New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-05-21
The PETROLEUM MLRKEL


NEWS FROM THE FIELD AND RANGE OF PRICES
About the only now feature in the petroleum stua-
ton that was developed last week the improve
ment In the refined market The indications noted in
our last review Of revival OF interest in this dIIec
ton wsro fully borne out By tho subsequent business.
which, prior TO the late adv auce In quotations,
large and spirited at the improvement Of the previous
week But while the raising OF tho quotation to
5e cents per gallon tended TO moderate the inquiry,
some business was done on tho higher basis. signif
cant OF what now to be the position OF the ex
port rade-an awakening from the lsthargy and In
difference of the past sixty days and partial realiza
uon Of the favorable future prospects Of crude It
viii be some time before the export demand will reach
It's Maximum and woud-be buyers will seek 10 dis
credit the ability OF the American reners TO exact
higher values for their goods as long as possible.
But all the signs point to beginning Of the foreign
movement, which, while Il may be interrupted
and then by temporary trade conditions unfavorable
TO immediate purchases, is likely TO be sustained
through the season unless an unexpected change
ours in tho field outlook The decrease IN the April
exports OF Illuminating OIL had been fully expected by
close observers Of the trade but in spite OF the heavy
falling OF In the quantity which went to Europe the
value received was but little under the figures OF
year ago. The consuming trade In Canada has boon
Following the recent policy OF Europe in holding of,
but Without producing weakness in the situation thero,
and those observers who are anxious lest Russian
composition should crowd America out Of the worlds
markets., forget that stfening of values In quar-
ter Is psund 10 exert sympathetic effect elsewhere
Leaving OUT OF consideration the handicap of Russia
as competitor the pressure Of general demand do
aysd by hope and expectation Of weakening of CON-
merclai conditions here, may reasonably be expected
to assure satisfactory movement OF exports later on
In the pennsylvania fields there no signs Of fut-
ure encouragement II Is true that the associated
producers are disappointed at the persistence of crude
OIL IN staying below the dollar lins and Of them
are impatient for more active speculation. But the
Cohesion of the members appears great as
and the Official circulars of the association pledge the
faithful execution of the shutdown agreement to the
end II there Is no change In this attitude ere long
1t viii become serious matter Of discussion whether,
II the ban Of the shutdown be lifted the current pro-
duction can be brought: up TO within 10000 barrels
of the average demand of consumption. The daily
yield of the petroleum fields will call 10000 bar
res under the shut-ln regulations. While it is I'M
possible at present TO ascertain Officially the exact
amount by which the shutdown wells could Increase
the yield If opened up cleaned-out shot, etc., it is
well known that large proportion of the associated
producers unable, with restrictions removed,
TO ill up their allowed quota IL Is the opinion of
many conservative, wellinformed members CT the
trade that with all prohibition lifted the daily average
production could not be raised to more than As, eco
to $4,000 barrels. When 1t is recalled that tho daily
average deliveries for the year 1857 were nearly
$4,000 barrels, and fer 1855 72ee0 barrels, the
consumption OF the stocks of oil absvs ground, even
should the shutdown be abandoned, 10 can readily
be seem Is assured in all az important figures
The current pipe line runs small aud the light
decrease IN stocks now being made rs due TO the de-
cded falling of in deliveries. 1t is the OF
light deliveries, and the smaller the average showing
now is the larger must be the reported movement in
the height of the cons umptivs season
Tho daily average pipe line runs since MAY 1, have
been % sol barrels against A, 4sl barrels In April,
IS. J0s barrels in May 1857 7o675 In May. ie5G /:
"a 4 n md laIro N he
deliveries have averaged 922 barrels, against
barrels In April 1853 in May, 1887 s. 402 In 1856
81 $50 In 1886 and 61,262 barrels in May 1884.
The figures from May to II, are as follows:
TT z;sr S!s az sss5 s$ sss
There slight increase in the activity Of the
certificate market last week. but tho professional
character dominated IL. Prices hardened readily
moderate buying and more buish feeling was de-
The stir In refined induced purchases Of crude and
suggested the possibility OF speculation when tho nlI
impulse Of the legitimate refined demand shall DO felt.
The well IN the Fergus pool at Washington continued
attract this attention OF traders but from hourly
yield Of 153 barrels from six producing holes In the
middle OF the week. there later shriakags 124
barrels. When the week closed another well that
from its locality should make q fair showing
pected, aud for days news from this pool may
indicate temporary rise in new production. But IL
the recent stability OF tho market n the face of bearsh
news affords any indication of tbs future tbs possible
developments at Washington are not likely to make
material impression values Toward the end Of tho
weak there tendency In speculation TO drop into
the r of duness, and Il Is possible that the patience
OF believers In higher values may DO subjected 10
further test Nevertheless. the market showed stubs
born tone tho end and acted II willing to follow
any sign Of active bull leadership.
This range Of prices and the total dealings IN National
Transit certificates at the Consolidated Stock and
Petroleum Exchange for the last three weeks were