Nigerian Sabotage Adds to Upward Impetus in Oil
Apr 15th, 2008 | By Doug Casey | Category: Oil Investment & Alternative Energy In the energy market Monday, crude for May delivery advanced, closing at $111.76/barrel, up $1.62 from Friday. May reformulated gasoline gained 1.45 cents, to $2.8218/gallon.
Crude reacted to the better-than-expected retail data that could signal that demand will rise.
Supply problems also contributed to the rally. Royal Dutch Shell’s Capline pipeline, which transports crude from the Gulf of Mexico to the Midwest, was shut down over the weekend after a leak was discovered in Tennessee.
Also, Eni SpA, Italy’s biggest energy company, reported yesterday that sabotage over the weekend caused a fire at oil plants in Nigeria, resulting in a total output loss of about 5,000 barrels a day.
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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.