Crude Pushes Higher
Apr 27th, 2009 | By Doug Casey | Category: Oil Investment & Alternative EnergyIn the energy market on Friday, crude for June delivery rose, closing at $51.55/barrel, up $1.93. May reformulated gasoline added 4.6 cents, to $1.4475/gallon.
It was the fourth straight session of gains for crude, as traders liked the fact that Ford (NYSE:F) reported a smaller-than-expected quarterly loss.
In addition, “A weaker U.S. dollar and rising stock markets provided support” for oil prices, said analysts at Commerzbank. “Crude prices are not currently being supported by fundamentals with [high] crude inventories in the U.S.”
Oil also benefited from equities that fought back from early losses to post gains for the day, and from the general uptrend in commodities.
And natgas continues to struggle, with gas for May delivery falling to $3.286 per million BTUs, down 31 cents on the week.
Advertisement
I'm Pretty Sure this will Shock You...
We just made an amazing discovery from S&A - a discovery that could make 2009 the most profitable year ever.
If you haven't heard about this yet, you're definitely missing out on some tremendous opportunities.
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.