No End in Sight for Crude
May 21st, 2008 | By Doug Casey | Category: Oil Investment & Alternative EnergyIn the energy market Tuesday, crude for June delivery kept on its steep up trajectory, notching yet another new record close at $129.45/barrel, up $2.02. June reformulated gasoline rose 6 cents, to $3.30/gallon.
The end of yesterday’s trading marked the expiration of the June crude contract, which may have contributed a bit of extra volatility to the day’s action.
Traders were also apparently moved by comments from legendary Texas oilman T. Boone Pickens, who predicted that crude would reach $150/barrel by year’s end.
Speculators, Pickens said, have “nothing” to do with record prices, citing instead the reality that said world oil supplies are declining and output is not keeping pace with demand.
Source: No End in Sight for Crude
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