Crude Moves Lower
Jan 9th, 2009 | By Doug Casey | Category: Financial NewsIn the energy market on Thursday, oil slid again, with crude for February delivery closing at $41.70/barrel, down 93 cents. February reformulated gasoline rose just over a penny, to $1.0882/gallon.
“With most of the world either at, or in, recession, the case for a sustainable rally in commodities looks unpersuasive,” wrote Edward Meir, of MF Global (NYSE:MF).
Crude had risen overnight, after the rocket attacks on Israel out of Lebanon, but it promptly got whacked back down again as economic negativity is trumping Middle Eastern tensions for the moment.
And, hopefully, gas will begin flowing to western Europe again soon. Russia’s Gazprom said it will resume supplies through Ukraine as soon as international monitors are deployed and have full access to gas-transport facilities in Ukraine and Russia
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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.