Where Will Crude’s Run End?
May 22nd, 2008 | By Doug Casey | Category: Oil Investment & Alternative EnergyIn the energy market Wednesday, crude for July delivery kicked off its run as front-month contract by heading for the moon, skying yet further into uncharted territory to close at a record $133.17/barrel, up $4.19.
July reformulated gasoline rose 9.65 cents, to $3.3965/gallon.
In its weekly inventory report, the Energy Information Administration said that crude stocks were down 5.4 million barrels for the week ended May 16. Analysts had been expecting a rise of about 900,000 barrels.
“The sharp decline was due to a substantial decline in imports,” said Chris Lafakis, of Moody’s Economy.com. Crude imports averaged 9.2 million barrels per day last week, down 696,000 barrels per day from a week earlier, the EIA said.
“If the bulls were looking for something to justify higher prices, this report should do it,” said James Williams, of WTRG Economics. “Crude imports were down and are 1.6 million barrels below the same week last year.”
Source: Where Will Crude’s Run End?
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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.