Path: bloom-picayune.mit.edu!snorkelwacker.mit.edu!news.media.mit.edu!americast.com!americast.com!usa-post Newsgroups: usa-today.energy,americast.usa-today.energy From: usa-post@AmeriCast.Com Organization: American Cybercasting Approved: usa-post@AmeriCast.com Subject: energy Thu, Oct 8 1992 Date: Thu, 8 Oct 92 04:25:12 EDT Message-ID: 10-08 0000 DECISIONLINE: Energy USA TODAY Update Oct. 8, 1992 Source: USA TODAY:Gannett National Information Network CRUDE UP IN LIGHT TRADING: Oil prices rose slightly in light trading, with U.S. supply figures for heating oil giving the market a lift. Market activity on the Mercantile Exchange was particularly weak because of Yom Kippur, a Jewish holiday. Light sweet crude oil for delivery in November rose 8 cents a barrel and settled at $21.89. NOVEMBER HEATING OIL JUMPS: Heating oil for delivery in November rose 0.51 cent to 63.83 cents a gallon Wednesday on the New York Mercantile Exchange. Late Tuesday, the American Petroleum Institute reported U.S. supply of distillates, including heating oil, fell 1.64 million barrels the past week. November unleaded gasoline settled at 58.61 cents a gallon, up 0.15 cent. ENERGY BILL POISED IN SENATE: The Senate Thursday will try to limit debate on a sweeping energy bill that would make changes ranging from more efficient light bulbs to more competition for utility choices. The Senate will hold cloture voting at 11 a.m. EDT. If at least 60 Senators vote for cloture, debate would be limited to 30 hours. However, lengthy debate is unlikely and a vote is expected Thursday. NEVADA FILIBUSTER A THREAT: Sen. Richard Bryan, D-Nev., has threatened a filibuster on the energy bill. At issue: A provision that would remove obstacles to a proposed nuclear waste dump in his state at Yucca Mountain. The Senate hopes to finish the legislative year Saturday. White House press officials had no word on whether the President would sign the bill. INVEST IN UTILITY STOCKS: Plugging into a utility could give your stock portfolio the jolt it needs. As certificate of deposit yields hover at a 29-year low, savers are eager to find an income vehicle that replaces the CD. Some tout utility stocks. Utilities long have been a popular option for conservative investors because they generally offer steady growth and high dividends. DIAMOND SHAMROCK PLANS PIPELINE: Diamond Shamrock Wednesday announced plans to construct a major refined-products pipeline from its McKee refinery in the Texas Panhandle to the Colorado Springs, Colo., area. The company said its presence in Colorado had increased and refining capacity in Rocky Mountain states had shut down, creating an increased demand in the area for refined products. SHELL TRANSPORT SHARES FALL: Shares of Shell Transport & Trading fell in London Wednesday amid concern over weak demand for petrochemicals, brokers said. In London, Shell Transport & Trading closed down 1.5% at $8.96 in heavy trading. Shell officials were unavailable for comment. Shell first began to drop after County NatWest analyst Fergus McLeod told investors to cash in recent gains. MOBIL BEGINS JOINT VENTURE: Mobil Corp. said Wendesday it has begun an aviation refueling joint venture with Emirates General Petroleum Corporation at Dubai International Airport in the United Arab Emirates on the Persian Gulf. Mobil and its partner have built a fuels depot incorporating storage tanks, filtration and control systems for dispensing fuel to aircraft via a hydrant network. LITHUANIA DENIES CUTOFF RUMOR: Lithuania Wednesday denied that Russia may cut gas deliveries. A senior Lithuanian official denied a report in the daily financial newspaper Comersant that Russia would halt gas exports to the former Soviet republic Saturday because Lithuania refused to pay energy import taxes recently imposed by the Russian government. BRITISH PRODUCTION DECLINES: British energy production in the three months ended Aug. 31 dropped a provisional 5.6% from a year ago, while energy consumption declined 3.1%, the Department of Trade and Industry said. Production of coal, petroleum and natural gas totaled 43.5 million metric tons of oil equivalent for the three-month period. NICOR TO SELL STOCK: NICOR Inc. said Wednesday it has agreed to sell the stock of its Reliance Gas Pipeline Co. to Transok Inc., a unit of Central & South West Corp. Reliance is the natural gas gathering unit of NICOR, a holding company whose principal unit is Northern Illinois Gas. Central & South West also is a utility holding company. LONDON SHAKES OFF NERVOUSNESS: Bullish inventory figures from the USA encouraged London traders to shake of Tuesday's nervousness on Wednesday. "The API (figures) gave direction to the market. ... Good volumes are encouraging," a broker said. The American Petroleum Institute's weekly inventory figures showed that distillate stock levels fell, an indication that buying interest would pick up. Energy Editor: Beth Mann. (1-919-855-3491) Making copies of USA TODAY Update (Copyright, 1992) for further distribution purposes violates federal law. This article is copyright 1992 Gannett News Service. Redistribution to other sites is not permitted except by arrangement with American Cybercasting Corporation. For more information, send-email to usa@AmeriCast.COM