Crude Follows Equities Up
Apr 22nd, 2009 | By Doug Casey | Category: Financial NewsIn the energy market on Tuesday, crude for May delivery ended its run as front-month contract by rising slightly to close at $46.51/barrel, up 63 cents. The more active June contract ended up 4 cents, at $48.55. May reformulated gasoline added a quarter-cent, to $1.4144/gallon.
Crude, which had fallen as low as $43.83 in early trading, turned around with equities and followed them higher.
While “Oil prices appear to be using the equity markets as an indicator,” said Shane Wisdom, of Wisdom Financial, there is nevertheless “concern that the global economy probably isn’t as healthy as the recent stock market rally may have led some to believe.”
Close attention will be paid to today’s inventory report from the Energy Information Administration, with Platts expecting a rise of some 3 million barrels in crude stockpiles, but declines in both gasoline and distillates.
Source: Crude Follows Equities Up
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