New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-02-03
THE PETROLEUM MARKET.

NEWS FROM THE FIELD AND RANGE of fhiOH''
The petroleum situation has undergone no change
Of importance since The Tribune's last review. ~
nreservss the same features of decreasing visible
supply and the failure of the producers WIN all '
activity in explorations. to add sufficiently 10 inc u
mt to overtake the lead attained by consumption
The figures of the field report for January arc NV
available to us, the Consolidated EAchanse uiu io
receive them on saturday but unofficial accounts sNo
less bullsh aspect TO the statement tfah hao ooen
looked for week ago. 1t Is true, however, .iaV 'h0
development work has been largely curtailed tie NUM-
her NJ drilling wells showing decrease OF twenty
nine and the number of rigs decrease OF fortyt"o
Perhaps this falling of in new field work may hoV DO
ascribed entirely TO the impossible conoluoh VI .o
roads In Western Pennsylvania Tor large PdiV "a '
month. Possibly questions OF economy nave lehucu
70 check the work Of hunting for new supplies Inc
unprecedented activity Of the producing interests mas
ansed rise in the wages Of experienced laborers ana
the cost Of the machinery and material involved IN
drilling has been largely enhanced since year ago
The feature of the monthly report winch gave cooIV
10 the bears increase In the daily average hcw
production Of 131 barrels. This was due 10 tiio
striking within tho last week OF numper OIL iarsc
wells all of them however, being in old territory, ana
aordinc no ground for hope that new district Is al
the command of the petroleum trade. The gusher
IN the Sheffield district the pretext for some SELL
ing of crude certificates, but 1t really possesSco no
significance the general situation AS inc excess u
consumption over the supply OF oil is almost %oVoo
barrels day. il will require many Sheffield and other
bg spouters to check the heavy reduction IN stocAs
above ground The partial returns Of the pipe lines
Indicate less of reduction in January however uiai
occurred in December With one day missing the excess
~ deliveries over runs in January 555o46 barrels,
but the complete returns are not likely 10 renect ue
crease in stocks of over 500 900 barrels The daily
average Of runs has been 1914 barrels against
90 231 barrels day in January 1889; 36723 barrels
An January 1888 2s7 barrels in January 1887, and
bs1s6 barrels in 1856 The deliveries have averaged
245 barrels per day. compared with an average Oh
1884 barrels in January 1880; 74,4o3 barrels Ill
January 1888; "a 234 barrels in January, 1884, ana
06ls3 barrels in 1886. The pipeline figures from
January to 80 he charters being for the full moht
Inclusive follows:
Total bbls. 1,7ssslo rs, $o5 55Sod9g 8597522
Av. per day. o774i 1o'-4o 1o'ooA -"f1'
The export trade still acts reluctantly in the max
ing of new contracts but the tone of the markets has
been better. A slight concession was made in the
public quotations at London, but at the more i'm
portant German ports prices either firm or some
what higher. The exports OF crude, refined, etc.,
from the United States from January have amounted
TO IS 955 900 gallons increase over the correspond
ing period of 1850 Of 1926 900 gallons. An effort
is being made to force Lima oil into prominence again
as "marketbreaker." We understand that the price
Of fuel oil to the has been increased, owing
10 the growth In the of it, but the Standard Oil inter
ests sun deny that any change has taken place
not been able to perfect any process which, even at
the great difference existing in the Of the two
grades Of crude would permit the Ohio oil to be
considered competitor with the Pennsylvania
product We assured that this margin OF differ
ence might be increased so cents through rise in
the Pennsylvania Article before Lima crude could be
satisfactorily utilized as an iumlnant. 1t is in
ovtable that Pennsylvania prices will gradually reach
the point where Ohio oil will he forced into use in
Its stead, unless unexpected discovery of
supplies Is made i'll Pennsylvania West Virginia.
Tho position of the petroleum industry Is one that
should make of gushers" welcome TO the trade.
Last weeks National Transit certificate market
was irregular and errauc. The bear faction at the
West assaed values with determination that in
dicated the necessities of their position They were
and by the rise in new yield shown in the develop
ment report where a decrease had been expected.
AT the Consolidated Exchange the manufacture" of
certificates sufficiently active to force prices from
81 ora 81 OF So to 81 03 38. The recovery that
followed was quick and easy, leaving
prices only shade under the final
Quotations of a week At the Stock Exchange the
price broken from ~ o6 75d 81 OF 38 to 81 Oh 8
and the recovery was less pronounced. But there
was shrnkage of transactions at that Exchange
which robs the decline of much Of its Significance
The speculative outlook little changed by the
weeks operations No investment holders OF certif-
Gates were disturbed and long Oil forced ont cx-
cNpt from scalpers." The advance certificate oil
may be retarded longer by the effort Of the BEARS
slst\d by apathetic market But the gradual con
fraction of the supply of certificates is likely long
TO bring the short interest into realization OF the
danger Of its position. The markets closed strong
with indications of renewed support.
The range of prices and the total dealings in Ma
the Consolidated Stock and Petroleum Exchange for the
foC VI W.