New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-05-20
THE PETROLEUM MARKET
NEWS PROM THE FIELp AND RANGE on

NEWS FROM THE FIELD AND RANGE or p,,cs. &
The April statement Of the Government Bureau a. 80
tics OF the exports OF mineral oils and their products
confirmed the current incomplete nguret available =
trade, and indicated that hs movement to Eurups -
unusual for this season Of the year. Not only IA "a -
with regard 10 ohe quantity, but also vita respect a =
value. Aprils exports valued at s3.e4l .ooi -
s392,07s IN d; the value OF the exports IN 49,,
1885, and s5os 6ls in excess Of April. 1887. Ths ,v,
figures from January i 70 date amount l9s oo6 -
gallons in round numbers as compared with f7aooas
gallons for the corresponding period Of 1855 s,,,
10000 900 gallons, or about II per cent Ths -,
trade is In a thoroughly healthy condition. and sh,s ~
height Of ths season 10 reachsd stlll inpoyas,
crease appears probable. IL Is fact OF nrA,n
however that The large volume Of business sn vss
done at low prices The optimistic view Of this IA -
the refining interests are working 70 indies hss -
the composition OF Russia abroad from which IL vsn -
The news from tbs oil neIds last week was not Q, =.
sasonai character There 10 stli rising bas~~
TO the production, and conservative esiuss.
place the daily yield a, about 5000 barred. A.
the West the opinion generally prevails thst the sza
scattered production WILL later in the summer, run a
daily average up to more than 10000 bAyrela Ia.
are operators who put the amount Ut nsssr.s,
higher figures but Is not justified, from the bs.s
outlook, In accepting the extreme estmateL a |,
hazardous 70 speculate as what the oil output On !,
IN August September, for the velsstutss Of zsss
business OF this nature are many. The Highest avn,
Of production In any month In recent years rsspsa
bcr 1856 was less than 80 900 barrels day, and an
time gusherS opening In nsuy directions vita W.
Of the recent wells can be compared. But a.,
period from the beginning Of the decline In ts N.
black sand fields (ssy from 1888 1898 ineiuau q.
greatest yearly average T0,76i barrels day -
prolific year 1886. The average Of the six yaa m.
toned only GLIB barrels day Such hsu.s \
not hold a reasonable prospect Of heavy s.-s,.
IN the yield this summer or autumn but, on TIA sAs,
hand IL must be conceded that the activity In esvss,
ment work has reached extraordinary dsg7ss n,
even II it is admitted that the output mshs ns :
$1,000 barrels day. It is morally certain thss sus
rate would not be long sustained except Ia the pss
bilty OF extensive Geld being opened up ,al A.
average rate Of deliveries consumption rhso1ss ~
year is about the same amount Nothing less In 4
remarkable and unexpected discovery Will psevess Il
consumption from maintaining its LEAD over The s,ss
through 1889.
The partial returns Of tho pipe lines for a,s. Mo
May place he excess OF deliveries nnn IA
%, 600 barrels day We present IN tabuAs fora oss
averages compared with the daily averages In A t.s
tho full repoftS Of the previous four years: 80
B.s;.;:. 5.5 & 5s sS.. HE II.
Excess dellv',. 1857 .5,2;a 6.Sa I0,ss; ais
Excess OF runs
TIE pipens reports from May 10 IS (ehar.sn u
1911. inclusive ars Is appended:
Runs D4nverss aeIivs1sa cSsxs~s
Total bbls..-...--,.- 721,T9 l,059,l0s s82ST I'LL
Average per day.. tS,A2S 70,e07 22les Ae1
Statistics do not make a speculation however Nd ns
crude oil market last week little less active IA
IN the previous week. The bearish sentiment vas ~
prevailing one, the Arguments o. the operators for a
being that the production Is likely 70 rise this Ern,
that the refining interest 10 naturally dsxrous q ebssn-
ing cheap OIL and with the str with The drll Sat roe
prevails all the petroleum regions It does not De,
20 help an advance in values Do stimulate ssNrA 70 ~
cure a new white.sand supply. and that tho speculative
spirit is dead the bull side. The Lima Susocsr
sul used with less effect and reiterated
made thas tbe Toledo refinery Is saseesS
:aly treating Oolo OIL l, is certainly that Tia foges
Of Western and OF the trading slersns here
AID has long been against values and the onY bull
movements attempted those invited By occasional over
selling q The market Under the caTeunstaaees seems
remarkable that The price OF OIL IL not lower DOW me
only explanation y that ths power OF Commercial f7ens
.ope susalns the market and that strong Ren hold ss
,fona Transit eertneateS knowing that even M uu<
lion ~ Ohio crude could not viuae contracts TIA; peey
ma constantly dwtndng supEiy OF eerlleasss
huysr ana seller Prices las. week snndd 1o~n~so ous
a. ,hev approached the Socent point resistance oeeams
n ,,yEs. each time rallied easily but the rallies shovel
-, s,ayin1 rDVers Renewals we're ge1SfsDy nat VIA
oScas ana sques1ss IN rates that tlrrel oe az
70 nav small premiums The uhfAss 80
hS tsTgs ~ prices and the sofa, oAhnss IN NaaonA
TrsnE, ceTIneates 3, the Corsohdaei sbes nM n -.
sB EychaDge Tor the las, three weeks Ws'e s .oAoss'
2gs %1s: .: '@e'a= -: ss,s's I'll S..
Highe : 49, --.'''--''''' Q 81 sos sOSA