Crude Nearly Unchanged
Jun 17th, 2009 | By Doug Casey | Category: Oil Investment & Alternative EnergyIn the energy market on Tuesday, crude for July delivery was little changed, closing at $70.47/barrel, down 15 cents. July reformulated gasoline rose 1.81 cents, to $2.0711/gallon.
Oil followed the pattern of most of the other markets, posting early gains and then giving them all back.
“Commodities in general are seeing pressure as funds and individuals seem to feel that everything is overbought at this point,” said Zachary Oxman, managing director at TrendMax Futures. And, “Oil specifically seems strongly overbought.”
Commerzbank analysts concurred, writing that, “As the market was pricing in a rapid economic recovery, we think that the probability of a significant correction, taking place as early as in the coming weeks, is very high.”
But, of course, analysts have been saying that for weeks now, and crude has stubbornly resisted any big move to the downside.
Today brings the Energy Information Administration’s closely-watched stockpile report, and inventories are apt to decline again, says Linda Rafield, Platts senior oil analyst.
Source: Crude Nearly Unchanged
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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.