New-York tribune., 1890-01-27
THE PETROLEUM M.fRKET

NEWS FROM THE FIELD AND RANCE OF PRICES
The past week I'm the petroleum world mas ho'
bccn prolific Of new developments. Inc eAP''' Wv
,,,nd has abatcd somewhat, and the foreign rehheu
r,.ct have shown .omc weakening in prices, although
the declines have not been material I'D amount I''
-ncc,.stivc Of au,ht except temporary duhe''' me
Europcan trade i, sill receiving conodcrao!e amount
- cu uudcr old contracts, and naturally ha' not
iocn disturbed of late with regard TO the possibility
- -cculqug new supplies, because OF the li'h Oh Io
In the crude speculation and the success oi 'h' o
in holding prices down around ~ 1o9l oo' b"'
should some new impulse give fresh animation |" 'Uo
certificate market. response could reasonably Do
looked for in the demand for oil for export IN ue
pcroeun region, there IA, been little change III e
,,,,.,ti,n ID; pr,duction. The freezing weather has
,,,t the road, i'm a better condition, and ne UdsS
produccr, have taken advantage Of IL To hurry lor
ward supple, and material FOR ne" work. I"' II j.
tle opinion Of the oil country observers u''' ""''
DEVELOPMENT work IA, been checked or picNe"'u ~
tho ,uud embargo which was imposed through
,.. ,,,, If January. and therefore the field report
d,, NJ the end of the month /, expected to inihe
hulll,h comparison with that ot Dc''HoeI' vi Iva.
the decline in field activity VIII oe driiI
a, the season approaches W'u ,l. an, ~. l,,-
Ia. ,all, OF the hunt for new tcrrioIl VII, O' IT,, IT,.
-umri with fresh ardor. Anh'".n "S G. n.'',i,
producers appear 10 be- chtlTcN ou ."V ~ W. ,b,,
H.. markets cor else when they do venture me tl'H
r , with the purpose Of selling IN adI Iah'e "l pro
ductionI, the very pr"pHal'ois i2I ,r -,
lion Indicate their confidence IN ilr l'rHi''i's "a
li,h mice And il /, hard to conceive lHat' WIN
nm. be-t II intentions the Western hunter iOr OH car
-re,fly .rrpa,- hs cHOrte through l--" liner" Wc'p
III wells completed last year, or 100 more tuah
fc total number con plctcd IN 1--d and l-- tosricr
L., being ltit ont of account because ti,c uIiia-
VA. .,d bN the shut-In movement. lHc on h A.,
du.try j. open the possibility oi the uh,oNci- "a
an entirely new, ted mt tYe w,rl, c"ir IL
1--g Ina, condemned vast tracts oi lahu
and lc,~cucd the mathematical chance ot any -ICA
.irkr IN 1880 Nrw pools are bound To uc ueN'''pcV
and some old TERRITORY may De drilled over "ean VIZ
~... success, but there nothing IN ,itht Al pre- ci
To- urom.-c NOR, than au Offset To the 0c'llh'hS
tendency If old proCuctun ~, .,... ,.o.
If the consumption and production OF OIL tII' Nrui
/, ON the same scale in l5cS lie net ,lo' VII
ice reduced about 100000 barrels OF WITHIN 9oV",
600 barrels OF the visible supply above -rouhu on
December ~, l7ru. such CoLdllpu oI dhar' Mo"i~
hr,ed famine priccs and the hypOte>l, had better Id"
oaV '. - T,r rs ,onJ Of thc actual indu. ..cv. Let
M, assume that the consumption VIII remain tt sam -,
say 50 700 barrels daS but that piolUv'lo- ~ ~
rise from 57r1s barrels day IN l-~' 70 'l''V"
barrels the daily average attained IN l-1h N"eH tHc
| f,,.lt WASHINGTON white sand pool was discovered.
H.. viii SIM have an excess OF consumption oi H4uo
100 Of 3. 81 900 barrels prOlonElng the l't "i tc
PENNSYLVANIA mdu~tgyas suinlu6 the rate ol rcu"Vo.'
Of stocks to remain the samc-only up 10 l79' IL l.
almo, needles, any observer oi TIE pttoSuu1
situation that thl, hy pOthcss II unrCdspnibN iANOr-
| able \ startling picture - presented cNeh uy
COMPARISON OF the average movements ot supply ana
| domand for three years. We VIII omit rom TIC pro.
duclou sdo of the account the smut III year 1898 anu
assume that the production VIII amount 10 the average
nf ls-D I5-7 and --,i-he latter being exceptionally
| con spclou- in the matter Of yield We VIII suPpoS
,tat m" consumption Will only equal the average of
| tnr same three wears. What Is the showing mndc
sing for convenience only round numbers the follow
| iug table (hSlrcs being III barrels indicates 1t;