Oil Gets A Boost
Feb 26th, 2009 | By Doug Casey | Category: Financial NewsIn the energy market on Wednesday, crude for April delivery gained $2.54 to close at $42.50/barrel. March reformulated gasoline rose 8.23 cents, to $1.1660/gallon.
Oil was rising on growth in gasoline demand, though the weak home-sales data are “weighing on the psyche of oil traders,” said Phil Flynn, vice president at Alaron Trading. Oil prices were trading lower earlier after data showed sales of pre-owned U.S. homes dropped to the lowest level in 12 years.
U.S. gasoline consumption during the past four weeks rose 1.7% from a year ago, the Energy Information Administration reported. Gasoline inventories fell by 3.4 million barrels, more than analysts surveyed by Platts had expected.
On the supply side of the oil equation, the EIA reported yesterday that U.S. crude inventories rose by 700,000 barrels to 351.3 million. Analysts surveyed by Platts had expected a rise of more than 2 million barrels. The EIA also said in the report that U.S. refineries operated at 81.4% of their operable capacity last week, down slightly from the previous week.
Meanwhile, inventories at Cushing, Okla., the delivery point for Nymex oil futures, fell for a second week to 34.5 million barrels.
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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.