MONEYNET

NYMEX crude, products end sharply up, await APIs

NEW YORK, Feb 1 (Reuters) - Front month crude oil on the New York Mercantile Exchange (NYMEX) finished sharply higher Tuesday, lifted by surging heating oil and gasoline amid forecasts of another big weekly draw in distillate stocks, traders said.

At the close, NYMEX crude for March delivery last traded at $28.15 a barrel, up 51 cents, after peaking at $28.40.

March heating oil, on its first day as front month contract, ended at 77.00 cents a gallon, gaining 2.66 cents, after climbing to the day's high at 77.30 cents.

The front month March gasoline added 1.79 cents to close at 77.50 cents a gallon. It touched a session high of 77.85 cents.

In London, March Brent crude on the International Petroleum Exchange (IPE) remained bullish and was last traded at $26.40, up 43 60 cents.

In a Reuters poll ahead of the American Petroleum Institute's weekly report, traders and analysts estimated the heating oil draw for last week at an average of 4.4 million barrels, following the previous week's huge decline of 8.3 million barrels.

They also forecast crude oil stocks would show a rise of of 600,000 barrels while gasoline inventories would be 1.6 milion barrels higher.

Those polled pinned their forecast of a large draw on heating oil stocks, which forms the bulk of middle distillates, on a monster storm that struck the East Coast last week.

The API report is scheduled to be release later in the day after the NYMEX session ends.

The day's rise began in the morning when the market reacted to news late Monday that the White House was unlikely to approve a Department of Energy proposal to put oil from the Strategic Petroleum Reserve onto the market in a swap scheme with energy companies as a way to check currently high petroleum prices.

Early Tuesday, U.S. Energy Secretary Bill Richardson, who is in Oslo, played down the SPR swaps plan.

It's under consideration. But we are not anticipating using this in the near future," he told reporters.

Traders and analysts also said technically triggered buy stops on rising crude futures propelled the market higher.

-- rocky (rknolls@no.spam), February 01, 2000

Answers

I wonder why we haven't heard about this topic from our oil price expert, CPR?

-- Steve Heller (stheller@koyote.com), February 01, 2000.

Steve, do you show this much wit when you write your books? I'll have to check one out.

-- Butt Nugget (catsbutt@umailme.com), February 01, 2000.

The superior intellect of Steven Heller has spoken.

-- Patrick (BAMECW@aol.com), February 02, 2000.

CPR is a very busy with several new projects.....does not have the time....or the interest to reply to this nonsense

He has MANY sticks int he fire,,,,,,,this is a very good year to do business!!

-- John Wallace (jw@nt1.mithwerx.com.nospam), February 02, 2000.

CPR seems to have plenty of time to post garbage on other threads, but not on this one. It's obvious why: he's been exposed as being totally wrong in his specific predictions about oil prices, and he can't ever admit being wrong about anything (other than having been a doomer at one time). Thus, no answer.

-- Steve Heller (stheller@koyote.com), February 02, 2000.

CPR DOES NOT HAVE TIME TO POST TO ANY "THERADS" HERE!!

He is very busy with projects....I told you......this is a good year for him......he doesn't have time for you

-- John Wallace (jw@nt1.mithwerx.com.nospam), February 02, 2000.

CPR DOES NOT HAVE TIME TO POST TO ANY "THERADS" HERE!!

Yet another lie from the "Debunkers" squad. Try this thread. There was also at least one more in the last couple of days, but it appears to have been deleted. Want to try another lame excuse?

-- Steve Heller (stheller@koyote.com), February 02, 2000.