Crude Continues Up
May 28th, 2009 | By Doug Casey | Category: Oil Investment & Alternative EnergyIn the energy market on Wednesday, crude for July delivery advanced, closing at $63.45/barrel, up an even $1.00. June reformulated gasoline rose 3.39 cents, to $1.8917/gallon.
The recent price is a “function of optimism” over early signs of global economic recovery, Saudi Arabia Oil Minister Ali Naimi said yesterday. The Energy Information Administration recently predicted that oil will rise to $110/barrel by 2015 and $130 by 2030.
“The big picture is looking more and more bullish each day,” said Phil Flynn, of Alaron Trading. “The truth is that oil is looking at the big picture and is getting more and more concerned at the prospects of inflation and the plunging investment in oil infrastructure.”
Global investment in oil and gas projects is expected to slump 21% this year from a year ago, falling for the first time in a decade, the IEA predicted. More than 50 major oil and natural-gas projects around the world have been canceled or delayed by at least 18 months since October, the agency said.
Today could be interesting, as we have both the OPEC meeting in Vienna underway, and the Energy Information Administration will be releasing its weekly inventory figures, delayed a day by the holiday.
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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.