Oil Slightly Higher
Apr 23rd, 2009 | By Doug Casey | Category: Financial NewsIn the energy market on Wednesday, crude for June delivery inched higher, closing at $48.85/barrel, up 30 cents. May reformulated gasoline fell 2.38 cents, to $1.3906/gallon.
In its weekly inventory report, the Energy Information Administration said that crude stocks rose 3.7 million barrels, about 25% more than expectations. They’re currently at the highest levels in nearly 19 years.
In addition, the EIA reported gasoline supplies rose by 800,000 barrels, while distillates were up 2.7 million barrels. Analysts had been predicting declines in both. Refineries were operating at 83.4% of capacity vs. 80.4% a week earlier.
The EIA also said that total demand for petroleum products in the past four weeks fell 6.5% from a year ago. Gasoline demand fell 0.4% while distillate consumption slumped 9.4%.
“This [government] data are too bearish for the market to ignore. If this doesn’t chase the bulls back into the barn, there is little that will,” said James Williams, of WTRG Economics.
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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.