Crude Shoots Up
Nov 5th, 2008 | By Doug Casey | Category: Financial NewsIn the energy market Friday, oil shot up, with crude for December delivery rallying past $70 to close at $70.53/barrel, up $6.62. December reformulated gasoline rocketed 17 cents higher, to $1.5327/gallon.
Volatility remains the rule as Monday’s 5.8% plunge in crude was followed by yesterday’s 10.4% moon shot.
“It seems like prices are moving on the ‘mood of the day’ regarding what is going on from an economic standpoint,” said Chip Hodge, of MFC Global Investment Management.
“When we see not so bad or marginally good news, prices [rise] as demand is expected to be better and when we see negative news, prices drop as the perception is that demand will drop and there will be a large build in supply,” Hodge wrote.
And then there’s politics. “This election has created more turmoil than I remember ever occurring before,” said Charles Perry, president of energy-consulting firm Perry Management.
“There was so much unknown about how the election would go that everyone has had their eyes on short-term moves for the market … With the election behind us, I think traders will start looking more long term,” Perry said.
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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.