Released on: August 18, 2008, 11:42 pm

Press Release Author: Michael Brown

Industry: Financial

Press Release Summary: Portway Capital on long-term $100+ oil after gasoline
inventories depleted by 6 million barrels

Press Release Body: Sources close to Portway Capital report that news of the larger
than expected drawdown in gasoline inventories was welcomed by the France-based
wealth management firm as an encouraging sign that its faith in big oil and oil
services remains justified.
Gasoline supplies were shown down 6.39 million barrels to 202.8 million barrels last
week, the biggest decline since October 2002 when two hurricanes disrupted output
along the Gulf of Mexico. The Portway Capital source said that refineries had cut
imports in response to so-called "demand destruction" in the US and globally.
Crude oil rose $3.78 to $116.79 a barrel on the New York Mercantile Exchange at the
time of writing.
Prices at the pump have dropped 1.2 cents to $3.787 a gallon, the AAA said on its
Web site. Portway Capital , said the source, remained confident that as the price
dropped, American drivers would more than likely return to their gas-hungry vehicles
thereby re-invigorating the cycle of price rises.
The Portway Capital source said that the ability of the oil price to exert downward
pressure on equities was still considerable as the DJIA plunged by, at one point,
over 100 points.
Portway Capital are thought to be largely in agreement with widely publicized
commentary that the lack of investment in oil exploration whilst oil was cheap would
continue to pose a very real threat to global inflation in the years going forward
and renewed its commitment to recommending selected oil exploration stocks which
stood to gain in value.

Web Site: http://www.portwaycapital.com

Contact Details: Michael Brown
news@pr-newsnow.info