New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-09-23
THE PETROLEUM MARKET.
NEWS FROM THE FIELD AND RANGE OF PRICE,

There has been material change in the position m
crude petroleum in tho week Just passed Speculation
has langulshed on the borders OF sagnat.on aud n,
refined market has exhibited no special activity. In
the Pennsylvania fields there is more interesting new,
from the ventures at jefferson Centre Butler County
but on the other hand the advices from Europe ars
still conirmatory OF the shrnkage in the Baku pool
of our Russian competitor. The London Crocers
recently published a report from the British acting
vice-consul at Baoum, in which he says: The
price Of kerosene at Batoum has lately risen twenty-five
per cent and still has an upward tendency, while the
price Of crude petroleum at the wells Baku has
at tho same time advanced 100 per cent. This Is
solely due the fact that tho demand. both for home
and foreign consumption during the year IS estimated
as possible al d., 800 tons whereas the total
output of the Baku wells viii, II IS stated fall short Of
those figures, and the maximum quantity OF crude oil
that they viii DO able to yield IS set down at only
1,6l2,903 tons Unless, therefore, new sources are
discovered, cessation OF the supply Of petroleum
from Baku may be expected within a short ume.'
The foregoing was written under date OF July % and
on August the British Consul at odessa Russia,
writing further the subject says Futile efforts
recently been made to strike oil In consequence
Of the state OF affairs prices remain hrn, ana decline
during the present season is rot expected
The gushers' opened at Jefferson Centre in the last
week or ten DAYS have been a welcome check TO the
declIninq tende9cv Of tbe Pennsylvania supply Thai
pool has reached daily production OF about 900 bar
els, and some good strikes are expected this week.
and yet t has been full OF surprises that IL NOT
likely that its limit, will be defined before the winter
At SaNOnburg there have been some develop
ments which hold out the hope of an increase
IN supply, and at Brush Creek the drill IS being
fairly well rewarded. And YET all these operations In
the oil country fail yet 20 bring the daily output
within close distance of the demand. At tie present
promise a decline of 100000 or 500 600 barrels this
month. The partial returns OF the pipe lines SO lh
this month make tho daily aVerage OF DO ruRs oi'ge
August; az 294 barrels I'm september, 1855 o2,964
in 1887 and 79.620 barrels in seItember 1855 The
daily average Of the deliveries sO,O0i barrels, COM
pared with 5000 barrels in August Y ,147 barrels
in September, 1888 $500 barrels IN 1857 and 1883
The pipe line figures from September l to 10 (char
ters tc the GOTH, inclusive, are as follows;
Runs. Deliveries. d!.iy,l!ss. Charters.
Total eSs 9SS 525st Ss SS9 s 1889
An almost complete paralysis has settled upon the
crude certificate speculation and the market from day
to day. with fits feeble fluctuations, invites no outside
interest. TWO explanations are given or the absence
Of speculative spirit one Is mat Win .nV 81 na oa,
volume of outstanding certihcaieS there 700 gtoas
danger attending short sales 10 permit ,ns heosSas
element in any market activity TO DE cIeapi; lns
other is that 1t would be Impossible Tor any gun parry
to acquire enough long oil to make any
figures Another influence that probably deters buyers
Is the possibility that the deveIopmentS III Buur
for While the statistical position OF petroleum has
reached stage where new field OF supply Woum %
a welcome prooDgation Of hopes OF the Permsnsney
Of the industry its discovery would doubtless exeI'
temporary depressing influence on values 1.S. WIN in
such a deadlock between speculative factions ,.i he
trading element IS eft in quandary and hnds lnen
unable TO scalp" with any degree of profit the slghe
fluctuations of the market. Last weeks prNes
covered a range from 1881 OIL IA TO 80 5s cenls@
81 90 ID The trading at the Stock Exchange was
ahont oDe-half the amount the dealing In options
sf the Consolidated Exchange. The market closed
ann and dificut 10 force for this week "~'ng TO
The lack of significance in the transactions. .
The range of prices and the total dealings In tho
NotI1a Transit certificates at the Consolidated Stoch
and Petroleum exchanges fOr the las1 ."o "S'h'
were as follows: -, c.,,.o.o,
Weak ended Sept II. Sept 81. Sept "a. sept 81
Opening yJ2 -, 9y,s q, 00h " 0yt.
Highest al W, e. Us ~ 1as
Lowest
oa.,o or
Sales, barrels.-.-. cOfoOV ''''NV" -'N'-'ON -''S@
includes sales Of 4l,OO0 barrels OF sepV-mOT !"
morrow delivery and cash OIL
Tho refined oil market rules quiet but unchanged AT
20 cents per gallon in New-1orA anu fhId"eIPH"'
and Z 10 cents In Baltimore.
Foreign quoatons.While there were narrow v ARA
oSiSr ar 7 1-2a5-S francs per 100 dloS az Antwerp
90 marks per 80 Bilos at Bremen, and 534Ged.
Der Imperial gallon In London.