$77 Crude ?

Thursday, July 26, 2007 | 10:50 AM

We have been focusing, over the past few months, on the credit contraction issue, and what this means to the markets. The recent weakness (today and Tuesday) were very much Credit related.

However, we should not ignore the impact of the rising price of Crude Oil.

Crude_commod_20070725As of yesterday's close, Crude oil  was $76.24 a barrel. That price came after three days of losses, reversed by falling U.S. crude stockpiles in the U.S.

As I type this, Crude is a hair under $77.

Futures: The front-month September light, sweet crude contract on the NY Mercantile closed settled up at $2.32 -- a 3.2% gain -- at $75.88 a barrel. This was "just shy of the 11-month closing high of $75.92 reached July 19."

The good news for motorists was reported by the WSJ: "Gasoline stockpiles rose by 800,000 barrels amid the highest-ever weekly gasoline imports. That compared with expectations of a 510,000-barrel gain. Distillates, which include heating oil and diesel, increased by 1.5 million barrels, twice as much as was forecast in a Dow Jones Newswires poll of market participants."

Crude Jumps to Almost $76
Futures Leap 3.2% As Stockpile Falls At Key Storage Hub
WSJ, July 26, 2007; Page C6

Thursday, July 26, 2007 | 10:50 AM | Permalink | Comments (46) | TrackBack (0)
de.li.cious add to de.li.cious | digg digg this! | technorati add to technorati | email email this post



TrackBack URL for this entry:

Listed below are links to weblogs that reference $77 Crude ?:


Zman over on Phils stockworld is excellent at predicting the Oil "game". I gave up trying to figure that one out as the contracts never make any sense to me. Like they will take delivery of 300 million barrels of oil in one place on one date...but that's how that market works. I'll stick to things that I can understand easier.....


Posted by: michael schumacher | Jul 26, 2007 10:47:04 AM

The comments to this entry are closed.

Recent Posts

December 2008
Sun Mon Tue Wed Thu Fri Sat
  1 2 3 4 5 6
7 8 9 10 11 12 13
14 15 16 17 18 19 20
21 22 23 24 25 26 27
28 29 30 31      


Complete Archives List



Category Cloud

On the Nightstand

On the Nightstand

 Subscribe in a reader

Get The Big Picture!
Enter your email address:

Read our privacy policy

Essays & Effluvia

The Apprenticed Investor

Apprenticed Investor

About Me

About Me
email me

Favorite Posts

Tools and Feeds

AddThis Social Bookmark Button

Add to Google Reader or Homepage

Subscribe to The Big Picture

Powered by FeedBurner

Add to Technorati Favorites


My Wishlist

Worth Perusing

Worth Perusing

mp3s Spinning

MP3s Spinning

My Photo



Odds & Ends

Site by Moxie Design Studios™