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

To: cherrypitter who wrote (41220)	3/30/1999 11:23:00 AM
From: JungleInvestor	Read Replies (1) \| Respond to of 95453

Positive article by Doomberg?! Crude Oil Steady as Traders Watch for U.S. Inventory Report After Outages London, March 30 (Bloomberg) -- Crude oil was little changed ahead of a weekly survey that could show a string of refinery outages is lowering gasoline supplies at a time of strong demand from U.S. consumers. The American Petroleum Institute later today could report that gasoline inventories fell for a third week in a row, as problems at refineries owned by Chevron Corp., Atlantic Richfield Co., Exxon Corp. and Tosco Corp. cut output. Meanwhile, gasoline stations and wholesalers are stocking up for the spring travel season, contributing to the 35 percent rally in oil prices during the past month. ''You could get a big move on the back of the APIs,'' said Martin Hickman, a broker with Cannon Bridge Corp. ''We've come up so fast that we could come off quite fast as well.'' Brent crude oil for May delivery opened 27 cents higher at $14.85 a barrel on the International Petroleum Exchange in London, the highest since Oct. 1, before paring gains to trade unchanged. May crude oil on the New York Mercantile Exchange rose as much as 12 cents from yesterday's close to $16.56 a barrel in early electronic trading before falling as much as 8 cents. ''We've had a fall in supplies in the past two weeks and if we had another drop the market would go higher,'' said Rod Hamilton, a broker with Amerex Futures in London. Oil prices have surged in the past month as producers reached an agreement to limit production and inventory reports showed declining U.S. gasoline supplies. Rising gasoline prices increased refining profits. That in turn is expected to bolster demand for crude oil, the raw material from which gasoline is made, in refineries worldwide. While Brent crude could reach $14.90, it isn't likely to go much higher than that, Hamilton said. ''I think we are on the last leg of the move'' higher, Hamilton said.