Oil futures touch an all-time high above $126
Distillate demand, ongoing oil-supply concerns help extend winning streak By Myra P. Saefong & Polya Lesova, MarketWatch Last update: 10:50 a.m. EDT May 9, 2008 SAN FRANCISCO (MarketWatch) -- Crude-oil futures climbed past $126 a barrel Friday, poised to score a weekly gain of more than 7% with strong demand for diesel fuel and concerns about global crude supplies sending prices to a fresh all-time high. Crude oil for June delivery climbed as high as $126.25 a barrel on the New York Mercantile Exchange. It was last up $1.06 at $124.75.
Crude prices tacked on more than $11.17 a barrel as of Thursday, during a winning streak that began May 1. It closed out last Friday at $116.32. "There may now be upwards of $25-$30 of speculation in the price of crude, which continue to soar despite growing stockpiles in the U.S.," said Michael Fitzpatrick, an analyst at MF Global. The Energy Department reported Wednesday that crude-oil supplies climbed 5.7 million barrels for the week ended May 2. Inventories have gained a total of almost 12 million barrels in three weeks. See full story. "The poplar theme has now recognized the inordinate advance in heating oil as demand for middle distillates, especially diesel fuel, persists," said Fitzpatrick, in a note to clients. "Traditionally, refiners made more profits at this time of year making gasoline. This, too, has changed." READ MORE
Crude prices tacked on more than $11.17 a barrel as of Thursday, during a winning streak that began May 1. It closed out last Friday at $116.32. "There may now be upwards of $25-$30 of speculation in the price of crude, which continue to soar despite growing stockpiles in the U.S.," said Michael Fitzpatrick, an analyst at MF Global. The Energy Department reported Wednesday that crude-oil supplies climbed 5.7 million barrels for the week ended May 2. Inventories have gained a total of almost 12 million barrels in three weeks. See full story. "The poplar theme has now recognized the inordinate advance in heating oil as demand for middle distillates, especially diesel fuel, persists," said Fitzpatrick, in a note to clients. "Traditionally, refiners made more profits at this time of year making gasoline. This, too, has changed." READ MORE
More From This Author
