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

To: Rob Shilling who wrote (45947)	6/5/1999 8:55:00 PM
From: paul feldman	Respond to of 95453

By Myra P. Saefong, CBS MarketWatch New! Futures News NEW YORK (CBS.MW) -- Crude futures climbed more than 3 percent Friday, with oil for July delivery closing at $17.32 a barrel for the first time in a week amid that OPEC is making progress in cutting its glut. On the New York Mercantile Exchange, July crude oil rose 58 cents to $17.32 a barrel, following on a late rally Thursday. July heating oil rose 1.56 cents to 41.29 cents a gallon. July unleaded gasoline rose 1.51 to 50.11 cents a gallon. See commodity headlines. OPEC members have reported a 91 percent compliance in May with the promised reduction in oil output that began April 1, according to Jefferies & Co. The figure excludes OPEC member Iraq. "A continuation of strong compliance and rising seasonal demand should result in 'normal' levels of inventories by year-end," oil analyst Sam Albright of Jefferies wrote in a research note. "Oil prices could remain quite volatile and focused on API inventory report over the next few week," he wrote. Kuwait led the cuts with a 104 percent May cooperation rate. The market has been concerned about crude oil and gasoline supplies since Tuesday, when the American Petroleum Institute's latest inventory report revealed supplies that were the exact opposite of expectations. The market saw a 2.32 million barrel increase in gasoline supplies; most observers expected a decline of 1.47 million barrels. CL N9 NYME Last Chg. 1732 +58 % Chg. Vol. +3.46% 50,060 Day Lo. Day Hi. 1680 1738 Open Prev. 1683 1674 As of Jun 05/99 8:49 pm ET Last Trade Jun 04/99 3:40 pm ET 30 MIN. DELAY Analysts said the upcoming inventory reports should begin to show a gradual increase in demand for crude oil and unleaded gasoline. On the downside, the sudden rise in crude prices has analysts at Pegasus Econometric Group worried that "the current advance is doomed to failure" as "the market is back to grasping at any short-term fundamental straw on the theory that the OPEC cuts will eventually make every buy a winner." In other news, representatives from Mexico, Saudi Arabia and Kuwait met to discuss an extension to the OPEC agreement. The market also found some support from Wednesday's shutdown of a 53,000 barrel-per-day processing unit at Conoco's Westlake refinery in Lake Charles, La. The refinery has a total capacity of 235,000 barrels per day. Repairs should be completed in two weeks. The industry's oil service and CBOE stocks indexes moved higher Friday. The Oil Service Stocks Index rose 1.1 percent to 76.30 and the CBOE Oil stocks index rose 0.7 percent to 296.18. Cocoa futures continue rally