Crude Hits Another Record Close
May 20th, 2008 | By Doug Casey | Category: Oil Investment & Alternative EnergyIn the energy market Thursday, crude for June delivery rose to a new closing high, ending at $127.05/barrel, up 76 cents. June reformulated gasoline rose 2 cents, to $3.24/gallon.
The end of today’s trading marks the expiration of the June crude contract, which could lend some extra volatility to the day’s action.
As analysts cited large diesel purchases by China in the wake of the earthquake, Neal Ryan, of Ryan Oil & Gas Partners, wrote that “the continued and seemingly relentless price increases we’ve had the last few weeks is the combination of global energy market news coupled with the begrudging realization that this isn’t the 1980s again when OPEC can turn on another 4 million barrels of supply and satiate the market.”
Ryan believes that, from current levels, “we should see a spike followed by a decent-sized pullback, but that pullback is going to be back to the $110-$115 level, not the double-digit levels we were in just a few months ago.”
Source: Crude Hits Another Record Close
Advertisement
While most people are being decimated by the ongoing market collapse, a small group of smart folks are turning the market plunge into big gains of 224%... 279%... 214%... 291%... and more! Here’s how to turn the market crisis into your personal profit machine. First come, first served… so reserve your space now…
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.