New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-03-24
THE PETROLEUM MARKET
NEWS FROM THE FIELD AND RANGE OF PRicl

NEWS FROM THE FIELD AND RANGE OF PRICES.
No new feature has been developed in the petroleum
situation since The Tribune's last review, but the
tendency Of values in both the Grade and refined
markets continued downward. The explanation l. a
simple onc-the absence OF speculation. coupled with
the rise in the production Extreme depression
has not been provoked the price Of Penn
syvana crude far this month has been 81 IL cents
which would be equivalent to from ~ 10 to ~ -
per barrel m the Held where the premium OIL which
now twothds OF the daily output; i produced.
Piices Ike these appear to satisfy the large mAJo''S
Of drllcrs, the search for new territory Is Kept
mp vigorously. In parts OF the Western country
the condition Of the roads s bad that handicap
is imposed upon new development work, but there have
heen some successful strikes" which tend fully 10
sustain the volume of yield. The Sheffield pool had
been pronounced collapsed but the opening OF DS
eushcr las raised the yield in that district although
IL has not extended IL, already defined limits. \
largely flowing well in the West Virginia scene OF
OPERATIONS has added further evidence Of the existence
Of rich deposits in that Territory. aud there Is con
-cqucnily probability Of increased work In that
direction Tie activity Of work in old Pcnnsylva
sections is kept up a, rate which goc, far to ohs't
natural decline IN prOtuctOn that otherwise mIsh;
lessen the significance of the new ~su-hcr-.'
II j., difficult to arrive estimate Of the current
productions The pipeline hgnIcs reported by the
Consolidated Exchange of much smaller value ny"
tll4N tNcN were Oclpic INC 'lrhiNab'" ~ '''
pipe lines outside Of the National Transit the Tide
water and the southwestern. The returns Of these
three lines for first three weeks IA March indicate
average daily runs VI 62i3l barrels, compared WIN
nll daily average of j3.:}O barrels in March, lisp F.,
IL 100 barrel, in 1888 and 65,Oi2 barrels IN March,
1s-- The partial deliveries show daily avciasc
7O.G3 barrels. compared with complete averages of
1906 barrels in March. 1889; oGoiI barrels IN
1,-, and 100, barrels in l-s7. Appended are the
partial pipe line reports from March 10 20, charters
10 the 4lst) Inclusive ~
Runs. Dcliycrics D.ii.,lics Charter;
AVA pr day o., 'si 7o2oS $50 1891
The foregoing showing would indicate that The
IN stock. above ground Of about 100000 barrels but
the unIciiah!litS of estimates based Oh me H'o"p".
the pipe lines which showed "a reduction In the net
-toc,, Of tWothr> le,s than what hdd been ~
pcc,ed. II j, claimed on some hand that there VIZ
oc an mi, month IN the visible supply oi on
hut til, I, perhaps an expectation tI"' - 700 pc.
February - and January ~ Wa, oS "po"t Oo'yo o,
barrel, the dc Of The FcoIuari decrease IL II 700
carly Ia figure upon such a dlncrcnc" between T"h'
and deliveries IN March rs VII ",'in ,"u u" 81
cumuiaied stor', The opinion is Pre'F sric,' ~, ~.
however, that the dali! output OF OIL !, above ~"
average Of February. which va, about '4o" n''t.E'
II IL should be- stimulated by hny new discoveries II d,
possible that thr current rate Of 'oisHnp'l'" m'h'
Temporarily be ovrriahcl.
Tirc Is no c.d.d change to record in m" cNpori
situation. ~ no'ci above the daly avrIasc "i
iDs March so far AA, been 4 A1ic uiNrF -p'v' Us.
r.l-. COMPARED with All average ui iu.''l ih4' =,
iu March, Leo. 3---| barrels ia I-,7, il" %, '''
barrels IN March. l--'. hc nhoi' 'A' "-'.i'' t."
ports Of petroleum from January To- aarr 'N"" 4
movement Of s'l77'oo sail'is' a dc,r'',e a. com
pared Win Oh" oo4lr- l"idlAf p'iI'i u 10,
l,.l54.ooo gallon. Lower quotaiion- i'i rin,l OIL
aaa nAptn Aa,c ben made here ~iil'li ~ i'',, :
new business Foreign pH'itii'n' are 1""'F 't ,,n
continent. brat tie' now compare a, follow, vim ih'
a-ln, Ii ! = franc, in i-so. hrcmcn. $50 marh- -,
against 60 mark, London. ia q. pence against
, l-n5 - pence H. Lap.
speculation ia cT'd" oc'ta' aic, j. "n about TIE
.ai." scale of t'rvltj a. ",'n a-'- The t"inu.'