Crude Ekes Out Gain
May 8th, 2009 | By Doug Casey | Category: Oil Investment & Alternative EnergyIn the energy market on Thursday, crude for June delivery continued to rise, closing at $56.71/barrel, up 37 cents. June reformulated gasoline added 3.75 cents, to $1.6655/gallon.
It was an up and down day in the energy sector, as traders initially drove crude as high as $58.57/barrel on economic optimism, but then turned nervous and watched as it gave up most of the day’s gains.
The jobless claims report contributed to the early euphoria, along with better-than-expected April same-store sales from retailers and word from the Fed that large financial institutions undergoing stress tests will be granted a 30-day period to develop plans for how they will raise any new required capital.
But investors in the end could not ignore burgeoning stockpiles, as analysts continue to see the recent rally as getting rather frothy in light of few signs that demand is going to be picking up anytime soon.
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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.