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  • blowingmybrain blowingmybrain Jun 2, 1999 6:45 PM Flag

    Im buying in the morning...

    *API Crude Oil Inventories Decline: Economic
    Instant Insight


    Market Reaction
    Limited.
    U.S. crude oil inventories fell unexpectedly
    last
    week, a report from the American Petroleum Institute
    showed. The
    1.47 million-barrel, or 0.4 percent,
    decline came even as imports
    surged 14 percent.

    The report, issued after the end of floor trading of
    oil
    futures, also showed increases in inventories of both
    gasoline
    and distillate fuels.
    Crude oil for July delivery
    was little changed at $16.57 a
    barrel, down 8
    cents, in electronic trading on the New
    York
    Mercantile Exchange after the report was issued. Gasoline
    and
    heating oil futures also were little
    changed.

    Behind the Numbers
    Crude oil inventories fell to
    330.9 million barrels during
    the week ended May 28,
    the API said, as refinery operations
    were
    unchanged from a week earlier at 96.7 percent of
    capacity.
    The API revised the inventory figure for the
    previous week,
    raising it by 339,000 barrels.
    Nine
    analysts surveyed by Bloomberg News had expected
    gains
    ranging, on average, from 300,000 barrels and 1.3
    million
    barrels. Five analysts expected a gain and two a
    decline.
    The drop in crude supplies came as imports rose
    by
    1.10 million barrels a day to 8.86 million barrels a
    day.
    Gasoline inventories rose 2.32 million barrels
    to
    222.3 million barrels, the API said. Analysts were
    divided on
    whether gasoline supplies rose or fell,
    with forecasts ranging
    from a decline of 600,000
    barrels to an increase of 200,000
    barrels.

    Gasoline imports rose by 145,000 barrels a day to
    369,000
    barrels a day. Implied demand for gasoline, derived from
    figures
    in the API report, was little changed at 8.73
    million barrels a
    day, an increase of 116,000 barrels
    a day.
    Distillate fuel inventories rose 1.94
    million barrels to
    132.6 million barrels. Analysts
    expected gains ranging, on
    average, from 1.1 million
    barrels to 1.6 million barrels. Within
    the distillate
    fuel category, heating oil supplies rose by
    1.07
    million barrels, while diesel supplies rose by
    869,000
    barrels.

    What Experts Say
    ``The crude draw was surprising,
    but the gasoline number was
    a disappointment for
    those expecting a bullish report,'' said
    John
    Kilduff, senior vice president of energy risk management
    at
    Fimat USA Inc. in New York.
    The unchanged refinery
    utilization figure was ``OK, but it's
    going to come down,
    as more and more refiners cut back. That
    means
    there will be less of everything down the road, and
    that's
    good for the complex. All in all, it's moderately
    bullish, given
    the crude number.''

    Market
    Trend
    Crude oil prices fell 32 percent in 1998,
    touching a 12-year
    low of $10.35 a barrel in December,
    as output cuts pledged by
    major producers failed
    to eliminate a worldwide glut. Prices
    rebounded
    this year, reaching a 17-month high of $19.05 on May
    5
    following more supply cuts from the Organization of
    Petroleum
    Exporting Countries and other producers.
    Prices could
    recover on signs that Asia is slowly recovering
    from
    more than a year of weak oil consumption and that OPEC
    is
    sticking to its promise to reduce output. OPEC made 91
    percent of
    its pledged cuts during May, according to a
    Bloomberg survey of
    traders and
    analysts.


    Jun/02/1999 18:34

 
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