New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-08-20
THE PETROLEUM MARKET.
NEWS FROM THE YIELD AND RANGE OF PRO


NEWS FROM THE YIELD AND RANGE OF PRICES.
Since the last weekly review In The Tribune there
has bocn no radical change In the petroleum situation.
and IN spte of the variety OF fluctuations enjoyed by
the crude speculation no new feature has been de-
ysoped either In the export trade or among the wells.
The price OF crude Is almost the same as last weeks
average and the decline IN refined brings the raw
material and the manufactured product into moro
reasonable relations than when the former was only
e5ae9c and the latter 34c gallon. DO far as the
refined position is concerned Our remarks OF week
AGO might almost DO repeated The European demand
for the moment has slackened and the markets abroad
arc trlhe easier. Ocean freight rates rue ign ana
perhaps there Is undesirable speculative eicmens
back OF their strength which might be removed ny
little quietness in the demand for Oil Tor shipment.
There is force n tho argument that high freights WI"
tend 10 restrict any buying by Europe to rcpicnish
stocks but tho necessary requirements ior currens
needs this season will the capacity Oh ocean room
and draw large supplies OF oil from rcnnof'' "nen
Europe IS forced the market again we haHaio e'
I'm predicting that 1t Will secure goods Only al IA
advance upon the basis which now rules And u VIII
be mistake to Ignore the fact that heaVy amount
~ ,onnagc has been chartered In advance OF actual
nossession of the merchandise designed TO Ill H. thas
the foreign demand must be felt Tor severai months
and that the home trade Will soon develop us maxi
mum activity.
Tho outlook in the petroleum country Is barren OF
an
wells are struck now and then and at scattered points
IN the t,ovn oil territory. Enough new production
n fund 10 prevent the decline In Older territory from
becomng serious The Nneveh venture In Greene
County, Penn, cannot perhaps DO Drusneu ehureD
aside and somo OF the bears are pinhlhg hor iai'h
on Its developing, upon deeper driiing in'o an VII
portant we'll Should 1t do so. however u couiu not
hiring neghbors into the locality for months and X
tho petroleum trade is looked upon as IL NAY De
tba
ton OF stocks above ground going on "'u .ehder 10
nrobablo that tho fear oil circles Will not DO about
the influx Of new production. but the DANGER OIL famine
1t must 10 conceded that Nneveh at the outset haSn
acted in way inspiring to the owners ana u must
do much In the way OF increasing Its OUTPUT to exert
influence the trade
Meantime the deliveries Of the plpe lines are run
ming far in excess OF the reocips from the wells av-
orapng n ratio of nearly 100000 barrels MONTH
Tha charters in August have reached daily average
larger than the OF any month this year
and 1000 barrel, day IN excess OF the plDe hne runs
The daily average of the deliveries has been oo-o par
,els against daily average Of 6Iol4 bsfrels ID july.
and averages Of 723o5 barrels In August 1881 'S.io
barrels in 1856. and 6610o barrels IN August ioo'.
Tho runs are only 3s.o51 barrels day as COMPARED
With A4sss barrels in July. and 60.326 basres In
August. 1887 1892 barrels in 1896 and salts bar
rels in 1885. The official figures from August !"
"a ,ch.rters 70 August ~ are reported by the Pipe
Knes as follows:
Runs. Deliv'lcs dellyes. Charter.
ro,, hbls GOSSIP 1,03o 229 42l,414 'osHI
The crude certificate market last week was again
fairly active, with variety In fluctuations NAV
! afforded opportunities for many scalps ny nnio'0
and sbreyd traders 1t presented features tha' arc
attractive to most operators for narrow turn ana
nv s mercurlal character It gave satisfaction 10 many
~ the old.time traders In the COMMONLY No'nns
| Is so discouragng TO an Oil man as s'asna''on
narrow fluctuations, and the course Oh Pe'"i'un' W.
sone time has been encouraging to class OF operators
whose ventures must always precede any enlistment
~ wide outside support. The bull has had his inning
and the bear has had his ALSO Opportunity mas occn
nresented by the market for profits to the lacAy
trader whether he sold on tho rallies or bought on
the slumps The continuance Of such act'i.y ousn'
to insure wider public interest and closer ioeai
I, tcnton But back of the characteristics "hch "cc
OF the hind to allure the Spectator, the crude mar
showed no symptom disgusting to the investor. ~
hroke from ss SIS cents to 81 cents in response to
lowering Of refined quotauohs' "i'"0'.
cans,ns any scare In the trade
rallied to 81 1o cents and then dropped TO ~
cents without causing more tha ars 10 cover short
tracts carried values up to 86 l-2deo cehs' aL
early break in crude enforced LIQUIDATION ION ~ SorS in
the actual strength Of the refined dsc maso on
1 Ho at the new wells under way when s1
lar have boon dsapponmens The lGsa ' t weak
) nass The greatest weakness Of the speculation ne'
in the fact that 1T wants manipulation 1o aH IN ths,
Consists pcrhaps its greatest strength, for tnec
every reason to look for renewal OF inc oreE X hi
mand for refined ere long, and the purchases III ~.
direction coupled with the narrow volume OF cnt,.n
Gates available for borrowing by the sellers o. o d."
tom, gnods will offer element or suppoI, ILL., ~.
cisive than nero bear assault or bearsh surni,c ~
spectIng field news. Last Monday we sara ona' uhI
: cancrai onnion looked for further reaction VIII ,
o mnortant buyel were doubtless waiting LOT Wa,
spots on which 10 renew ventures Tor an wax az nrom
ied renswa of strength the first sign OF renewe,
refined activity, and short interest was b.
s shaS Sy bulls on purely speculative grounds ~
The range Of prices and the to'a stool
= and Petroleum Exchange for the last three weeH
9 were As follows: -