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Oil Prices Pause Within Sight of 120 Dollars
By Benny Nardino | April 24, 2008
This was an interesting article I found researching for my Thursday trades today on Yahoo News. Futures speculators have been having a field-day amid housing market troubles.
SINGAPORE (AFP) - World oil prices paused within sight of the 120-dollar level on Thursday after a mixed report on US energy stockpiles, dealers said.
In Asian afternoon trading, New York’s main oil futures contract, light sweet crude for delivery in June, slipped 25 cents to 118.05 dollars per barrel.
The benchmark contract closed at 118.30 dollars on Wednesday at the New York Mercantile Exchange.
The May contract struck a record high of 119.90 dollars before expiring on Tuesday.
Brent North Sea crude for June delivery dropped 18 cents to 116.28 dollars a barrel, after settling at 116.46 dollars on Wednesday in London. It touched an intraday peak of 116.75 dollars a day earlier.
After coming so close, a further rise to 120 dollars is possible, said David Moore, a commodity strategist at the Commonwealth Bank of Australia in Sydney.
The US government’s Energy Information Administration (EIA) said Wednesday that American gasoline or petrol reserves sank by 3.2 million barrels in the week ending April 18.
That was steeper than analysts’ consensus forecasts for a drop of 2.0 million barrels.
Traders are focused on gasoline supplies ahead of the peak demand season that starts in May when many Americans take to their cars for summer holidays.
Crude oil stockpiles grew by 2.4 million barrels, EIA said, which was better than market expectations for a gain of 1.5 million. Read full story…
In the midst of the world’s oil market and global energy chaos, I am still confident that prices would climb down perhaps in the mid-term when economic reports would have improved slightly. Whilst I might be seen as a lone voice shedding this optimism, I have been proved right in many cases.
Have a nice trading day.
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