Crude Notches New Alltime High
Apr 22nd, 2008 | By Doug Casey | Category: Oil Investment & Alternative EnergyIn the energy market Monday, crude for May delivery hit a record intraday high of $117.76, before also closing at a record $117.48/barrel, up 79 cents. May reformulated gasoline dropped 1.02 cents, to $2.9791/gallon.
Crude rose as “the dollar is down again and the Nigerian rebels MEND made good on their threats to have more attacks in Nigeria,” said Phil Flynn of Alaron Trading.
The Movement for the Emancipation of the Niger Delta, or MEND, said its members blew up two more oil pipelines in southern Nigeria, leading Royal Dutch Shell to say it will cut oil production by 169,000 barrels per day in Nigeria. MEND said the pipelines attacked belonged to Shell and Chevron.
And OPEC President Chakib Khelil said there is no need for the cartel “to raise its production now… any increase in output will not affect oil prices because there is a balance between supply and demand.”
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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.