New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-07-16
TIE PETROkEUM MARKET

NEWS FROM THE FIELD AND RANGE or PRICES
Values OF crude petroleum appear be gradually work
Ing toward basis that the light Of the past history OF
the product fully warranted By the field and commercial
conditions which exist And II figures and sentiment ara
anything In determining prices that basis Is decia-
e1ly above eighty OIL Under all waves OF depres-
sion such as swept the market In the carly SUMNER
trade Is prone forget pecoients The hard times
and tho low range Of values 1856 and in the early part
OF Ss7 were duo to steady csnet Of new production
from tho Washington and smaller Geds, TO the rear OF
Lima oil, which has been allayed ana 10 inc as
which kept the refining and the producing intef
csts in active an,asonsm regards the latter factor.
shutdown scheme Las removed H. certainly for con-
siderable length OF time for the TWO interests Twin ,hs
exception producers who sacrifice tho common
selfish interests who play into the hands OK
the foreign buyer alike DESTROYS OF profitable prices
The declining tendency Of production IS too well known 70
need than casual reference But feiyng QUO oc
consideration periods when unusual conditions govern tho
trade past records OF crude show that ruling values
only about figures covering even some OK
periods Of depression and they are below the aver
prco which crude has commanded since the beginning
Of tho year. Speculative chances alone would sem 70
promise market better than in the eighties at this
season OF tho year.
The refined situation Is one that merits the study OF
producers and investors and the home statistical position
Is one that thought from exporters The ater
certainly been moved by some influences 70
for demand in refined OF an unpreceaen'ed
character for this time Of the year Notnlng cae
necessity has forced buying and the most expereneed
members Of the why it should not Do
continued Europe conceived the shutdown agreement
20 10 artificial and confidently expected IL to be aoan-
donei I'm few months. the contrary. the assocated
producers have held through season OF declining
prices and in the VI activity with the drl on ths
part OF oil men who refused 20 cooperate with hem-
Europe must now only will the agreement be
carried out that will be extended az the END OF
the contrac: months IL necessary, 70 enece
a heavier reduction in stocks above ground. The nee
stocks held ty the pipe lines June 80 amounted 70
81 1913 O45 barrels reduction from october 81, 1887.
OF G5!37G5 barrels. The outstanding certificates on
June 30 represented 693 053 barrels or 39O5oo bar
ros less than on October 81 The only source of
supply in sight Bakersown field end all the de-
Ncopmcnts point moderatesized wells ana ul-
reliable, uod heious territory The resFi.u0h Oh po e
durtOn n0w TOm1a than real, ana there IN no
the downward tendency OF the output th1t nav
been the feature ~ the last few years WIN only occasions
fnterluptons The pauciiy ~ supplies the world over
h generally admitted. ana Russia IL poor reed for tbs
foreign tIaie lean upon when the American Nlslbo
supply is hound reduced heavily In the next SIX
Zine months. Right here II may be well To estimate
Latter prt leS. The deliveries for he hrs. half OF
the wear have amounted u 269SJi barrels III THIS
anrint be DE- uced the total deliveries for 1857
15O7s4 barrels. for the lst days from
June go Sl.Ji6 barrel, day II must b. admitted
this years consumption VIII be fully equal 70 that
which tacre - an as>ul alce OF ddliy
a~e1ge Of deliveries 600 barrels day until Decem-
beg 81 lsss. while the production is far from likely 10
reach 80 90 barrels Jay. As the deliveries this
daly average cxccss % deliveries over pipeline runs
Of 81 coo the last five months OF ISIS This
would monChly reduction IN stocks OF 100000
barrels and we have yet allow FOR natural expansion
of tho demand aat for possible falling OF in the output
as we'll hs pipeline deliveries reported FOE
1hc first SIX months OF 1855;