Friday, June 6, 2008

Crude Oil Posts Record Gain of $11/bbl, Record close at $138.54

Crude oil (CL) posted the greatest dollar gain in its trading history today, up $11 per barrel for the front month July contract, closing at a record high of $138.54, and briefly trading as high as $138.80.

Factors at play (from greatest to least importance IMHO):
1) Lehman Raises 2008 Oil-Price Forecast, Profit Outlook for Oil Producers
2) Israeli politician threatens Iran with attack over nukes
3) Nigerian Oil Union Says Chevron Unit Hasn't Met Demands, Threatens Strike

I closed out the XTO long today at $67.50 and the FSLR short at $253. Currently investigating a new energy equity play.

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