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Gold/Mining/Energy : Conoco (COC) - The biggest U.S. IPO ever -- Ignore unavailable to you. Want to Upgrade?

To: Night Writer who wrote (94)	4/7/1999 11:18:00 PM
From: Night Writer	Read Replies (1) \| Respond to of 123

Gasoline futures prices plummeted Wednesday on the New York Mercantile Exchange, dragging most other energy futures lower, after weekly inventory figures showed only mild declines. Gasoline futures retreated after the American Petroleum Institute reported inventories last week fell 555,000 barrels to 215.44 million barrels, the fourth consecutive weekly decline. Investors had been expecting declines of about 2.8 million barrels as consumers filled tanks for the Easter holiday weekend. Refinery outages in California, the nation's biggest consuming region, were also expected to contribute to production losses. The disappointing inventory data, which implied American demand is far lower than presumed, led investors to ignore Venezuela's energy minister's comments that his country began full implementation of its latest oil production cuts on April 1, when an output reduction agreement among key oil producers was scheduled to begin. Oil producers in the past have taken months to reduce output, and some still hadn't reached reductions agreed to a year ago. API figures showed crude imports last week still were about 8 percent higher than the five-year average. (AP)