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To: stanley new who wrote (41908)	4/8/1999 7:58:00 PM
From: JungleInvestor	Respond to of 95453

CNN article: Oil fuels import price rise March import prices up 0.1% after biggest petroleum boost since '96 April 8, 1999: 11:13 a.m. ET NEW YORK (CNNfn) - The biggest increase in petroleum import prices since 1996 helped boost overall import prices by 0.1 percent in March, the U.S. Department of Labor reported Thursday. That compares with a 0.1 percent decrease in import prices in February. The world's generally weak economy has reduced import prices by 3 percent since March 1998. Export prices were down 0.3 percent in March, compared with the revised figure of a 0.2 decline. Weak markets for U.S. goods have led to a 2.7 percent decline in export prices since March 1998. Petroleum import prices rose 7.7 percent in March, the biggest gain since the 8.5 percent increase in April. Reduced production by the Organization of Petroleum Exporting Countries announced last month have ended a prolonged slump in oil prices that had translated into cheaper gasoline for American drivers. Despite the increase, petroleum prices remained 12.5 percent lower from March 1998. Offsetting the petroleum increase somewhat were a 0.8 percent decline in imported capital goods prices and a 0.6 percent dip in food import prices. A 3 percent drop in agricultural prices was the key to the export price drop. Treasury prices were little changed after the 10 a.m. ET report. The U.S. 30-year bond was down 1/32 to 96-8/32, yielding 5.50 percent.

To: stanley new who wrote (41908)	4/8/1999 8:29:00 PM
From: JungleInvestor	Respond to of 95453

Interesting Greywolf article demonstrates how energy traders track down oil to purchase - supply versus demand driving oil price levels, with sentiment also kicking in to swing the pendulum too far in either direction. Oil is up 11 cents on Access. TOKYO, April 8 Sentiment for Gulf crudes, particularly Oman, turned slightly weaker due to poor buying interest and India's buying tender was seen as a key factor likely to shape market sentiment, traders said on Thursday. At least two equity holders and two Japanese trading firms are believed to be in possession of May Oman, while at least one U.S. major was still believed to be trying to cover demand. State-run Indian Oil Corp's (IOC) fifth tender to buy May-loading crude closes on Thursday and is valid until Friday. The tender seeks Middle Eastern, North African and Norwegian crudes. India is believed to have purchased three Dubai cargoes and one or two very large crude carriers (VLCC) of Qua Iboe in its previous tender. India often purchase Dubai crudes through its tender, and one trader said he was certain the Asian benchmark crude would be offered into the fifth tender. Some potential Dubai buyers could then be forced to seek Oman as an alternative crude, he said. Other traders said, however, that this was likely to have a more significant impact on June cargoes, rather than May cargoes. The last May Oman deal was believed to have been done at MOG plus 16.5 cents per barrel. "The next one (deal) will be done at a lower level, I think," one equity holder of Oman said. Abu Dhabi crude grades were looking a little steadier. One equity holder said it had decided to take a substantial volume of Umm Shaif crude into its own system. The dwindling volume of availability has served to tighten the market, traders said. Nevertheless premiums to ADNOC were notionally assessed at around 15 cents, down from 18-19 cents of previous deals. Elsewhere in the Asian crude market, there was an unconfirmed report that June Minas was sold by a U.S. major to a U.S. oil refiner at July WTI minus 75 cents on a local storage basis.