Crude Bounces Back
Oct 1st, 2008 | By Doug Casey | Category: Financial News, Oil Investment & Alternative EnergyIn the energy market Tuesday, crude for November delivery bounced back from Monday’s selloff, closing at $100.64/barrel, up $4.27. November reformulated gasoline rose 9.6 cents, to $2.4577/gallon. As the bailout failure drove oil down on Monday, so the anticipation that the deal isn’t dead pushed it back up yesterday.
“Overall, volatility and uncertainty prevail at the moment and until the dust settles it is unlikely that we will see fundamentals significantly influencing the energy market in the near term,” wrote Andrey Kryuchenkov, an analyst at Sucden Research.
Monday, “Markets were clearly being ruled by emotion, the most compelling feature: fear,” said John Kilduff, of MF Global. “Investors sought safety in U.S. Treasuries, fueling demand for the greenback and subsequently weighing on dollar-denominated commodities.”
Yesterday’s rally will be “taken as recognition of value in an oversold market — if these levels can be maintained,” Kilduff added. But “if it turns out to be only a temporary respite, recent lows could be challenged rather quickly.”
Source: Crude recovers - Recapture of lost ground seen as tenuous.
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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.