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

To: Think4Yourself who wrote (45439)	5/25/1999 7:19:00 PM
From: Timelord	Respond to of 95453

Latest Supply Data May feed Crude oil Bulls By Myra P. Saefong, CBS MarketWatch Last Update: 6:57 PM ET May 25, 1999 NEW YORK (CBS.MW) -- Crude oil futures may see gains on Wednesday after the industry's inventory report revealed a bigger-than-expected drop in oil supplies in the last week. The report is "a shot in the arm for the bulls," said Phil Flynn, oil analyst at Alaron Trading. The figures were generally bullish and came out better than the market expected, he said. It will "be enough to give the market a bounce tomorrow." After Tuesday's close, the American Petroleum Institute reported a 3.29 million barrel drop in crude oil supplies in the week ended Tuesday with stocks totaling 332.1 million barrels. Analysts had predicted oil supplies would either rise or fall by about 1 million barrels. Distillate stocks rose a modest 1.1 million to 130.6 million barrels -- on the low-end of forecasts for a 1 million to 3 million barrel rise. Gasoline inventories rose a modest 771,000 barrels to total 220 million barrels in supplies, compared to analysts expectations of a 1 million- to 3 million-barrel climb. Demand for gasoline should start picking up as the driving season begins this holiday weekend. Consumption, however, will depend on the weather and prices at the pump, said Flynn. Ahead of the news on the New York Mercantile Exchange, July crude oil rose 8 cents to $17.14 a barrel and June heating oil rose 0.33 cents to 40.32 cents a gallon. June unleaded gasoline rose 0.60 cents to 49.08 cents a gallon. See commodity headlines. cbs.marketwatch.com