New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-04-08
THE PETROLEUM MARKET

NEWS FROM THE FIELD AND RANGE OF PRICK
The radical change in the petroleum situation occurring
within the last year two is shown IN the comparative
stability Of prices under the recent success OF me pro
dueers IN increasing the area Of fertile territory IN We
Pennsylyena The enect of the field news, even though
a promises an Important addition 10 tho current OUTPUT
has stagnaton, but Vaiues nave paehexy
remained unchanged and row ruling az ngures eaas
lent TO 81 Is per barrel IN the oil country Thee are TIVE
reasons why the bear party have not been aoe seson
plish a sharp decline ths Developments IN Chdon
County and the southwestern districts The nfst u es
scarcity OF certificates available for boroWing Tor ne
large Western short interest which now enssS ms nea
point where feels tmorous in charging Us oongaaSa&
The second reason is while fully prepared Tor 90 In
crease in production there are Important lnIefes WING
70 absorb all short sales because or Ae penet maj con-
sumption has reached stage OF Development Whefe No
output is from likely TO overtake the demand Ihsrs
cannot be said to DO any ball leader bull parry Asv
ever IN the crude market The aggression when shosn
is on the side OF the bears and the uspoauon OF ths
petroleurn country s 10 operate for fall IL Is renAsa
bic that the Western producers who were constitutional
bulls when stocks aboye ground were increasing faPdy
are now dsposed TO the side when stocks are rapidly
decreasing and promise be wiped out entirely befoFs
year and half Is over The daily yeia OF OIL Ans fahea
seyera thousand barrels over this time year age ous ~
sy 30 600 barrels day, the rate 10 still less than wa
estimated as probable by Of the trade last oetooet
On the other hand the volume OF the fenned movements
remains large and Kernans report places the exports
mineral oils from the United States from January +"
handing period of 1883 OF about IL, 600 600 gallons
we remarked last week. the decided activity In the Pc
roleum regions promises Increase In new outpus In
Apr beyond the output In March, and the Wes eompeea
in month threaten 30 exceed In number the record
any single month in many years But even snoua ms
rate OF production 10000 barrels day for the ae
two or three months the daily average shipments are nos
likely 10 fall below 5000 barrels thus assuring fedue
don Of from 100000 10 100000 barrels month 10 hes
stocks even when the output is at its maximum The
net stocks now amount only 100000 barrels or less
than eight months consumption by the trade snouic
the hopes producers DO disappointed In future Strikes
or II more conservative use OF the drill were adop'ed
the depletion OF will be the rapidly hastened
Apris uipe line figures opon up with daily average OF
runs Of less $4,000 barrels while the de1vses Save
reached the great average c. 5000 barrels APP
pended are figures from April 70 April T. ineiusve
Runs Deliveries Deliveries Chsrss, .s
Total SaI Dsi DAY. l sS ssS ssss ss
The speculation in crude certificates last week shank
TO small limits under the good strikes Of oil ct Tayiors
town and Lucinda In Clarion County PENN but prices
did not below 50 81 cents The Held report IS was
sspected reflected large increase In the new prodne-
ton and heavy Increase IN drilling and In the building
Of new rigs. But the sellers on the "besnsh' neSs
were confronted with rally of cents IN their ssenps
70 cover although prices eased on subsequently ana
ended practically unchanged The borrowers OF esfta-
c.as AZ the western exchanges were at times forced
nav excessive premiums lenders, and here the enof
s,I had the advantage The absence Of speculative eaa
animation is subject Of general eommsns eos Until
eua Is given for rise the outsids public cannot %
expeeted TO look favorsby purchases Consumption
IA the only support values, and the mario" volume Oh
certificates renders the bear operators reluctant 70 ka
TIA offensive. There no significance IN me iats
trading except underone Of nrne 70 values anu hs
lack Of signs promise Of any early change In me HUE
ton 500,
,anst certificates at the Consolidated Stock and Petso
leum Exchange for the last three weeks were a. ionew