Crude Erases Early Losses
Jan 21st, 2009 | By Doug Casey | Category: Financial NewsIn the energy market on Tuesday, oil erased early losses that drove it below $33, with crude for February delivery closing on its last day as front-month contract at $38.74/barrel, up $2.23 from Friday. March crude debuted at $40.84. February reformulated gasoline lost nearly 3 cents, to $1.14/gallon.
The day’s volatility was largely due to the contract expiration, with “a lot of last-minute positioning,” said Phil Flynn, of Alaron Trading.
There was some Obama-related optimism in the market, with Edward Meir, of MF Global (NYSE:MF), remarking that, “Markets might start to stabilize as they tee off the fact that a new administration is now solely in charge of policy, and will likely usher in much more radical measures to confront the macro crisis at hand.”
And in some good news from across the pond, Russian gas delivery to Europe via Ukraine was finally re-started after a 13-day disruption, as Russia and Ukraine reached a resolution to their energy dispute.
Source: Crude Erases Early Losses
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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.