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

To: Wallace Rivers who wrote (38736)	3/3/1999 7:25:00 AM
From: SliderOnTheBlack	Read Replies (1) \| Respond to of 95453

Lowest US production since 1950 ...hmmmm ....imho; statistics like this; irregardless of being good, or bad; bullish, or bearish - lead to dramatic swings and rubberband snap backs. In a cyclical market; one can not reach the historic limit at either the high end, or the low end - (a ''Bollinger Band'' type of effect if you will) without guaranteeing that the other extreme will soon be seen... Energy News Wed, 3 Mar 1999, 7:16am EST Crude Oil Rises in London as U.S. Inventories Post Unexpected Decline Crude Oil Rises as U.S. Inventories Post Unexpected Decline London, March 3 (Bloomberg) -- Crude oil rose for a second day, gaining more than 1 percent, after U.S. oil supplies unexpectedly fell by 1.8 percent, cut by higher refinery demand and U.S. output among the lowest levels in decades. Oil inventories, as reported by the American Petroleum Institute, fell by 5.9 million to 326.8 million barrels in the week ended Feb. 26. The decline left supplies little changed from a year ago, when prices were almost 30 percent higher. Even so, a U.S. Department of Energy report later today could contradict the industry-funded API, traders said. ''The APIs surprised the market, and oil (prices) will move on them,'' said Leslie Nicholas, an analyst for GNI Ltd. But ''I'm a bit suspicious of the APIs and I will be waiting for the DOEs before drawing any strong conclusions.'' Brent crude oil for April delivery rose as much as 13 cents, or 1.2 percent, to $11.13 a barrel on the International Petroleum Exchange in London. April crude on the New York Mercantile Exchange rose as much as 19 cents to $12.70 a barrel in electronic trading. The API could revise this week's survey, just as it did the results from a week ago, traders said. The API said crude oil inventories as of Feb. 19 were 332.7 million barrels, rather than the 334.1 million reported earlier. Further limiting gains, about half of the decline in oil supplies occurred west of the Rocky Mountains, a region that is often discounted because it's not connected to the rest of the nation by pipeline. The majority of analysts polled by Bloomberg had predicted an increase in inventories, with forecasts calling for a rise of as much as 1.1 million barrels. Refinery utilization unexpectedly rose to 94.5 percent from 94.1 percent in last week's report, API said. U.S. oil output in January was the lowest since 1950, the DOE reported.