Crude Pushes Higher
Posted on: Jun 26th, 2009 | By Doug Casey | Filed under Oil Investment & Alternative Energy
In the energy market on Thursday, crude for August delivery was higher, closing at $70.23/barrel, up $1.56. July reformulated gasoline rose 5.58 cents, to $1.8983/gallon.
“It seems oil is rallying with stocks,” said Zachary Oxman, managing director at TrendMax Futures. “There are no major supply demand issues present.”
However, traders were also reacting to the weaker-than-expected inventory report from Wednesday, and to further violence in Nigeria.
The Movement for the Emancipation of the Niger Delta, or MEND, claimed responsibility yesterday for a predawn attack against Royal Dutch Shell (NYSE:RDS.A/RDS.B) facilities, calling it a warning to Russia not to invest in the African country’s oil and gas industry, according to Dow Jones Newswires.
The attack on the Bille-Krakama pipeline, which feeds the key Bonny export terminal in southern Rivers State, was carried out to coincide with a visit to Nigeria by Russian President Dmitry Medvedevk, MEND reportedly said.
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.