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Dec. 28, 1999, 8:19PM

Crude up on expected drop in inventory

NEW YORK (AP) -- Crude oil futures prices rose Tuesday in thin trading on the New York Mercantile Exchange on expectations a weekly inventory report would show a significant decrease in oil supply.

The American Petroleum Institute reported after the close of trading Tuesday that U.S. crude oil stores declined by 3.204 million barrels, to 291.718 million barrels, in the week ended Dec. 24. The sharp drop was in line with analysts' expectations.

U.S. gasoline stocks fell by a smaller-than-expected 411,000 barrels, to 92.594 million barrels. Refineries operated at 89.3 percent capacity, down from 90.2 percent a week ago.

February light, sweet crude oil settled up 49 cents at $26.82 a barrel. Heating oil for January delivery rose 1.04 cents to 70.79 cents a gallon; January unleaded gasoline rose 1.07 cents to 72.63 cents a gallon; January natural gas rose 7.3 cents to $2.344 per thousand cubic feet.

There was no trading on the International Petroleum Exchange as London's financial markets were closed for a two-day holiday. Trading was to resume today.

URL: http://www.chron.com/cs/CDA/story.hts/business/415421

-- snooze button (alarmclock_2000@yahoo.com), December 29, 1999

Answers

>a weekly inventory report would show a significant decrease in oil supply.

You wouldn't know it by my area of SoCA. I was out yesterday and not a soul was at the pumps. I pulled in and topped off my tank without guilt. No one was there. No one.

-- Paula (chowbabe@pacbell.net), December 29, 1999.