Crude Creeps Higher
Apr 24th, 2009 | By Doug Casey | Category: Financial NewsIn the energy market on Thursday, crude for June delivery rose, closing at $49.62/barrel, up 77 cents. May reformulated gasoline added just over a penny, to $1.4015/gallon.
Traders somehow managed to shrug off the grim jobless data and crude’s inventory glut, and focused more on the weakened dollar.
As Phil Flynn, of Alaron Trading, put it, “Oil continues to defy supply and demand.”
“The recent EIA numbers seem to be telling us that the OPEC cuts are not making the desired dents in overall crude oil inventories, as the drop in global demand seems to be outpacing the OPEC-engineered supply declines,” wrote Edward Meir, of MF Global (NYSE:MF).
“However, for the time being, the energy markets seem to be giving OPEC the benefit of the doubt, which is why prices are holding up around the $50 mark,” Meir added.
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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.