Crude Falls Off, Tropical Storm Dolly Will Do No Damage
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In the energy market Tuesday, crude for August delivery finished up as front-month contract by dropping sharply, closing at $127.95/barrel, down $3.09 after rebounding from an intraday low of $125.63. August reformulated gasoline shed 7 cents, to $3.15/gallon.
Traders backed away from the possibility that Tropical Storm Dolly would damage any energy facilities in the Gulf of Mexico.
“The oil market has passed its first test of the hurricane season,” said John Kilduff, of MF Global. “No output had been disrupted and the zone of possible landfall is too far south and west to affect output.”
Eyes will be on the Energy Information Administration today, as it reports weekly inventory numbers. Analysts’ projections are for crude stocks to fall by some 1.9 million barrel, while gasoline should be up about a half million.
Source: Crude Falls Off, Tropical Storm Dolly Will Do No Damage
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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.