Crude Edges Lower
Sep 4th, 2008 | By Doug Casey | Category: Financial News, Oil Investment & Alternative EnergyIn the energy market Wednesday, crude for October delivery edged lower, closing at $109.35/barrel, down 36 cents. October reformulated gasoline added 3.3 cents, to $2.7668/gallon.
Crude rebounded from the day’s low of $107.60, but remained in the red on fears of slowing demand as well as a report that the Energy Department will release oil from its emergency reserves because of storm-related disruptions to energy production in the Gulf of Mexico.
First assessments of Gulf facilities have shown little damage but “it may take a full two weeks to return to full production,” wrote John Kilduff, of MF Global.
95.8% of the oil production in the Gulf was reportedly shut-in by the hurricane threat. Estimated current oil production from the Gulf is 1.3 million barrels per day.
Meanwhile, The Energy Department announced on Tuesday that it had received a formal request from Citgo’s Lake Charles, La., refinery for 250,000 barrels of oil from the Strategic Petroleum Reserve, a request the department says it intends to grant.
Source: Crude edges lower - Falling demand still feared.
Advertisement
Looking to invest in precious metals? Look no further than the Metals Select Account (not FDIC-insured) from EverBank®. It delivers everything you've been searching for—lower costs, ultimate convenience, and flexible options.
Whether you want coins, bars or pooled metal by the ounce, at EverBank, you can generally trade within 1% of the current spot market price. And account minimums are only $5,000 for Pooled accounts and $7,500 for Holding.
And with full online access to your metals account with the award-winning EverBank Online Financial Center, you'll never be too far away from your metals investment with access to your account when you need it. Plus you'll receive monthly account statements showing your allocations.
Get the metals you need, with the account benefits you've been wanting. Apply today
Doug Casey is a contrarian investor, sought-after public speaker and author of several books. His work "Crisis Investing" held the position of # 1 bestseller on the New York Times list for 26 consecutive weeks. Doug's unusual views on the economy - and just about everything else - have gained a huge following in the investment community, and it certainly helps that his stock recommendations of undervalued junior exploration companies have made his subscribers millions. Now in its 27th year, Doug's monthly newsletter, the International Speculator, is one of the most established and esteemed publications on gold, silver and other natural resource investments. Together with the Casey Energy Speculator, it covers a broad range of carefully selected stocks with the very real potential of double- and triple-digit returns within 12 to 24 months.