Sept NYMEX crude oil futures contract hit a new low

The Sept NYMEX crude oil futures contract hit a new low of $111.34 and closed down on the day before at $113.77. This loves lovely on the chart but the update is not to nice—overnight Tropical Storm Fay is over Cuba and causing oil companies to evacuate some deep-water facilities in the Gulf. It will hit Florida if it hits anything. The price rose as high as $115.35, although it’s back to $114.16 at 10 am in London. Meanwhile, the damaged pipeline in Turkey will be back in a day or two, although somebody blew up a bridge in Azerbaijan. Separately, Bloomberg reports that commodity investors are fleeing. A Lausanne money manager of $8.5 billion in commodities said investors are withdrawing some funds after a drop in prices.

Bye For Now

Barbara Rockefeller