San Antonio light. [volume] (San Antonio, Tex.) 1911-1993, 1924-03-09
Decided Change for Better
Reported From Tulsa in
Last Few Days.
GASOLINE IS STEADY
Saggy Condition Due to
Suspension Of Spot Buy
ing Believed Over.

Il ltW uuy aC tchhNhNy "a
gasoline which has been apparent dur
| ing the last two or three weeks be-
| cause of a suspension of spot buying
| also in the movement of various prod
ucts, appears to have been terminated.
The tendency of some buyers to press
| movement of their products has prac-
tically entirely disappeared.
A firm undertone rules the market
| not yet regained their losses incurred
are ample indications that should the
be made up in a. very short time.
A wave of export buying of gaso-
line, together with an improvement in
weather conditions and anticipated in
creased consumption, have furnished
the backbone which the market lacked
during the past month. Inquiries for
large quantities of material at prices
slightly under current quotations ap-
pear to have restored the underline
that was so prominent in the early
rart of the rising market.
just About Steady.
In fact, inquiries, while slightly be-
low current quotations., are at the
4SNSl al 4OWNcb PiANNo iNuNhNb
during the last ten days. Consider
lave entered the market in the last
week, but so far as is known there has
Teen practically no trading on that
ference of IA cent between the buy
er's and sellers price, with the lat
ter naturally being firm at the high
mark.
Export buying of gasoline has come
from several sources during the last
few days and has materially encour-
conditions and the resultant period of
gun to get anxious regarding move
ment Of their materials. One very
large exporting agency, which hereto
fore has not been active in this mar
ket, has put out feelers in Group 3
and during the last weef has pur-
chased considerable material in the
Louisiana and North Texas areas.
However, the recovery in gasoline has
not spread to other products. Kero-
sene particularly shows no improve
ment, but fuel oil for future delivery
appears to be strong, although the spot
was a week ago.
No Change in Refining.
Refining operations in the Mid
Continent field are running on ap-
proximately the same basis this week
as last week. However, up to the
time that the export orders entered
the market stocks had reached a high
er mark. Gasoline stocks of 1873 re-
finers in the five states in the Mid
Continent field reporting TO the East
ern Petroleum Refiners' Association
were 135,000,000 gallons, while their
kerosene stocks also rose to u, 000,-
600 gallons. This was gain of about
10,00O,000 gallons of gasoline and l.
100000 gallons of kerosene as COM
pared with the close of the previous
week. Fuel oil stocks, however, de-
clined about 100000 gallons, and
were said to be 115,000,0 600 gallons at
the close Of the week ending Febru-
airy 16.
The crude oil situation with re-
spect to the refining trade is slight
ly softer this week than it has been
since the earlier part of the year,
but this is due more 10 the condition
of the refined oil market than the
statistical condition of crude oil pro-
duction in the Mid-Continent field,
which has remained practically intact
during the past month. Should prices
in the refined oil market continue,
however, it is the consensus of opin-
ion that refiners will be anxious 10
secure larger supply of crude in
anticipation Of increased operation to
take advantage of the higher prices
for the finished product.
New Navy Steady.
Large quantities of New Navy gas
oline are reported to have been moved
at 10 IL to IL cents. This compares
with a quotation in tho previous week
of 10 Ia to 10 ga cents. This prod
uct has an exceedingly firm under
tone, and inquiries for delivery over
March ranging from 10 to 10 IL
cents have failed to develop trad
ing. Refiners, while offering QUOTA
tons for delivery over March, are do
ing so with great caution and have
been quoting 10 "a to IL IA cents
reservedly. However, only mini
mum amount of the product has been
offered on that basis. Refiners are
inclined not to quote for future deliv-
cry unless it be considerably above
spot prices. The general opinion
among refiners is that the average
price of new navy over March will
be more than IL cent above current
quotations.
The 64-66 grade is quoted at - "a
to 13 IA. However, there is not a
large amount of trading in this. prod
uct. Some operators have taken
good amount out OF the market.
Comparatively the higher gravity
gasolines do not show as much
strength as New Navy. The quo
tations on natural gasoline, however.
have not yet reflected the position of
New Navy, and are considerably soft
err.
Kerosene Still Weak.
The weakness in kerosene continues.
The 41-43 grade is quoted at to
IA cents. while the 42-44 grade is
quoted at 5 IA to IL cents. The
movement has decreased somewhat.
A new low market for fuel oil was
reached this week, with trading be-
ing done at S1.07 IL barrel. 1t Is
also more freely offered than has been
the case for two weeks past. How
ever, against this spot quotation one
purchaser who contracted for a small
amount of the 24-26 product over the
next 80 days paid S1.22 IL, or 10
cents above the present spot price.
Il. Of G. to Build.
Leo NJ. J. Dielmann is preparing