Crude Barely Moves
Jan 14th, 2009 | By Doug Casey | Category: Financial NewsIn the energy market on Tuesday, oil eked out a small gain, with crude for February delivery closing at $37.78/barrel, up 19 cents. February reformulated gasoline added 6.5 cents, to $1.1489/gallon.
Crude is picking up some momentum “on news that Saudi production cuts will exceed their quota in February,” said Phil Flynn, of Alaron Trading.
Flynn referred to remarks by Saudi Arabian Oil Minister Ali Naimi, who said that country will cut its February production by more than the target. Naimi left open the possibility that the Saudis will further cut production in March.
“We are working very hard to bring markets in balance,” Naimi said. “We will do whatever it takes to bring them back in balance.”
And the Energy Information Administration said yesterday in its monthly report that global oil consumption is projected to fall by 800,000 barrels per day in 2009. That’s 400,000 barrels more than the previous month’s forecast.
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Doug Casey is a contrarian investor, sought-after public speaker and author of several books. His work "Crisis Investing" held the position of # 1 bestseller on the New York Times list for 26 consecutive weeks. Doug's unusual views on the economy - and just about everything else - have gained a huge following in the investment community, and it certainly helps that his stock recommendations of undervalued junior exploration companies have made his subscribers millions. Now in its 27th year, Doug's monthly newsletter, the International Speculator, is one of the most established and esteemed publications on gold, silver and other natural resource investments. Together with the Casey Energy Speculator, it covers a broad range of carefully selected stocks with the very real potential of double- and triple-digit returns within 12 to 24 months.