Crude Notches New Alltime High
Apr 23rd, 2008 | By Doug Casey | Category: Oil Investment & Alternative EnergyIn the energy market Tuesday, crude for May delivery capped its run as front-month contract by rocketing to yet another record close at $119.37/barrel, up $1.89.
May reformulated gasoline gained 3.37 cents, pushing past $3 to $3.0164/gallon.
Crude’s rise is reflected in pain at the pump. The Automobile Association of America reported that regular gasoline now averages $3.511 a gallon, a new record high. Regular exceeded $4 a gallon in some stations in San Francisco on Monday.
“For the moment, there does not seem to be anything stopping the price juggernaut,” wrote Edward Meir, of MF Global. “Markets are seizing on bullish news while ignoring anything bearish coming their way.”
Traders will have their eye on domestic inventory data, due out from the Energy Information Administration today, but Meir says he doubts the numbers, whatever they are, “will do much to dislodge the current psychology.”
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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.