New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1886-01-11
THE PETROLEUM MARKET.

So many features OF the petroleum situation
were embraced within tue scope OF the daily reviews
which appeared IN The TRIBUNE last week hat there 10
little comment upon ia general survey OF the le.
Speculation Is governed for the time being by the news
from the oil fields and yet the commercial move
ments affecting the product are favorable to tho
producer and together with good foreign demand
for refined OIL there Is steady depletion Of the stock OF
crude oil held by the pipe lines Two week, ago mauip
ulatOrs found their principal ammunition In the Kanede
velopment in Mexican County. Penn but the general
opinion that that Held will exercs Sc important
influence The permanent production OF tao
country From Kane. however. all eyes have been
turned to Washington County. where the work
OF the drill is believed by many to have opened
up another little pool Of supply. There
is Indifference TO the fact that this region is Of
white sand formation, that all the wells opened there
have fallen oil greatly from their original rate OF Outpus
and that owing to the depth which ths drill to b
carried and the character Of the rock must penetrate
the sinking of wells is most expensive enterprise.
Traders VINO tremble at the very mention Of wells
Of whose they are totally Ignorant
give no heed to the fact that colsumpiien
keeping ahead of production when the latter has
all the benefits OF whip and spur applied By spectators
who ina se much at stake The year opens
with pipeline hde beyond tho amount received
from the wells this time year ago. Tut VITA deliveries
maintaining nearly TO the excess shown Tn
January, 1885, and with the charter engagements se-
tualy forging ahead OF the productions
Here the detail comparisons OF the pipeline figures
from the beginning OF the year The average daily runs
have 3776 barrels against 5329s barrels In Jan
usry 1885 5S9l3 barrels IN January 1884 and 65l25
veries has been So 6I barrels coptrasted with
OF 59.23o barrels IN Jannary lisp bar
1888. The daily average OF charters is $780, barris
against 30 $40 barrels in January 1855 10000 barrels
IN January. 1884, aud 23023 barrels IN January. 1883.
The pipeline figures from January to charters 90
the Sthl are IS appended:
s 5$IS ' 5s5i 's ss sss
speculation in National Transit certificates last week
was decidedly moro active Ihan IN the preceding
i meek de slS ."' prices cess from siia to
s7ass7a cents Yet the dealings wers left almost en-
soslpsd the r profits within narrow limits In tina alb
Of any support given 70 the market the room op
moment being bearish they took every advantage OF
news from the oil country which .iarm c0pm ds.r n
Although carrying rates ruled low, the only ensc,
BY the Sar was
and whenever that interest completed IT'S purchases
was easy Victim to raids Of
the weeks transactions was heavy closing ~ anaus
speouation however should be borne in mind in esnma
ting the character of tho tone Of the market
The range prices aud the total dealings at the Con-
soated Exchange for the last two weeks we're ~ fol-
iO Wsck ended Jan. q Jsn.o.
highest. 17s..................:: s
Final. 4, g nnS a. aSs'oc$
In tho refined oil market fair trade was done las
vcak but IL was accomplished without any advance In
Ias The nuotaons for Abel test ended at IN cents
hero and 40 cents per gallon Ia Philadelphia and Bstf
more
BR.proRp Penn. Jan. 9.-Crude oil-Natfonal rrsa'
ar Certificates openet at s7la aud closed ut S7%
highest price. $3.50 lowest price, S7k cleafanos@
8, i0S, 600 barrels
OIL CITY Penn, Jan. 0.-Oruie ol-Nationai gtan
sit Certificates opened at STA and closed as sI&
highest price, ssSs; lowest price. w. 800
ao5 600 harrsls: eearauces 02l2,000 barrcs rama.
81 $50 barrels shipments eoo59 bArresi enasses"
IA, IS AZ barrelA