Crude Retreats
May 28th, 2008 | By Doug Casey | Category: Oil Investment & Alternative EnergyIn the energy market Tuesday, crude for July delivery eased a bit, closing at $128.84/barrel, down $3.34. July reformulated gasoline lost 2 cents, to $3.38/gallon.
Traders were clearly in a profit-taking mood yesterday, after crude soared by nearly 5% last week.
Oil is “getting heavy after last week,” said John Kilduff, of MF Global. “We saw parabolic action [last week] and signs that we may have made a top.”
The market shrugged off supply concerns. In early Tuesday in electronic trading, oil topped $133 a barrel after Royal Dutch Shell confirmed an attack on one of its pipelines claimed by a separatist group in the key Niger Delta. Shell said some production had been stopped to contain an oil spill.
Also ignored was a report that Iran’s exports fell by about 200,000 barrels per day, through the period ended May 20, with the National Iranian Oil company saying the phenomenon was seasonal and was to be made up later.
Source: Crude Retreats
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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.