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Crude Remains Strong Despite Inventory Build

Posted By Barry Ritholtz On June 20, 2007 @ 3:30 pm In Commodities,Energy,Index/ETFs,Psychology,War/Defense | Comments Disabled

Light Crude Oil (CL, NYMEX)
Daily Commodity Futures Price Chart: July, 2007

Crud_oil [1]

chart courtesy of TFC Commodity Charts [2]


Crude closed at $68.86 (August 2007) today — down 68 cents — and the new futures contract starts tomorrow.

Since I have been ranting [3] today — I remain firmly convinced that:

- Energy is not only a matter of economics, but a matter of National Security;
- Subsidies for Oil and Ethanol need to be replaced with subsidies for Solar;
- CAFE standards need to be raised;
- Expedited processing for Nuclear Power plant permits should be issued

I own a V8 (automatic), a straight 6 (6 speed), and a 4 cylinder (5 speed) — so I am the last person to preach we all need to shift to Vespas and biofuels. But its pretty apparent to even a gas hog like  me that we need to do something other than send billions of dollars to terrorist nations each and every single month.

V8 [4]

Source: Pat Oliphant via Yahoo! [5]   

Article printed from The Big Picture: http://www.ritholtz.com/blog

URL to article: http://www.ritholtz.com/blog/2007/06/crude-remains-strong-despite-inventory-build/

URLs in this post:

[1] Image: http://bigpicture.typepad.com/.shared/image.html?/photos/uncategorized/2007/06/20/crud_oil.gif

[2] TFC Commodity Charts: http://www.tfc-charts.w2d.com/chart/CO/77

[3] ranting: http://bigpicture.typepad.com/comments/2007/06/home_depot_has_.html

[4] Image: http://bigpicture.typepad.com/photos/uncategorized/2007/06/20/v8.jpg

[5] Pat Oliphant via Yahoo!: http://news.yahoo.com/comics/uclickcomics/20070619/cx_po_uc/po20070619;_ylt=Au8LI7_Vs3tJoasR7.HJgm80vTYC

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