Friday June 27, 2008

NYMEX crude oil hits $142.26 record, investors flee falling stock markets

This article belongs to the NYMEX crude oil price records story arc.

bloomberg.com :

Crude oil rose above $142 a barrel for the first time as falling stock markets spurred investment in commodities. Oil has gained 46% this year as concern that the economy may head into a recession pushed the global equity markets [MSCI World Index] down 12%. Crude oil for August delivery climbed to a record $142.26 per barrel today. Yesterday, the contract hit a record of $140.39 as Libya threatened to cut output and OPEC's president said prices may reach $170 within months.

- This is the second trading day in a row that crude oil prices have hit a record on the NYMEX. If we were to get another of these 5-trading-days- or 7-trading-days in-a-row records then we could be on track to hit $150 oil faster than many people might expect. Beyond that, the next resistance level would be $180, and then on to a big fat $200. Expect lots of hue and cry when oil does reach $200 per barrel. So it looks like it was a good move for the fund I am managing to have gotten in at around $130 support. I was sort of semi-waiting for $120 and was going to setup a buy order for that level but of course that did not materialize. Oil is in a bull market, and we haven't seen anything yet!

See also :

1. Crude oil hits $140.39 record on NYMEX as Libya warns of output cut
2. NYMEX crude oil hits $139.89 record despite Saudi pledge to increase production
3. Crude oil price rises by unprecedented $11.33 to reach new $139.12 record on NYMEX
4. Crude oil hits $135.04 record on unexpected drop in US inventories

(2008-06-27 22:52:43 SGT) [Energy] Permalink

Most popular blog postings on lowem.log :

1. Singapore SIBOR rate falls to 0.69% in Jan 2009, lowest since Apr 2004
2. 2010 Honda Civic Hybrid preliminary specifications released
3. 2010 Honda CR-Z hybrid, 2010 Honda Fit/Jazz hybrid models confirmed
4. How to insert currency exchange rates into Google Spreadsheets
5. Live spot gold price quotes chart on COMEX
6. 2010 Nissan Leaf electric car specifications : 107hp, 24KWh lithium-ion batteries, 100-mile range
7. 2010 Toyota Prius specifications released : 50 mpg, 1.8L, 134hp, Ni-MH, solar roof option
8. Real-time live gold and silver price quotes chart on COMEX

Featured articles on lowem.log :

1. 2010 Honda Civic Hybrid preliminary specifications released
2. 2010 Honda CR-Z hybrid, 2010 Honda Fit/Jazz hybrid models confirmed
3. 2010 Toyota Prius specifications released : 50 mpg, 1.8L, 134hp, Ni-MH, solar roof option
4. Honda, GS Yuasa JV to make lithium-ion batteries for 2010/2011 Honda Civic Hybrid
5. New efficient nanotech materials may boost enhanced geothermal power systems
6. NYMEX crude oil recovers from $32.40 low after 2.2 mbpd OPEC production cut announced
7. Singapore property market recovery seen as private home sales surge 52% in Jul 2009
8. Singapore SIBOR rate falls to 0.69% in Jan 2009, lowest since Apr 2004