Commodities
Crude Oil Strikes New Intraday High
06/16/08 - 11:46 AM EDT
Chuck Marvin
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Energy futures were soaring Monday and near-term crude set a new intraday high on a combination of U.S. dollar weakness and a fire on a North Sea offshore platform operated by StatoilHydro (STO - Cramer's Take - Stockpickr). West Texas crude for July delivery was last gaining $3.54 at $138.40 a barrel. It reached a record best of $139.89 earlier in the morning. Brent crude was $2.85 higher at $137.96 a barrel. Reformulated gasoline was rising 9 cents to $3.55 a gallon, and heating oil was up 13 cents at $3.97 a gallon. Natural gas was adding 24 cents at $12.86 per million British thermal units. The advance in the energy complex came despite reports this past weekend that Saudi Arabia is considering boosting production next month. Energy stocks were largely to the upside in early trading. ConocoPhillips (COP - Cramer's Take - Stockpickr) was adding 1.2%, and Royal Dutch Shell(RDS.A - Cramer's Take - Stockpickr) was 1.5% higher. The U.S. Oil(USO - Cramer's Take - Stockpickr) ETF, which closely tracks the values of WTI futures contracts on the Nymex, was recently gaining 2.7% at $112.13.
West Texas crude for July delivery was recently losing $2.70 to $134.04 a barrel as the dollar climbs.
Recently, West Texas intermediate crude was up $4.53 a barrel. The Energy Department says oil inventories fell by 4.56 million barrels last week, three times the expected draw.
Recently, West Texas intermediate crude for July delivery was up $2.39 at $133.70 a barrel. Brent crude was gaining $2.13 to $133.15.
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