New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-05-28
THE PETROLEUM MARKET.
NEWS FROM THE FIELD AND RANGE OF PRICE

NEWS FROM THE FIELD AND RANGE OF PRICES
There is little that in the petroleum situation TO
call for extended In the field the Fergus pool
Washington has retained unwarraned prominence but
the DEVELOPMENTS Of week disappointing TO tho
bears The wells large was to be expected
from OF the territory but their production
runs down rapidly after the first hesd7 is Of Unless
there should be phases developed the Fergus pool
may be dropped out Of speculative or commercial con-
sideraton. The rest of the field is generally quiet al
Butler County may be expected to excite occa
sona The report Of development work Tor May
which is due this week will probably be bearish one
that say consequence OF the Fergus wells IL VIII
show an OF production, but new operations
will probably be Of disturbing magnitude. The
advance a week ago refined oil not sustained be-
cause 1t reinforced by crude but the market
enjoys full OF steadiness and still presents
favorable aspect than the situation did thirty or
sixty days ago.
Speculation in the crude article, however IS almost
literally at a standstil The market does to be
congcsted and it certainly is not inflated The specua
tive holders Of oil who likely to be moved by tempo
rary bearish conditions have nearly all dropped out
OF procession" Disappointment is keen at the lack OF
outside and the continued prevalence OF unpoha
Bile prices for the produce 1t question worth the study
organized producers to how far the indifference
public and the absence OF aggressive bull leaders
NAV be due TO the fear without warning part all
sof the O00 barrels apart for the
producers sacrifices may be launched upon buoyant
speculative The organized producers ought TO know
their business best and it impernent for one out
side Of their secret deliberations proer advice
gestions. Nevertheless the issue respecting this
trust oil must be met II the public are to
lured into speculation investment 1t seems to an
outsider that good than harm would be done to val
ues excepting possible momentary depression. by the
announcement that much Of the producers oil would
be sold every day at other stated intervals Daily
average through the Rext five months of the shut
down about 49, 900 barrels would be required to dis
nose OF the 1000 600 barrels The daily pro-
dueton the fields is from present indications like
y exceed 10000 barels so that at the utmost only
So 900 barrels day would fall upon the market Last
year pipeline deliveries Cor the 1--WE months from June
70 October both inclusive amounted 80 1913 bar
rels day Of 1897 barrels But the
carly deliveries this have been light and all the
changes big business in the summer and fall the
daily consumpive demand might readily run $4,000
barrels or double the output Perhaps sugges
tons like this appear Improbable or even absurd
the members OF the association Of producers who
naturally fuller knowledge Of their condition and
prospects than outside observer can have. At any
rate the figures here given rapidly drainage
of stocks may proceed at the height OF the coDsumpve
season The organized producers must soon meet In
official way bear argument based on the fear OF
food Of producers oil
The reduction in stocks this month will be compare
lively small by reason Of the light deliveries although
the charters continue at good 1gures say between SOO
600 and 100000 barrels The daily average pipeline
runs since Nav have 446 barrels against 444s1
barrels in April e5 500 barrels in May, 1887 70G75 in
Nav 1886 81 I41 1855, and 66,713 in 1884. The de-
yeres have averaged 81 sos barrels against GAIT bar
rels In Aprl; 1858 In May, 1887; 65,4o2 in 1856;
G. 659 in 1885 and 2e2 barrels in May. 1854 The fg
ures from May to a Charters to the 25th) inclusive
follows:
Excess
Total ErP1 l 2sys RsY; f19ifs
~ ,-----''- 525e5 1903 463S2
Crude certificate speculation is dull narrow and pro-
fesslonal The market week followed the tendency
our last review drift into more or less stag
nation. There was fair degree OF animation early In
the week. prices fell from SO IL to 81 rs cents shak
ing and allowing cheap purchases by the
larger operators With very little buying on narrow
volume OF trading prices recovered to 81 Ia cents Near
tho close the tendency OF prices was toward ease owing 20
the apathy Of important leaders and sympathy win inc
feverish weakness OF railway shares The market closed
quiet; it looked like OF copper TO determine
the next temporary huctuation. .-,,
The range OF prices and the total dealings IN
Transit certificates the Consolidated STOCK snI neIO
eum Exchange for the last three weeks were a
Week ended May u. Nav 10 May ~
S9ss
=
Sales barrels -....- 43sooo 1850 5.Q14Oo6
sales at the stock Ex-- i07Io0o 2oO2.OOo 100000
Total sales barrels oIOGooO 7.7ssOOO $4,000
Refined OIL was reduced 1s cent last week ana closed
quiet and steady at 12 per gallon Abcl TEST az
New York. Philadelphia and Baltimore.
BUFFALO May 2G-wheat-No ard in fair demand for
NJ hnsh Am