U.S. HEATING OIL FUTURES UP SHARPLY IN APRIL

  A supply shortage of number two oil in
  New York for prompt delivery boosted the April heating oil
  contract on U.S. energy futures, traders said.
      Crude oil futures followed but gasoline futures lagged.
  April heating oil ended 1.24 cts higher to 51.65 cts a gallon,
  while April crude settled 28 cts higher at 18.64 dlrs.
      "The rally was led by spot month heating oil contract,
  which seemed to move higher because of tigtened prompt
  deliveries in New York Harbor," said James Ritterbusch, vice
  president at Paine Webber Inc in Chicago.
      April gasoline was 0.28 cent higher at 53.15 cts a gallon.
      Ritterbusch said the market also found support from a
  report in the Middle East Economics Survey that said that OPEC
  oil output was down to about 14 mln barrels per day in the
  second week of March.
      "There was not a lot of interest to sell the market because
  of belief in OPEC," said Richard Redoglia, a broker with
  Merrill Lynch Futures Inc.
      Redoglia and Ritterbusch said April heating oil could
  continue to rally above 53 cts a gallon, while crude futures
  could test 19 dlrs a barrel before profit-taking stunts the
  move higher.
  

