Crude Drops
Jun 22nd, 2009 | By Doug Casey | Category: Oil Investment & Alternative EnergyIn the energy market on Friday, crude for July delivery declined, closing at $69.55/barrel, down $1.82. July reformulated gasoline plunged 10.51 cents, to $1.9244/gallon.
“Our bearish view on oil price is mainly the result of a lingering weak demand for oil products and relatively high oil [inventories levels],” said Commerzbank analysts.
Crude moved higher earlier, as “Investors are looking for a confirmation of their bullish expectations and find it in the news flow from Nigeria,” the Commerzebank analysts said.
The Movement for the Emancipation of the Niger Delta said yesterday that it blew up a pipeline belonging to a subsidiary of Eni SpA. It was the latest of a string of attacks against oil companies. The pipeline, owned by Agip, delivers crude to the Brass export terminal, which has a daily capacity of about 160,000 barrels.
In the natgas arena, the fuel posted a gain on the week, with July futures adding 15½ cents (4%), to $4.032 per million British thermal units.
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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.