Oil Rises
Apr 30th, 2009 | By Doug Casey | Category: Oil Investment & Alternative EnergyIn the energy market on Wednesday, crude for June delivery rose, closing at $50.97/barrel, up $1.05. May reformulated gasoline gained 4.68 cents, to $1.4463/gallon.
In its weekly inventory report the Energy Information Administration said that crude stockpiles increased 4.1 million barrels for the week ended April 24, much higher than expected, raising them to their highest level since September of 1990.
Gasoline supplies were off 4.7 million barrels vs. expectations for a slight increase, and distillates added 1.8 million barrels. Refineries were operating at 82.7% of capacity, compared with 83.4% a week earlier.
The refinery dropoff was reflected in gasoline production, which decreased to 8.8 million barrels a day from 9.1 million the previous week.
“While crude stocks were up the market is apparently reacting to … gasoline stocks,” said James Williams, of WTRG Economics. But he added that, “from a big picture view it is difficult to see prices going anywhere but lower … Inventories of everything remain well above normal.”
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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.