Crude Oil Gains
Jul 10th, 2009 | By Doug Casey | Category: Oil Investment & Alternative EnergyIn the energy market, crude oil for August delivery rose 27 cents from Wednesday to close at $60.41/barrel. August reformulated gasoline gained more than 3 cents to finish at $1.6638/gallon.
As evidence of how screwed up things are out there, crude apparently got a boost from the Labor Department’s report mentioned above. So more than half a million new people filing for unemployment in a week is good news?
“The jobs data and the dollar are helping oil today,” said Phil Flynn, vice president at futures trading and research firm PFG BEST Research. “But weak demand concerns are rising.”
Meanwhile, crude inventories at Cushing, Okla. – the delivery point for crude futures traded on the New York Mercantile Exchange – jumped to 30.2 million barrels last week, up 5.6% and adding pressure to futures prices.
Also on the energy front, U.S. natural gas inventories rose 75 billion cubic feet in the week ended July 3rd to reach 2,796 billion cubic feet, the Energy Information Administration reported yesterday. Analysts at IHS Global Insight had expected an increase of 71 billion cubic feet.
At the current level, inventories were 601 billion cubic feet higher than last year at this time and 452 billion cubic feet above the five-year average.
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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.