Crude Slightly Higher, Huge Inventory Increase Caps Gains
Aug 21st, 2008 | By Doug Casey | Category: Financial News, Oil Investment & Alternative EnergyIn the energy market Monday, crude for September delivery ended its reign as front-month contract by moving slightly higher, closing at $114.98/barrel, up 45 cents. September reformulated gasoline added 4.6 cents, to $2.9103/gallon.
“Crude-oil imports rose by their largest weekly amount since March as oil barges flooded the Gulf shipping channel once Tropical Depression Edouard fizzled,” wrote Chris Lafakis, of Moody’s Economy.com.
“The surge in crude-oil imports, coupled with depressed levels of refinery activity, resulted in a colossal rise in crude oil inventories; the largest in seven years.”
In its weekly inventory report, the Energy Information Administration said that crude supplies rose by 9.4 million barrels in the week ended August 15. Gasoline stocks fell by 6.2 million barrels, the EIA said, and distillates were up 500,000 barrels. Refinery utilization fell to 85.7% of capacity, compared with 85.9% a week earlier.
The “depressed level of gasoline demand has rendered [refineries] increasingly reluctant to process crude oil,” said Lafakis.
Source: Crude Slightly Higher, Huge Inventory Increase Caps Gains
Advertisement
But shouldn't a high-yielding checking account be a must-have too? At EverBank®, we believe that your money should earn a great rate—including the money in your checking account.
That's why we created our FreeNet© Checking Account. You'll earn a high yield—at opening and as long as you have your account. Plus, you'll be entitled to all of the extras a FreeNet account offers. Optional Online Bill Pay. Free online account management—view your EverBank and non-EverBank accounts. Unlimited check writing—and so much more.
Come to EverBank and experience the difference. You'll be amazed by how quickly our FreeNet account becomes a must-have for you.Visit us
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.