INDO - Summer of pain ahead with gasoline at nearly $5 and supplies tightening

Crude oil closed with its seventh straight weekly gain as tight fuel supplies sustained bullish fundamentals, although the meteoric rise in energy stocks (NYSEARCA:XLE) began to cool off late in the week. WTI crude (CL1:COM) fell 0.7% on Friday following news that U.S. inflation surged to a fresh 40-year high, but it ended the week with a 1.5% gain, while Brent crude (CO1:COM) settled 1.9% higher for the week. Nymex gasoline futures (XB1:COM) fell on Friday to $4.1722/gal, finishing the week with a 1.9% drop after ending Thursday at a record high. "The concern is [high inflation] could be a forward indicator of consumer habits, and even though gasoline demand is strong now, it's a sign in the future that if gasoline prices don't stabilize then consumers will be cutting back," Price Futures analyst Phil Flynn said. But Goldman Sachs said energy prices are still not high enough to curb

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Summer of pain ahead with gasoline at nearly $5 and supplies tightening