Finotec News Archive - May 08 2008
Oil reaches new record high
Oil reached a new record high of $123.93, based on concern that gasoline production in the US will be insufficient to meet the peak demand during the summer driving seasonJoana Fonseca
08 May 2008
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Despite oil fell to $120.54 yesterday, after the Energy Department report showed that crude supplies in the US, the world’s largest oil consumer, rose more than expected last week, oil reached a new record high of $123.93, based on concern that gasoline production in the US will be insufficient to meet the peak demand during the summer driving season. Crude traded at $123.52 at 6:00am GMT. “People are more focused on the idea that we may have more demand than we expected”, said Jonathan Kornafel, a director for Asia at Hudson Capital Energy in Singapore. “That's going to be a big problem with the refinery runs being as soft as they are for this time of year.”
Finotec Analysis Team
08 May 2008
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