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

To: Think4Yourself who wrote (38583)	3/1/1999 12:04:00 PM
From: Platter	Read Replies (1) \| Respond to of 95453

Oil at 12.24...NEW YORK, March 1 (Reuters) - U.S. cash crude prices were stable on Monday morning despite the weekend shutdown of the main Iraqi crude oil pipeline to Turkey, traders said. In sluggish trade in which no deals were reported, differentials were generally stable with the Louisiana grades notionally weaker. The New York Mercantile Exchange at 1117 EST/1617 GMT was up seven cents to $12.34 per barrel for the April contract. The slight push up was linked to the Iraqi pipeline to the Turkish port of Ceyhan, which was shut on Sunday. The United States on Monday said that it "may or may not" have caused the shut down by a missile attack. The head of Iraq's Northern Oil Company said on Monday that it would take four weeks to repair fully an oil pipeline damaged by an air attack but that Iraq was seeking interim measures. Talal Ashur, director-general of the Iraqi Northern Oil Company, said: "We are trying to find a solution. This station has to be completely rehabilitated otherwise we cannot manage to resume pumping." He was speaking to reporters near the wreckage of the facility which Iraq said was hit by a U.S. missile on Sunday. Market sources said the impact of the shut down is dissipated by the 3.1 million barrels of crude already at the port in Ceyhan and the fact that at least part of the pipeline is seen working within days. Traders said this week's American Petroleum Institute statistics will be more meaningful than usual. Traders said they wish to see the level of crude stocks in the U.S. Midwest (PADD II) and whether refinery production cuts truly build crude stocks this week. Light Louisiana Sweet/St. James was down a couple of cents when it was pegged at -70/-65 cents to the U.S. cach crude benchmark West Texas Intermediate/Cushing. Heavy Louisiana Sweet/Empire was down, at least notionally, 10 cents to -$1.00/-90 cents. The Texas grades were within a cent of Friday's closing numbers. On Monday, West Texas Intermediate/Midland was pegged at -30/-27 cents and West Texas Sour/Midland was at -$1.22/-$1.18. Eugene Island crude was pegged around minus $1.25, which was about the same as Friday.