Friday June 29, 2007

Oil spikes above $70 a barrel

news.yahoo.com :

Oil futures spiked above $70 a barrel on Thursday [28 Jun 2007] for the first time since Sept. 1 [2006] on a government report that showed gasoline inventories dropped unexpectedly as the summer driving season neared its peak. After rising as high as $70.52 and trading above $70 for several hours, light, sweet crude for August delivery closed the day's trading up 60 cents at $69.57 a barrel on the New York Mercantile Exchange. The front month contract last settled above $70 on Aug. 31, 2006.

Analysts said oil prices pulled back late in the session as traders locked in profits after prices penetrated the psychologically important $70 level, considered by traders to be a technical barrier. "I think this might be just some selling off after breaking through this technical support," said Jason Schenker, an economist at Wachovia Corp.

- I was watching oil prices yesterday, bouncing around $69.30, $69.60 and so on. So it did hit $70, but not for long. And it happened overnight in New York action. It's been a while since oil reached $70, a psychological level. And as for myself, I walked off (drifted to sleep, rather) with a 35% profit in one of my oil-company stocks. Drop in the ocean.

A pullback is expected, and it did happen. Nymex crude is now bouncing around $69.60 again. I wonder if it will break last year's $78.40 record. It might take a hurricane. Or two.

(2007-06-29 09:50:14 SGT) [Energy] Permalink

Most popular blog postings on lowem.log :

1. Singapore MRT rail network length to double by 2020
2. 2010 Nissan Leaf electric car specifications : 107hp, 24KWh lithium-ion batteries, 100-mile range
3. Live spot gold price quotes chart on COMEX
4. 2010 Toyota Prius specifications released : 50 mpg, 1.8L, 134hp, Ni-MH, solar roof option
5. AVG Anti-Virus Free Edition 2011 direct download link
6. Real-time live gold and silver price quotes chart on COMEX
7. Singapore electric vehicles : Government agencies EMA and LTA to study EV introduction
8. Book review : Shut Down by William Flynn

Featured articles on lowem.log :

1. Book review : Shut Down by William Flynn
2. Singapore electric cars testing starts with 9 electric vehicles
3. Honda, GS Yuasa JV to make lithium-ion batteries for 2010/2011 Honda Civic Hybrid
4. 2010 Honda Civic Hybrid preliminary specifications released
5. 2010 Honda CR-Z hybrid, 2010 Honda Fit/Jazz hybrid models confirmed
6. 2010 Toyota Prius specifications released : 50 mpg, 1.8L, 134hp, Ni-MH, solar roof option
7. NYMEX crude oil recovers from $32.40 low after 2.2 mbpd OPEC production cut announced
8. Singapore : Nuclear power not ruled out