Crude Plunges Again
Dec 8th, 2008 | By Doug Casey | Category: Financial NewsIn the energy market Friday, oil prices continued to slide, with crude for January delivery closing at a fresh four-year low of $40.81/barrel, down $2.86. January reformulated gasoline fell 6.83 cents, to $0.9012/gallon.
Crude fell for a straight sixth day, marking the biggest weekly selloff since the Persian Gulf War in 1991.
“It’s all about the economy,” said Christopher Edmonds, of FIG Partners Energy Research & Capital Group in Atlanta. “There’s not much that can be done right now to keep prices from falling off a cliff.”
Traders took one look at the job figures and fled the market. “The numbers were horrible,” said Michael Fitzpatrick, of MF Global (NYSE:MF). “We were expecting something bad but nothing of this magnitude. This is bound to increase the negative sentiment that’s been here since summer.”
The ramifications at the pump are a good thing for now, according to Adam Sieminski, of Deutsche Bank in Washington, who said that, “Lower prices should help us get out of this mess.” However, he added, “We should be thankful for lower prices for a limited amount of time, [as] these are not sustainable levels. Capital expenditures are starting to be cut.”
Advertisement
Looking to invest in precious metals? Look no further than the Metals Select Account (not FDIC-insured) from EverBank®. It delivers everything you've been searching for—lower costs, ultimate convenience, and flexible options.
Whether you want coins, bars or pooled metal by the ounce, at EverBank, you can generally trade within 1% of the current spot market price. And account minimums are only $5,000 for Pooled accounts and $7,500 for Holding.
And with full online access to your metals account with the award-winning EverBank Online Financial Center, you'll never be too far away from your metals investment with access to your account when you need it. Plus you'll receive monthly account statements showing your allocations.
Get the metals you need, with the account benefits you've been wanting. Apply today
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.