San Antonio light. [volume] (San Antonio, Tex.) 1911-1993, 1924-03-23
But Effect Not Yet Shown
on Weekly Production
Figures for Country.
GULF CRUDE ADVANCES
Standard Preparing to En-
ter Mid Continent Mar
ket In Near Future.

Losses in daily average production
from practically every field from the
Mid-Continent to California, was not
sufficient during the week to material
ly alter the recovery Of crude oil in
the United States downward. Sub
stantial losses were reported in East
ern states fields, California and the
Mid.Continsnt while with the exeep-
ton Of Arkansas, which shows a
slight increase over the previous week,
incidental losses are reported from
other oil producing sections.
Further Strengthening Of the crude
oil price market was reflected during
the week with the announcement of
the delayed increase in price of Gulf
Coast oils. At the opening of busi-
ness on Thursday morning. the Hum
Bile Oil and Refining company. one
Of the major purchasers of coastal
oil, REVISED its schedule of buying
upward and added Is and 10 cents to
grade A and r crudes respectively.
General Advance Expected.
The new increase " until last re-
ports was not met by other concerns
in this field, although similar ad-
vances were expected from these quar-
tiers Immediately.
This change in the crude price
structure was the only one made dur
ing the week, although the previous
seven days reported advances in every
section except the Gulf Coast.
The new price for Gulf Coast oils
class as grade A is S1.S0 with grade
B oil bringing NS1.50. The Humble's
posting had been expected sometime
ago but due TO its extended delay,
came as a surprise 10 operators. This
figure compares with S1.05 of year
ago, at which time all coastal crude
oil was purchased on the same basis.
Competition Is Increasing.
In the Mid-Continent territory,
which is now serving as a barometer
of crude oil prices, apparently COM
petition among crude buyers is in
creasing in proportion to the crude
demand. However, another boost in
price is not expected during March.
Indications at present rcint to an ac-
tive buying campaign in early April
at which time other price revisions
are expected.
A factor of no little Importance
upon the future trend of the Mid
Continent crude market is the recent
developments of the Standard Oil
company of New Jersey. This con-
Germ through its Mid-Continent sub
sidiary is preparing to enter the crude
oil market of this section on an ex,
tended scale. This action if carried
TO completion will mean a complete
reversal of the Standards method OF
purchasing in that section.
Carter Makes Deal.
The Carter Oil company is reported
to have made a deal during the
week with the Sinclair Oil and Gas
company and the Independent Oil and
Gas company for the purchase of
quantity of stored oil in the Wewoka
section of Oklahoma. The deal in
wolves the moving OF approximately
100000 barrels OF light oil. The Ok
lahoma Pipe Line company, Standard
of New Jersey carrying subsidiary IN
Oklahoma, is to build an extension
into the section to run the oil from
properties acquired by the company
in the deal. 1t has been the previous
practice of the company to have the
Prairie Pipe Line company move Its
production. !
With this company more actively
engaged in buying Mid-Continent
crude, the Prairie Oil and Gas COM
pany and the Sinclair Crude Oil Pur-
chasing company, dominant buyers In
the field, will find it much harder
to fill their orders.
Another factor which may have con-
siderable bearing upon the Mid-Con-
tinent market lin the near future is
the Usage sale at Pawhuska held on
March Is and 10. The acquisition
of leases in the prolific Burbank ter
ritory will bring extensive field play
to that section which might result III
considerable new oil being added 10 4
the states daily output.