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

To: JungleInvestor who wrote (39364)	3/9/1999 12:54:00 PM
From: BigBull	Read Replies (2) \| Respond to of 95453

FWIW - Here's what the "analysts" on Bloomberg are saying about the API stats. Let's see if they can get it right this time. Energy News Tue, 9 Mar 1999, 12:45pm EST API Oil Product Inventories Seen Lower: Bloomberg Survey New York, March 9 (Bloomberg) -- Petroleum product inventories fell last week, as processing by refineries slowed down because of unexpected problems and low prices, while crude oil supplies rose, analysts expect an industry report to show. Gasoline inventories probably fell between 700,000 barrels and 1.6 million barrels last week, the average range of estimates by 10 analysts surveyed by Bloomberg News, from 230.1 million barrels the week before. Refinery operations probably slowed by 0.6 to 0.7 percentage point from 94.5 percent of capacity, the survey showed. Lower refinery use would further reduce inventories of distillates, including heating oil, that normally drop during winter in the U.S. Distillate fuel inventories probably fell between 1.5 million barrels and 2.1 million barrels from 148.2 million barrels, the survey showed, with colder weather in the Northeast contributing to the decline. The American Petroleum Institute will issue its inventory and production report for the week ended March 5 after the close of futures trading today. Crude oil inventories probably rose between 500,000 barrels and 1.5 million barrels from 326.8 million barrels, the survey showed. Six analysts forecast an increase and four a drop. Refinery utilization rates have dropped from 99 percent of normal capacity at the start of the year as some refiners trimmed operations that were losing money. Planned maintenance and unexpected problems -- such as three refinery fires two weeks ago -- contributed to the slowdown. U.S. heating oil inventories as of Feb. 26 were 20 percent higher than a year earlier, API figures last week showed, as mild weather damped U.S. demand for heating fuels. INDIVIDUAL FIRMS' ESTIMATES (FOR WEEK ENDED MARCH 5, 1999