San Antonio light. [volume] (San Antonio, Tex.) 1911-1993, 1924-03-30
Mid Continent Operators
Spending Big Money
II. for Acreage.
DEMAND IS GROWING
Gasoline Season at Hand
and Spring Trade Al
{, ready Being Felt.

1uisu, OhAd., fudi CH SS.- nat lV%f
will be the biggest year for oil the
country has ever known is the con.
sensus of opinion of the leading oil
executives in Tulsa. These men see
an increasing demand for oil on all
sides and a not too certain supply in
sight to balance the scales the other
way. They point to the spending Of
over $4,000, 900 at the Usage sale the
other day as undisputable evidence Of
the big year ahead for oil. Govern
ment Investigations cannot hamper
the demand for oil, they say, and rs
q result the oil industry is in a
stronger position economically today
than 1t has ever been.
One major oil company executive
In commenting on the situation was
quoted as saying: AS an instance
of the 1924 demand for oil l might
say that no oil company would have
paid two million dollars for 100 acres
of undeveloped territory without hay
ing developed keen foresight into the
oil business and its requirements.
10 some, this may seem foolish ex-
penditure but to me it indicates ex-
tremely sound judgment backed by
an uncanny knowledge of conditions
which will result in the best year for
oil the Mid-Continent has ever
known"
Spring Season Begins.
Appearance of springlike weather
in the northern Mid-Continent terri
tory has stimulated the motor fuel
market and better movement was seen
the past week than for any time this
year. Group three refiners believe
that a continuation Of good weather
will start the gasoline season sooner
than usual this year. The extremely
long and drawn out period of cold
weather, unusual throughout the
southern portion of Standard Of In
diana territory, has kept motor travel
to the minimum and greatly reduced
gasoline sales but beginning of good
weather will bring out early travel
this year, refiners say. Considerable
optimism is evident in this territory
because of the change for the better
in weather conditions.
Rcfineries are accommodating stocks
of gasoline for the spring and sum-
mer trade and are holding these
stocks at the refineries pending def.
mite moving orders from jobbers. There
appears to be very little New Navy
gasoline available for immediate ship
ment. that available being quoted
from 1912 to IL cents with actual
buying favoring the latter. Some ex-
port business is still holding hlgh
gravities of gasoline firm. The w.
62 grade is bringing IL 3-4 to II II
cents and the 64-66 classification is
quoted from 13 to 10 ~ cents. Cas-
cline movement depends altogether on
weather conditions as jobbers are re-
luctant to buy and store.
Too Much Natural.
Natural gasoline at this stage OF
the year is temporarily over-produced
for the spot demand. When the
market is thrown wide open within
the next few weeks and actual motor
fuel season is under way this product
will be hard to get. Natural gaso-
line manufacturers in the northern
Mid Continent cannot afford to store
their product and since there is risk
in storing it for any length OF time
1t is reported that some contracts are
being made at slightly reduced prices.
However delivery has been uncertain
due to weather conditions so the stu
alton is much the same rs in straight-
run gasoline. Grade A 72-7S is quot
ed at Q "a to 10 cents and Grade r
1852 from S3-4 to o cents. The
remaining two grades are bringing
1874 to STA cents each. No large
contracts have been announced but
it is said that Standard Oil Company
of New Jersey is in the market at GER
tain prices.
Fuel Oil Weaker.
Fuel Oil. kerosene and gas oil show
tendency to weakness. Seasonal
requirements for these products are
about at an end and very little &C.
tivity is devoted to them while refin-
ers are working up the motor fuel
trade. Fuel oil +. Il. Il. Group Three
territory is being quoted of S1.05 to
S110 per barrel mostly open market
business and few short time con-
tracts. Kerosene hangs around 45-S
10 4 rs indicating that this product
is doing its best to hang on awhile
longer with prices being shaded rather
tina nreduccd abruptly. Gas oil at
31-S to 8 IA cents is fairly steady
though not as strong as few weeks
ago. Lubricating oils alone range
from firm to strong tone in price