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

To: BigBull who wrote (44553)	5/12/1999 8:49:00 AM
From: Think4Yourself	Respond to of 95453

Well your article cancels out the Shell "European oil glut" bad news. To me the analyst that said "all that european oil will get reshipped here" is about as informed as the one that said OPEC will "just ship more" (tomorrow) before the quotas start.

To: BigBull who wrote (44553)	5/12/1999 9:07:00 AM
From: John Doyle	Read Replies (1) \| Respond to of 95453

When do I buy my 40,000 of FLC. Maybe today???

To: BigBull who wrote (44553)	5/12/1999 9:58:00 AM
From: Captain James T. Kirk	Read Replies (1) \| Respond to of 95453

New York--May 12--NYMEX crude and product futures are expected to sharply drop following a larger-than-expected rise in gasoline stockpiles last week. Jun crude was dragged down 50 cents overnight after Tuesday's report from the American Petroleum Institute, which was confirmed by today's US Department of Energy data. Several brokers and traders said the market is now focusing on poor refinery margins, which could pressure the complex. * * * NYMEX Jun crude ended the overnight Access session down 50c at $17.56. Jun heating oil ended down 99 points at 42.10c, while Jun gasoline ended down 139 points at 51.80c. Weekly inventory data showing a 3.655-4.5 million barrel rise in US gasoline stockpiles last week, according to API and the US Department of Energy, respectively, overshadowed the drop in inventories of US crude, several brokers and traders said. "Gasoline was disappointing (for) this time of year with driving season coming up," one trader said. "It's like a date that stood you up on your prom night." Several brokers and traders said they expect that refineries will cut back their operations, which could push pressure the complex. Refinery margins are going to narrow, a broker said. "If the market is led by crude, margins go bad." Jun crude could drop to test critical support at $17.30-$17.35, brokers said. If crude fails to hold this level, stop-loss orders could be triggered, pushing crude to below $17.00, a 4-week low, several brokers and traders said. "You're looking at some pretty good support at $17.30 but it obviously needs to hold or go down to $16.80 pretty quickly," a trader said. The 2.296-2.4 million-barrel decline in US crude stocks, according to the API and DOE, respectively "was definitely overshadowed by gasoline," a broker said. API data also showed a slight 167,000-barrel rise in distillate stocks, while the DOE reported a 100,000-barrel drop. Meanwhile, the market ignored OPEC Secretary General Rilwanu Lukman comments that the level of OPEC members' compliance with recently agreed oil output cuts is approximately 85% but full compliance would be reached "next month." Also, news that Saudi Arabia will cut its crude oil supplies to Taiwan's state-run Chinese Petroleum Corp. (CPC) by around 17% off contract volumes in June, sharply widening the size of its sales limit for CPC from 4% in May was also overshadowed by disappointing weekly inventory data, brokers said. UPCOMING: --Jun crude options expire May 17. Jun crude futures expire May 20. --Jun product options expire May 25, while Jun product futures expire May 28.