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 29 1992 Date: Thu, 29 Oct 92 04:43:05 EST Message-ID: 10-29 0000 DECISIONLINE: Energy USA TODAY Update Oct. 29, 1992 Source: USA TODAY:Gannett National Information Network CRUDE OIL REBOUNDS: Crude oil futures prices rebounded Wednesday after an early sell-off linked to data that showed higher supplies of oil. Traders bought oil futures after concluding the market had sold off too much based on the American Petroleum Institute's weekly figures, which showed larger supplies. Light sweet crude oil for delivery in December settled at $21.12, up 10 cents. HEATING OIL DIVES, RECOVERS: Markets showed a turnaround Wednesday on the New York Mercantile Exchange. Home heating oil for delivery in November tumbled to 60.70 cents per gallon in early trading before recovering much of the decline to settle at 61.40 cents a gallon, down .25 cent. The American Petroleum Institute had reported that stocks of distillates were up 1.76 million barrels in the last week. DEMAND WILL CONTINUE TO GROW: Demand for electricity is likely to grow at an average annual rate of 1.9% through 2000, the Edison Electric Institute said Wednesday. Economist Bruce Humphrey of the institute said that figure was a "new consensus view." After 2000, growth will ease slightly to about 1.7% a year between 2001 and 2010. Estimates are based on assumed annual gross domestic product growth of 2.1%. KUWAIT CAN PRODUCE 2 MILLION: An industry analyst said Wednesday that Kuwait is capable of producing 2 million barrels of oil per day by the end of 1993. Peter Bogin of Cambridge Energy Research Associates said that Kuwait has already proved to outpace market expectations. The forecast of 2 million barrels includes about 200,000 barrels per day from the neutral zone, Bogin said. OCCIDENTAL EXPORTS FROM RUSSIA: Occidental Petroleum Corp. Wednesday announced that it has begun exporting oil from Russia under an enhanced oil recovery joint venture with Vanyoganneft in western Siberia. Occidental has a 50% interest in the joint venture company and will market the oil. The company said the partially developed fields produce 40,000 barrels per day of 37-degree gravity oil. SUNCOR TO BOOST BUSINESS: Suncor Inc. Wednesday announced a series of moves aimed at improving the profitability of its oil sands business in Fort McMurray, Alberta. The initiatives will make production comparable to Canadian conventional crude oil, according to President Rick George. Among the moves: Acquisition of new leases; investment of new mining equipment; and new combustion technology. AMOCO INSTALLS CRAY COMPUTER: Cray Research Inc. Wednesday said Amoco Oil Co. has installed its first Cray Research Supercomputer. The announcement came at the Society of Exploration Geophysicists annual international conference. The computer is an entry-level CRAY Y-MPP EL system binary compatible with the CRAY Y-MP line. GROUPS SEEK EARLY APPROVAL: A coalition has filed an emergency motion with the California Public Utilities Commission to approve long-term discounted natural gas contracts. The order would let Pacific Gas & Electric and Southern California Gas more flexibility to compete for large industrial and commercial customers. The coalition is composed of the two named as well as two advocacy groups. COLUMBIA WANTS MORE TIME: The Columbia Gas System Inc. and Columbia Gas Transmission Corp., its principal pipeline subsidiary, Wednesday filed a joint motion in federal bankruptcy court for more time. The motion extends to March 25 the period during which the companies have exclusive rights to file their individual plans of reorganization. The current period expires Nov. 25. CLEAN-BURNING PROCESS UNVEILED: The Tennessee Valley Authority has unveiled a process that burns coal more cleanly by removing sulfur dioxide from power-plant emissions. The $7 million research project in Paducah, Ky., will improve air quality and maintain the market for coal, according to Director Bill Kennoy. GASOIL FUTURES COULD FALL: A trader in London predicted that gasoil futures prices would continue to fall, with plenty in storage and little demand. Weekly U.S. inventory figures showed that distillate stocks rose 1.8 million barrels during the week ended Oct. 23. Increased stock levels of gasoil in the USA and northwestern Europe depressed futures prices. RIGHTS OFFERING BRINGS $59M: Alberta Natural Gas Co. said Wednesday that it has raised $59 million through its rights offering. The money will be used to finance part of its Canadian capital expenditure program. The program focuses on expanding the company's natural gas pipeline system and its natural gas liquids extraction facility. The rights offering expired on Oct. 26. 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