New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-07-23
TIE PETROLEUM MARKET

LIE ILIAOLECM MAHhEI.
NEWS FROM THE FIELD AND RANGE OF PRICES
Speculation in crude petroleum is at a low ebb ::
In fact 1t may be SAID to be absent from the market
The trading in certificates is of narrow professional
character and the general disposition of the ordinary
operator is to sell every rally, pound values
whenever they show the slightest tendency to reaction
The large Western spectators appear to be doing
little, and Wall Street has not been converted to a
favorable view Of the future. Under these circum-
stances the continued strength of prices is the more
significant. 1t rests entirely upon commercial con-
charlottesville excellent condition OF the refined
trade, and the failure of the bears to achieve
much with the drl in the oil country There
may be interesting Items Of from Mt Morris,
In Greene County, Penn, this week, but there IS no
at present for expecting any important develop
ments in that direction. At Bakcrstown the usual
resort to nitro glyccrinc has been made and the
early Butchers well has been shot without stimu.
lating than modest output. There is yet to
be brought forward features In this field to revive
the scars of few weeks ago. and outside of Bakers
town the field situation Is unmistakably bush. The
pipeline figures tell the tale OF the condition OF pro.
duction in the face Of increasing consumption They
show for less than two-;hrds of July Of ship
ments deliveries of nearly 100000 barrels, and If the
same rate Is sustained TO the end of the month the
stocks will be cut down in July 700 900 barrels. The
daily average of the has been only 1929
barrels against 1920 barrels day in Juno; o,460
barrels I'm July 1887; IS 935 barrels In 1886; 200
barrels in 1885 and 662o1 barrels in July, 1854.
The daily average Of the deliveries has been 81 424
barrels, against 60 663 barrels in June 81 675 barrels
In July, 1857 70 67 barrels I'm 1886 6s 7i2 barrels
In 1885, and 60413 barrels in 1884. The daily average
Of the charters has been 5000 barrels day in
excess Of the average production The figures reported
from July TO 10 Charters to the GOTH follows
Excess
1 Te e pe dav S5 9Ss 4 &l Ss2
Tho foregoing exhibit of deliveries, while materially
in Of the runs is morally certain to be greatly
improved through the later months of the year We
showed week ago what 1t was reasonable TO expect
in the way of excess of consumption from August
but, and stin believe that the average rate of dev
cries will exceed 10000 barrels day. The premium
over certificate oil for the white sand production of
Washington raised last week fro N to 1s cents
per barrel, making the current price to producers In
this field over 81 per barrel. Such premium will
prevent any exhaustion of credit balances, and hence
there is every to look for large cancellation Of
certificates in the drawing upon the total visible sup
ply Of oil going and certain TO increase later
in the season All the foreign markets for refined oil
higher than week ago. and there Is an excellent
business done here whenever vessel room can be Sc
cured, in spite of a recent heavy advance In ocean
frelghts There is every reason to look for big
movement Of refined to Europe, and the commercial
strength Of the position is supplemented by the fact
deliveries made ahead by European spectators who
shake off the habit of shorDg' OIL on gen
eral principles. This short element is not reflected
directly crude conditions but 1t is real neverthc
less, and IS likely be important factor IN the
certificate speculation further along in the year. If
speculation to-day fully realized tho strength Of tho
refined position and the promise Of the future there
would be better plane Of values at an early date
II 1t be conceded that there is little pros poet of
revival Of such operations, 1t IS hard to believe that
the gradual curtament Of certificates and the GER
tainty Of big demand for refined for the rest of the
year VIII not assume materially better range for |
the crude product. The movement Of prices may not |
be satisfactory to traders who want tips when
buy at the lowest and sell the highest" but the
eating Of stocks by actual consumption at the rate of
100000 or 900 900 barrels month will afford little
room for any but temporary spells Of depression
Last weeks crude OIL market fulfilled the promise
Of the preceding week 1t opened at SO 1-sas3 3-s
cents and vigorous effort Of the bears
TO cheap Oil successful in
driving figures 20 I-2 cents AS usual
this reaction, which would have been perfectly natural
even II It had not been assisted by tho bears. was
looked upon by most OF the trade as only the beginning
Of a new downward swing OF values. The market
stayed but brief moment below so cents. Strong
buying was developed at the lower figures and when
ibe shorts tried to cover then contracts scarcity Of
except on improving values.
phasized. Result: gradual rise that restored tho
market 10 the best point Of the previous week and left
i at the end with a net gain of than cent.
The market is in the position that was in week
Or ten days ago The current short is substan
tally large ever; there Is 10 extended long In
terest: certificates lodged in strong hands and
while the demand for real oil IS increasing there is
diminishing supply Of goods except when the pyhers
create them in the shape Of phantom certificates Raid
ng is 10 be looked for still scepcism of an advance
exists widely but the same support recently extended
20 values any reaction is likely 10 be found IN the
future. The market closed without decided tone
The range OF prices and he total dealings In National
Transit certificates at tho Consolidated Stock and
Petroleum Exchange for tho last three weeks were as
ollOws:
Week ending July "a 1886 July %. 1887 July 21, 1888