Crude Falls Again
Jul 3rd, 2009 | By Doug Casey | Category: Oil Investment & Alternative EnergyIn the energy market on Wednesday, crude for August delivery fell again, closing at $66.73/barrel, down $2.58. August reformulated gasoline lost 6.82 cents, to $1.7908/gallon.
Oil posted its third straight weekly loss as the lousy economic numbers piling up have driven much of the recovery optimism from the field.
The jobs report “is confirming what we saw earlier in the week with the dropping consumer confidence,” said Phil Flynn, of PFG BEST Research. “This reinforces the outlook for weak petroleum demand and should put downward pressure crude prices.”
Flynn added that, “On the fundamentals level, high levels of inventories, low demand and sufficient supply continue to point to lower prices.”
The only bright note was sounded by the Commerce Department, which reported orders for U.S.-made factory goods rose by the biggest amount in close to a year in May, climbing 1.2% on a big jump in orders for transportation equipment.
In the natgas arena, the fuel continued to languish, posting a loss on the week, with August futures shedding 8.5% to finish at $3.615 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.