening. While NYMEX crude futures were seen correcting lower after recent gains, analysts think the sector could bounce back if products moved up convincingly to the upside. "The products need to do the work here since crude inventories have been climbing and there seems to be no consensus for ther OPEC production cuts at the upcoming summit on March 23," said senior analyst Tim Evans of Pegasus Econometrics Group in New York. Indeed, with less than a month to go before OPEC ministers meet in Vienna, the group has yet to resolve some sticking points. One such issue is Iran's output cut baseline. On Thursday, an Iranian offical said it was up to Saudi Arabia to bend over on the issue, but a Saudi source familiar with Saudi oil policy said it remains up to OPEC as a whole to approve any change in Iran's baseline. Analysts estimate that OPEC must make fresh cuts of at least 1.0 million barrels per day to rebalance the market. Meanwhile, the weather forecasts for the next six to 10-day forecast call for above to much-above normal temperatures for the eastern half of the nation, a development that could heighten bearishness in heating oil futures. However, the outlook for the next 11-15 days shows below normal temperatures in the uppper Midwest and Northeast, according to private forecaster Weather Services Corp.